Author: Reena Kundra

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How many Gold Sovereign coins have Queen Elizabeth II’s face on?

Our late Queen Elizabeth II was the longest-reigning monarch in British history. As a result, her face is currently featured on approximately 27 billion coins circulating in the UK. 

In 1953, a year after Queen Elizabeth II took the throne, five different versions of her portrait were created by The Royal Mint for UK  coins. Below we discuss the five different portraits of the Gold Sovereign coins which were created during her reign. 

The First Coin

The sculptor Mary Gillick engraved the first coin portrait, which depicts The Queen at 26 years old. This coin represented a fresh start following the Second World War and announced a new Elizabethan era. This coin was used up until decimalisation in 1970. 

The Second Coin

In 1968, Arnold Machin designed the Second Coin, and her portrait was released at the same time as the introduction of the new five and ten-pence coins. This coin pictures Queen Elizabeth II wearing a tiara instead of a wreath. This portrait was used until 1984. 

The Third Coin 

In 1985 the third definitive UK coin portrait was released, and it featured on coins up until 1997. The sculptor Raphael Maklouf designed this coin, and it depicts Queen Elizabeth II wearing the royal diadem. 

The Fourth Coin

The fourth portrait was created by the sculptor Ian Rank-Broadley FRBS. in 1966; he was invited to participate in a competition to design the new royal portrait. This coin was released in 1998 and was quite overdue.

The Fifth Coin

In 2015 the fifth and final definitive UK coin portrait was released. Royal Mint engraver Jody Clark designed it; this coin is still used today. In this portrait, the Queen was 88 years old, and King George IV State Diadem is sitting on her head. She is wearing her Diamond Jubilee drop pear earrings. 

The Royal Mint saw a massive surge in website traffic during the 24 hours after the Queen passed away. Website visitors were coming to their site to purchase the last coins featuring the Queen’s portrait. In just a few hours, the final coins had sold out. 

The Royal Mint has confirmed that the 2023 Britannia coins will feature Elizabeth II for the remainder of 2022 and will switch to Charles III in the new year.

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The difference between a Gold Britannia coin and a Gold Krugerrand

If you want to invest in Gold bullion coins, it’s important to understand the difference between the different coins. Almost all first-world countries mint their own Gold coins so it can be a bit confusing to know which ones to buy.

In this blog, we will start by discussing the difference between the two most well-known coins, the Gold Britannia coin and the Gold Krugerrand coin. 

The Gold Britannia Coin

The Gold Britannia coin is the most well-known gold coin in the UK. It was first minted in 1987 with a face value of £100. It is one of the most popular coins amongst British investors. The Britannia coin was originally created as a 22-carat coin, but in 2013 it was switched to a 24-carat coin. It became a bigger coin with a diameter of 38.61mm. A year later in 2014, it was changed back to its original size of 32.69mm and 31.1grams but remained a 24-carat Gold coin. Both the 24-carat and 22-carat Gold Britannia coins have the same value. 

On the head of the Gold Britannia coin, you will see Queen Elizabeth II. On the back of the coin is a portrait of Brittania, a Roman goddess of battle and guardian of the seas. Britannia is recognised worldwide as a trusted symbol of British National pride and the quality of British minting. 

Buying physical gold like the Britannia Gold coin has tax benefits in the UK; it is exempt from capital gains tax and VAT. In addition, Gold bullion coins can be exchanged for cash, goods and services all over the world.

Every October we see a shortage of Brittania Gold coins as the Royal Mint create the next year’s coin during the month of October. So at the moment, they are printing the 2023 coin. 

The crrent value of the Gold Britannia Coin is: 

The Gold Krugerrand Coin

The Gold Krugerrand coin was the world’s first bullion coin, minted in South Africa. It was first produced in 1967 and since then has remained the most traded Gold coin globally. 

It is 22-carat Gold and has a purity of 91.67%; the remaining percentage is made up of copper, which makes the coin highly durable. This means that the coin has fewer wear and tear marks than other coins of a certain age. 

On the head of the coin, you will find the 3rd President of The South African Republic, Paul Kruger. This is why the coin was named the Gold Krugerrand, a combination of Kruger and the South African currency “the rand.” The reverse of the coins features the Springbok, South Africa’s national animal.

The Krugerrand is a popular choice for UK investors as it is VAT free. In addition, it has a consistently low price, making it a great choice for first-time investors. 

