Rare gold sovereign coin sells for over a million pounds in the UK

A rare 1938 Edward VIII sovereign coin made the headlines as it was purchased by a private collector for a sum of one million pounds. According to reports, the coin belonged to a batch of six coins made by the Royal Mint when Edward VIII assumed the throne in the year 1936.

The rare coin is reportedly made from 22-carat gold, measuring 22 millimetres in diameter and weighing 7.98 grams. Thus, it is a little smaller and weighs slightly less than the modern British one-pound coin. While it is not in circulation, it is still considered legal tender in the UK.

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Production halted after the King abdicated his throne

The rare coin was to be made in bulk for general circulation in the market from January 1, 1937. However, the coin never entered circulation. Mass production of the coin was halted when King Edward VIII abdicated the throne in 1936 to marry a divorced American by the name of Wallis Simpson.

The coin was already rare, as Edward VIII had wanted a portrait of his left side to be punched on the coin. He did this as he wanted to show off his parting, instead of his fringe, according to reports from the British Royal Mint. This broke the established tradition of each new ruler facing the opposite side their predecessor did in their own coins.

The Royal Mint's head of collector services, Rebecca Morgan said that the Edward VIII Sovereign is one of the rarest coins in the world. She added that the 1 million pounds purchase was not surprising at all.

Where are the other 5 rare coins?

Out of the batch of six coins, four of them are placed in museums and concerned institutions. The remaining two are owned by private collectors.

According to reports, people were unaware of the coins' existence until 1970 as they were under lock and key. They were not considered to be a part of the Royal Mint's coin collection as the abdication of Edward VIII was considered to be a sensitive matter for the Royal Family and Britain.

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(With inputs from Agencies)