Gold Market Insights

Gold Sovereign 1924 « GEORGIVS V D.G.BRITT».

The sovereign 1924 is a British gold coin minted in London, also struck at the colonial Australian branch mints in Perth, Melbourne and Sydney and Ottawa in Canadian Branch. Almost 2 million gold sovereign coins were struck this year. Minted under the reign of Goerges V, the 1924 King George V Large Head Gold Sovereigns, (originally a circulating coin, now a bullion coin) are now VAT free in UK and provided they were minted after 1817 and a legal tender coin, free from Capital Gains Tax for UK residents. They also are VAT free in European Union, the sovereigns meeting the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC of 28 November 2006 (special scheme for investment gold).

MintmarkMintMintage
MMelbourne, Australia278,140
PPerth, Australia1,464,416
SSydney, Australia394,000
S.A.Pretoria, South Africa2,660
 Total2,139,216
1924 Sovereigns Mintage
Diameter (mm)Weight (gr)Thickness (mm)
22,05 mmGross weight: 7,99 Gr
Fine Gold: 7,32 Gr – 0.2354 troy ounce.		1,52 mm
Edge and Orientation.Millesimal fineness.Composition.
➣ Reeded / Milled
➣ Medal alignment ↑↑		22 carats; 917 ‰91.67% gold and 8.33% Copper.
Mint and MintmarkFinancial FeaturesMintage.
« The Royal Mint » South Africa and Australia mints.Type: bullion coin.
Production Years: 1817–present.
Legal tender in the United Kingdom, value £1 = 20 shillings.		1924 with 2,139,216 bullion coins.
Specifications for the Gold Sovereign 1924.
Reverse: Portrait by Edgar Bertram Mackennal. Matte background with matte bust of King George V facing left. Legend  GEORGIVS V D.G.BRITT:OMN:REX F.D.IND:IMP Translated from Latin: George the Fifth, by the Grace of God, King of all the Britains, Defender of the Faith, Emperor of India.
Obverse:St George on horseback slaying the dragon right; 1924 and B.P. in exergue.

1924-M Australia Gold Sovereign, King George V (Melbourne Mint).

The 1924-M Australia Gold Sovereign, featuring King George V, is a notable collector’s piece minted in Melbourne with a low mintage of 278,140. This mintage is particularly rare when compared to other years, as the production for 1924 was significantly lower than usual — some years saw over 30 million coins minted. Many 1924 sovereigns have since been lost, damaged, or melted down, further enhancing their scarcity. The coin is classified as “R” (rare) by Marsh, with catalog references Marsh 242 and Spink 3999.

In terms of recent market value, a 1924 Melbourne Sovereign graded MS62 by PCGS was listed at £770.00 as of November 2024, reflecting the coin’s rarity and collector demand. Higher grades or coins with exceptional quality may command even higher premiums in the collector’s market due to the difficulty in locating well-preserved specimens from this low-mintage year.

Obverse of 1924-M Australia Gold Sovereign, King George V (Melbourne Mint)

The obverse features a portrait of King George V, designed by Bertram Mackennal. The King is shown facing left, crowned with a laurel wreath. Surrounding the portrait is the inscription “GEORGIVS V DG BRITT: OMN: REX FD IND: IMP:” which stands for George V, by the Grace of God, King of all Britons, Defender of the Faith, Emperor of India. The detailed engraving highlights the dignified expression of the King, emblematic of the sovereign coins of this era.

Reverse of 1924-M Australia Gold Sovereign, King George V (Melbourne Mint)

The reverse of the 1924-M Australia Gold Sovereign features Benedetto Pistrucci’s classic depiction of Saint George on horseback slaying a dragon, a design that has become iconic on British and Commonwealth gold sovereigns. Saint George is shown with a flowing cape, wielding a sword as he confronts the dragon below. Below the scene, the year “1924” is inscribed, and a small “M” mintmark indicates the coin’s production at the Melbourne Mint.

How to grade a Sovereign 1924.

Discerning collectors examining a large Head Georges V sovereign will check various main points when grading this obverse:

  • The peaks of the eyebrow and upper cheek;
  • The fine detail in his moustache;
  • The broad area of hair above the ear & towards the fringe;
  • The neck muscle between his ear and the base of his neck.
  • Weakness will show in a lack of definition of the hair including beard and moustache;
  • The top of the ear which would show a lack of sharpness on a weak strike;
  • As always, the rims and fields;

When collectors examine a sovereign with the St George reverse, there are a certain number of points which are examined closely for strike & wear. From top to bottom, they are:

  • The crest of St George’s helmet;
  • St George’s chest, together with the strap & pin fastening his cloak;
  • The bridle as it crosses the horse’s neck;
  • The muscle separation in St George’s upper thigh;
  • The horse’s forequarters & rump;
  • The “bloodline” in the sword;
  • The upper band across St George’s boot;
  • The dragon’s torso below its neck.
KING GEORGE V GOLD SOVEREIGNS.