Both the Britainna and the Krugerrand coins are equal to 1oz of gold. In terms of the value of Gold, they both have the same amount of Gold but they are priced differently. The Britannia is usually cheaper because it is made in the UK and the Krugerrand is coming from South Africa. Nevertheless, right now The Britannia is more expensive because of the current changes happening within the Royal Family. 

If you have more in-depth questions about the different types of Gold coins, you can drop us an email or even come and see us in London.

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 10 interesting facts about Gold

Gold is one of the world’s most precious and rare metals and has always fascinated humans because of its unique qualities. Gold has been around for centuries and has been treasured over the years. 

Here are 10 interesting facts about Gold: 

  1. Gold is one of the heaviest metals in the Periodic Chart, but it is also incredibly soft and very malleable. Even one gram of Gold can be flattened into thin sheets and turned into jewellery. 
  2. You can eat Gold! It’s safe to eat in the form of glitter or gold leaf, pure Gold isn’t toxic, and you can often find it in chocolate or even served on steak. 
  3. It has been estimated that around 190,000 tons of Gold have been mined throughout history. All of the Gold ever mined would fit into 3 Olympic swimming pools. 
  4. Did you know that Gold can conduct heat and electricity? Its conductivity is slightly lower than copper and silver, but it does not tarnish quickly, which means it lasts much longer than other metals. 
  5. 22-carat Gold is the standard for UK Gold Coins. The first Gold coins appeared in around 700 BC. Gold Brittania coins were moved to 24ct (fine gold) in 2013.
  6. Gold is a brilliant way of preserving wealth from one generation to another as it has a history of holding its wealth. Its natural scarcity and high production cost are the main reasons it holds value. 
  7. Scientists believe that Gold is formed from supernovae and neutron star collisions. This means other plants like Mercury, Mars and Venus could also have Gold. 
  8. Researchers in Australia found that the Eucalyptus trees have Gold in their leaves. The Eucalyptus roots can go over 130 feet underground for water. Gold is often found in underground water, so it makes sense that the Eucalyptus tree picks up gold particles that are absorbed and transferred to its leaves.  
  9. One-fifth of all the Gold owned by the government in the world is stored underneath the Bank of England on Threadneedle Street in London. The vaults hold 5,134 tonnes of Gold. The reason why so many people invest in physical Gold is that you own it outright. This means you are not reliant on banks or other financial institutions.
  10. The reason why so many people invest in physical Gold is that you own it outright. This means you are not reliant on banks or other financial institutions.

As you can see, there are so many amazing facts about Gold, which is why we’ve been in the gold business for over 200 years! If you’d like to learn more about how to invest in Gold, you can contact us here. 

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When will coins change to King Charles III?

Along with the rest of the UK, we were deeply saddened by the news of Queen Elizabeth II’s death on September 8th, aged 96. 

The Queen’s face is one that we all see daily. Her head takes pride of place on our stamps, banknotes, coins and medals. This has been the case since the start of her reign in 1956. 

During Elizabeth II’s reign, the UK transitioned into a decimal currency, and the switch came on Monday, February 15th 1971. Before the switch, it was customary for more than one monarch’s face to be on British coins, but they were all updated with the Queen’s head in time for decimalisation in 1971. 

There are 29 billion coins in circulation in the UK that picture Her Majesty’s head. The Royal Mint will no longer create new coins with her image, but it will take a while for us to start seeing King Charles III’s head on our coins. It could also take many years for the late Queen’s image to completely vanish from circulation. 

The first step will be for The King to work with The Royal Mint to approve a new design for coins and notes. The Chancellor and then the King will approve the final design. As part of a 300-year-old tradition, King Charles will face left on the new coins. Each time there is a new monarch, the direction of their head changes. The late Queen’s father, King George VI, faced left on coins before she took reign. 

Even though many significant changes will happen over the next few weeks and months, we don’t have to worry about invalid coins. Coins with the late Queen’s head on them will remain legal tender, and over time they will eventually be phased out.

However, it would be a good idea to check your coins as some of them could become very valuable in years to come. For example, the second most valuable Queen Elizabeth II coin is the mule gold proof Double Sovereign £2 coin with the wrong obverse. It is 22ct gold and was released in 1994 to celebrate 300 years of the Bank of England; it also has a unique reverse inspired by the original Britannia seal of the UK’s central bank.

