For a UK buyer, the Gold Britannia isn't just another one-ounce coin — it's the one that doesn't get taxed. That single fact outweighs almost every other consideration in this review, and it's why the Britannia is the default core holding for British investors. Here's the 2026 coin in full, including a few things competitor pages routinely get wrong.
The specs
Struck by the Royal Mint at Llantrisant, first issued in 1987. The 2026 one-ounce coin:
| Spec | 2026 1 oz Gold Britannia |
|---|---|
| Fine gold | 31.1035 g (1 troy oz) |
| Purity | 999.9 fine (24 carat) |
| Face value | £100 |
| Diameter | 32.69 mm |
| Reverse | Philip Nathan's standing Britannia |
| Obverse | King Charles III by Martin Jennings |
The full range runs 5 oz (£500), 1 oz (£100), 1/2 oz (£50), 1/4 oz (£25), 1/10 oz (£10) and 1/20 oz (£5). There is no 1 gram Britannia coin — the Royal Mint sells 1 g gold bars, which are a different product and, importantly, not CGT-exempt.
22 carat or 24?
Both, depending on the year. Britannias struck 1987–2012 are 22 carat (.9167); from 2013 onward they're .9999 fine. Worth knowing if you're buying secondary market: the older coins have a higher gross weight for the same ounce of gold, and pre-1990 issues have a distinctly reddish tone because the alloy was copper before the Mint switched to silver.
The reason UK buyers choose it: no Capital Gains Tax
The Royal Mint puts it plainly: Britannias are "UK capital gains tax free for UK residents only, due to being legal tender."
The mechanism matters. A Britannia is UK legal tender denominated in pounds sterling — £100 for the one-ounce coin. Sterling currency isn't a chargeable asset for CGT purposes, so disposing of the coin is treated as disposing of currency, not an investment. No CGT arises regardless of the size of the gain. Not "up to an allowance" — at all.
Compare that with the alternatives. The Krugerrand, Maple Leaf, American Eagle, Philharmonic and Panda are all VAT-free investment gold — but none is UK legal tender, so all are CGT-chargeable on gains above the annual allowance (£3,000 for 2026/27). The same applies to every gold bar, including kilo bars and Royal Mint bars.
Britannias are also VAT-free as investment gold. The exemption applies to UK residents; if you're taxed elsewhere, your own jurisdiction's rules govern. This is general information, not tax advice.
The security features nobody else has
In 2021 the Royal Mint added four anti-counterfeit features to the Britannia, designed by the team behind the 12-sided £1 coin. All four are checked simply by rotating the coin in natural light — no equipment, no app:
- Latent image — below Britannia's gown, an image that switches between a trident and a padlock as the viewing angle changes.
- Surface animation — micro-indents cut with picosecond lasers, 200× narrower than a human hair, creating the illusion of waves rolling behind the figure.
- Micro-text — "DECUS ET TUTAMEN" ("an ornament and a safeguard") laser-cut into a border around the design.
- Tincture lines — the heraldic technique of representing colour through engraved line patterns, used to define the Union Flag on Britannia's shield.
The Mint calls it "the world's most visually secure bullion coin," and for once the marketing is defensible — no other mainstream bullion coin stacks four verification features you can check by eye. Given how much counterfeiting targets this market, that's a genuine advantage.
A correction worth making
You'll read elsewhere that the Britannia's design changes every year. It doesn't. The bullion coin has carried Philip Nathan's standing Britannia continuously since 2013 — trident raised, olive branch in hand, Union Flag shield. It's the proof and commemorative versions that get a new design annually. If you want a coin whose bullion design genuinely rotates each year, that's the Chinese Panda.
What you'll pay
Britannia premiums in the UK are lower than most guides suggest, because domestic dealers stock it deeply. A major UK dealer was quoting the 2026 one-ounce at roughly 3.2% over spot at single-coin quantity, dropping to about 3.0% at five or more. That's competitive with a Krugerrand, not above it.