Mr Jon White is a coin expert, and in an interview, he explained that this rare find has a current value of £5,000 as there are only 1,000 of them in circulation.

If you are interested in investing in Gold coins, we have a range of Gold sovereign coins on our website. If you’d like to have a chat about how to get started, drop us an email or give us a call, and we’ll be happy to help. 

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A short history of Gold

“The Golden Rule: He who has the gold makes the rules.”

Gold has always been viewed as one of the most precious metals throughout history. 

Gold is the only metal with a distinct golden colour and is also one of the rarest natural minerals.

Did you know that nearly all of the Gold on Earth came from the supernovae and neutron star collisions which resulted in an explosion creating atoms of Gold? Scientists believe that Gold buried itself deep into the Earth’s core during the creation of Earth, and geologists have even found rocks of Gold as old as 4 billion years.

Since Gold was so precious and rare, in around 550 BC, Gold started to be mined and used as a currency in Greece and the Middle East. Gold was used as a currency in many countries before paper money was created. When paper money was introduced, it was called the Gold Standard. The Gold Standard set a fixed price for Gold which determined its value. The paper money was linked directly to the Gold, and countries agreed to convert the paper money into a fixed amount of Gold. 

Still to this day, Gold is one of the world’s most useful and highly valued metals. Even though it is technically a heavy metal, it’s very soft and can be moulded and shaped into jewellery. Gold is also used for Olympic medals and trophies; it can even be used to conduct electricity. 

Today many people, including governments, hold investments in Gold. Buying Gold as an asset can help protect your wealth in the long term and be an excellent addition to your investment portfolio. Gold can never be destroyed and can not be altered or hacked like some investments in the digital world. 

At J Blundells & Sons, we’ve been trading Gold since 1839. We’re a family-run business based in the heart of London’s famous jewellery district, Hatton Garden. If you are interested in buying Gold, we’d love to help you take that first step. 

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I have £50k budget, how should I invest in gold?

One of the frequent questions we get asked is which gold bar should a customer buy? Well, it really depends on your investment budget and individual needs. However, usually people are looking to invest in gold over a longer term than bitcoin or shares or safeguard against inflation and such, what that means is you don’t want a temptation to sell gold too early or get locked into selling a kilo bar worth £40-£50k to release say, just £5k worth of cash!

If you have a investment budget of say £40- £50k you could easily buy 1KG bar, however it might be good to buy a 500gm bar that you wouldn’t easily be tempted to sell and buy a 250gm with 2X100gm and a 50gm bar. Tip is to diversify in terms of weight, so if you have a short term cash deficit then you don’t have to break a big bar of 1kg, you could just sell a 100gm or 250gm bar to get through a short term situation.

You could buy 10X100gm bars, however there smaller the bar more it costs per gram and also it could make it a little too convenient to sell something that you wanted to keep over a longer term. Again it depends on what your individual needs are, there are plenty of customers who choose this option as well and they do get a volume discount when bulk buying.

Another option is to get a secured loan against a gold bar, you should get 70% to 80% LTV ratio and may be the interest spent is worth not loosing an investment asset. J blundell and Sons offers both, we buy your gold and we give out loans against gold, please check out the ‘Borrow’ which covers loans in detail.

Hope this was helpful.

Advice above is generic and you should consult a financial advisor who can advise you about your individual needs.

  • 1kg gold bar best value LBMA Approved
  • 100gm gold bar best value LBMA Approved
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Tips on How to sell scrap Gold in Hatton Garden

Selling or Buying Gold in London’s Hatton garden can sometimes be a little overwhelming, so here are a few easy tips to get you the best deal,

  • Don’t let someone off the street approach you and suggest a shop. Strict NO! You don’t know where they lead you and if someone is standing on street approaching people, then obviously they will take a commission out of your transaction
  • Check prices between (at least) two shops before you decide to sell, ask them for price per gram
  • Check rates of scrap gold before hand by visiting different websites
  • Check prices on the day and make sure you are getting that day’s rate as advertised
  • Don’t embarrass yourself by asking for a few pounds over the rate. The difference between selling prices for an individual and a trading company is about 5p per gram. Haggling works in high street shops or at jewellers, when you are in a cash for gold shop in hatton garden, you are already getting best available prices
  • Reputable shops in Hatton Garden have modern technology, like XRF gun shown below, to test your gold before buying
  • A reputable shop will not insist on paying you in cash. They will happily do same-day bank transfers
  • If you are in the jewellery trade, show the shop a copy of your company certificate. A visiting card is not enough
  • You could use your old jewellery to buy investment gold. Ask the shop if they can sell you gold bullion in bars or coins

Remember, the transaction value may be high, but margins are very low. By following these tips, you can ensure that you get the best deal when selling or buying gold in Hatton Garden.

A reputable shop would have one of these XRF analysers to assay your gold

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How to sell unwanted gold and jewellery

It can be a daunting experience when you are trying to sell your unwanted gold, silver or any precious metal jewellery, so we have compiled a quick list for you to get best and fair price. 

  1. Understand what is your jewellery made of, for example is it gold, platinum, silver or palladium? You can use British hallmarks guide to ascertain metal and carat (fineness). You may use London assay office’s guide for this.
  2. Don’t be afraid of shopping around. It is best practice to call 2 to 3 gold buying shops to ask what they are paying per gram on that day. Precious metals trade live and the price paid changes everyday. Some shops make it easier for the customer by putting prices on their website. Generally, you can trust the shops that make information clear and transparent to you. When calling these shops ask them a few questions, for example “What are you paying for fine gold and 9 carat gold per gram today?” And “Are there any other charges when selling jewellery”
  3. Compare prices with a quick internet search, you can get live gold prices. As a rule of thumb, you should get between 90% to 97% percent of market price.
  4. Carry identity documents, usually shops would ask for a photo ID and proof of address.
  5. Be prepared for good news and bad news, because jewellery is made in different carats (fineness) it is not always easy to identify which carat jewellery is made of, especially for someone who is not in the trade. Also, depending on origin of jewellery, where trademark practices are not as stringent as UK, it may mean that an item has a 22-carat stamp but, instead it’s made of 20 or 21 carat. Or you may think that an item is 9 carat, and it actually is 14 carat or 18 carat, which means you would get more money back. Whichever the case a good gold buyer will talk you through the process of assaying your item. 

When selling jewellery, remember that buyer is only buying the precious metal content and hence would not pay for money invested in ‘making’ of the item or any stones, wires or enamel. 

We buy all precious metals and pay according to London fix. You can check our price on the website. There are no other hidden charges, and we give multiple payment options including same day bank transfers

And if you don’t want to part with your jewellery but need some money, you can always get a secured loan against it. Check out our pawnbroking and buyback services. 

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How is value of gold jewellery calculated?

It is one of the most frequently asked questions and quite possibly one of the key misunderstanding in valuation of gold jewellery!

When it comes to selling gold, there are often misunderstandings about how its value is determined. The price of gold is based on its live market trading value, represented as pounds per troy ounce of fine gold. The purity of gold is measured in carats, with the most common being 9, 14, 18, and 22 carats. Gold is valued at 24 carats or 99.999% purity, so if your jewelry is 9 carats, it contains 37.5% of fine gold. To determine the value of your gold jewelry, you can use a handy web calculator that takes into account the current gold price and the carat weight of your item. Don’t let misunderstandings prevent you from getting the best value for your gold.

You can use this handy web calculator to calculate price of gold in each carat.

Gold jewellery is made in different carats (that is purity or % of fine gold by weight) usually being 9 carat, 14 carat, 18 carat or 22 carat.

Table below shows usual carats in % of fine gold,

Carat% of Gold
937.5%
1458.3%
1875.0%
2291.6%
Most common carats in gold jewellery
fine gold is 99.999% in purity and is values at 24 carat. Valuation of gold jewellery
Gold is valued at 24 carat or 99.999% purity

So if you have jewellery which is 9 carat, then there would be 37.5% of fine gold in it.

Lets say it weighs 10 grams then it would have 3.75gm (10gms X 37.5%) of fine gold. So, if gold price is £1,450 per troy ounce today then your jewellery would be valued as 3.75gm X £46.61/gm = $174.78

In conclusion, understanding the valuation of gold jewellery is important before you decide to sell it. The purity of gold jewellery is measured in carats and the price of gold is determined by its purity and weight. Knowing the current market price of gold can help you get the best deal when selling your jewellery. By using the calculation methods and handy web calculators, you can easily determine the value of your gold jewellery based on its weight and purity. With this information, you can approach gold dealers with confidence and negotiate the best possible price for your gold.