Indicative 1 oz premiums elsewhere: Krugerrand ~3–5%, Maple ~4–6%, Philharmonic ~4–7%, Eagle ~4–7%. Britannia sits mid-to-upper in international pricing but near the bottom in the UK.
The better way to frame it for a UK buyer: compare net of tax, not gross of premium. A Britannia at 3.2% beats a Krugerrand at 3.0% for anyone whose eventual gain exceeds £3,000 — the fifth of a percentage point is swamped by a CGT charge on the gain. On any holding of size it isn't close. For the broader picture on premiums, see our cheapest way to buy gold guide.
Liquidity and handling
Mintage has been unlimited since 2013 — the Mint strikes to demand — which means no collector-premium risk and deep two-way liquidity. The one-ounce format is the global benchmark, so resale is straightforward anywhere. Weight and fineness are independently verified each year at the Trial of the Pyx.
The one downside of the 2013 purity upgrade: at .9999 the coin is soft, and picks up handling marks more readily than a 22-carat Krugerrand. That's true of every .9999 coin, not a Britannia-specific flaw. The Royal Mint ships the 2026 one-ounce in a single-coin capsule; keep it there.
Who should buy it
If you're a UK resident buying gold to hold, the Britannia is close to an automatic answer: lowest realistic all-in cost once tax is counted, the best anti-counterfeit features on the market, unlimited mintage and global recognition. Outside the UK the tax advantage vanishes and it becomes one good coin among several — at which point premium and preference decide.
For smaller budgets, the fractional Britannias and the Sovereign carry the same CGT exemption — see our guide to fractional gold.
Buying a Britannia with crypto
Bitgolder stocks the 2026 Gold Britannia alongside the full gold range, payable in Bitcoin, Monero, stablecoins and 30+ other coins at a transparent premium over live spot. Your USD total locks at checkout so a market move during confirmation doesn't change the bill, and every coin ships fully insured in unmarked packaging. New here? See how it works.
Frequently asked questions
Is the gold Britannia CGT free?
Yes, for UK residents. It is UK legal tender denominated in pounds sterling, so disposals are not chargeable to Capital Gains Tax — with no upper limit on the gain. Gold bars and foreign coins such as Krugerrands and Maples do not qualify.
Is the Britannia 22 or 24 carat?
24 carat today. Britannias struck from 1987 to 2012 are 22 carat (.9167); from 2013 onward they are .9999 fine. Every current coin, including 2026, is .9999. Both are CGT-exempt.
What is the face value of a gold Britannia?
£100 for the 1 oz coin. Fractionals are £50 (1/2 oz), £25 (1/4 oz), £10 (1/10 oz) and £5 (1/20 oz), with £500 for the 5 oz. The face value is nominal, but it is the legal-tender denomination that delivers the CGT exemption.
Britannia vs Krugerrand — which is better?
For a UK resident, the Britannia on tax alone. The Krugerrand is 22 carat so more hard-wearing and often marginally cheaper, but it is not CGT-exempt. On any holding of size the Britannia's tax treatment outweighs a fraction of a percent on premium.
Are gold Britannias a good investment?
They are the standard UK core bullion holding — around 3% premium at major UK dealers in 2026, CGT-free and VAT-free, unlimited mintage so no collector-premium risk, and deep global liquidity. Gold prices can fall as well as rise.
What security features does the gold Britannia have?
Four, added in 2021: a latent image switching between a trident and a padlock, surface animation of rolling waves cut with picosecond lasers, micro-text reading DECUS ET TUTAMEN, and tincture lines defining the Union Flag on the shield. All are checked by rotating the coin in the light.
Does the gold Britannia design change every year?
No. The bullion coin has carried Philip Nathan's standing Britannia continuously since 2013. Only the proof and commemorative versions get a new design each year — a common misconception.
Ready to buy gold with crypto?
Browse 400+ LBMA-certified coins and bars, priced live and shipped fully insured.
Shop the vault
