St George and the Dragon Gold

A Modern Bullion Series Built on Britain's Most Famous Numismatic Motif

St George and the Dragon is a gold bullion series launched by The Royal Mint in 2024, exploring the legend of England's patron saint through annual artistic reinterpretations. The motif has deep roots in British coinage: St George first appeared on English coins in 1526 on the George Noble under Henry VIII, and Benedetto Pistrucci created the definitive engraving in 1817 for the Gold Sovereign. Pistrucci's design is widely considered one of the most iconic in numismatic history.

This series is distinct from the Sovereign. The Sovereign retains Pistrucci's original 1817 design and is struck in 22-karat (916.7 fine) gold at its traditional 7.32g weight. The St George and the Dragon bullion coins are 999.9 fine gold in modern weights: 1oz and 1/4oz. Each year brings a new reverse by a different designer, offering fresh artistic takes on the scene that Pistrucci made famous. The 2024 inaugural issue was designed by Jody Clark; the 2026 reverse is by Sandra Deiana, coinciding with the 500th anniversary of the George Noble (1526-2026).

As UK legal tender from The Royal Mint, all St George and the Dragon gold coins are VAT-free and CGT-exempt for UK residents. This places them in the same tax category as the Gold Britannia, Gold Royal Arms, and Gold Tudor Beasts. The 999.9 purity matches the Britannia, Maple Leaf, and Philharmonic, and exceeds both the Sovereign and Krugerrand at 916.7.

The series sits within The Royal Mint's broader "Great Engravers" heritage programme, though the bullion versions are distinct from the collector proof editions issued under that banner. For buyers who want a modern-weight CGT-exempt gold coin with a historically resonant British design, St George offers a thematic alternative to the Britannia.

St George and the Dragon Gold Coin Specifications

Silver versions are also produced (1oz at 999 fineness, £2 face value, 38.61 mm diameter; 1kg at 999, £500 face value, 100 mm diameter). Edge is reeded on all denominations. Finish is Brilliant Uncirculated (bullion standard).

Security Features

• Micro-text border: Incorporated into the design perimeter
• Micro-detail background: Fine wave patterns visible under magnification
• Advanced minting technology: Enhanced depth and clarity in the relief work
• Historical inscription: The 2026 issue draws an inscription from the original 1526 George Noble, reinforcing historical continuity

Annual Designers

The obverse features the Martin Jennings portrait of King Charles III adopted in 2022.

St George and the Dragon Tax Treatment by Country

As UK legal tender from The Royal Mint, St George and the Dragon gold coins receive the most favourable tax treatment available for gold bullion in the United Kingdom.

United Kingdom

Gold coins are VAT-free as investment gold. They are CGT-exempt as UK legal tender. No Capital Gains Tax is due on any profit, regardless of the gain's size. This is identical to the treatment of the Gold Britannia, Gold Sovereign, and all other Royal Mint gold bullion coins. Silver St George coins are also CGT-exempt but carry 20% VAT at purchase.

St George gold coins are SIPP-eligible for UK pension holders. Gold held in a SIPP receives tax relief at the marginal rate (up to 45%) and is sheltered from CGT within the pension wrapper.

United States

UK legal tender coins meeting the 999.9 fineness threshold are generally IRA-eligible through approved custodians. The series is new (2024 launch), so specific custodian listings may be limited. Federal capital gains on bullion are taxed at a maximum 28% rate. State sales tax varies.

Canada

Gold coins of 99.5%+ purity are GST/HST-exempt. St George coins at 999.9 fineness qualify. RRSP and TFSA eligibility depends on custodian acceptance.

European Union

VAT-exempt as investment gold under the EU Investment Gold Directive. Government-issued legal tender coins above 900 fineness qualify.

Australia and New Zealand

GST-free in Australia for investment gold of 99.5%+ purity. GST-exempt in New Zealand for gold of 99.5%+ in coin form.

Singapore and Hong Kong

Singapore: 0% GST as Investment Precious Metal. Hong Kong: no sales tax, no import duty, no capital gains tax.

500 Years of St George on British Coinage

St George first appeared on English coinage in 1526, when Henry VIII issued the George Noble, a gold coin worth 6 shillings 8 pence. The coin depicted St George on horseback, spearing the dragon beneath him. This was a powerful piece of political symbolism: Henry was asserting England's Catholic identity (St George was the nation's patron saint) at a time when the Reformation was reshaping European politics. Within a decade, Henry would break with Rome entirely.

The motif appeared intermittently on English and later British coinage over the following centuries. Crowns and other denominations occasionally featured St George, but the design lacked a definitive artistic treatment until 1817. That year, the Italian gem engraver Benedetto Pistrucci created his version for the gold Sovereign. Pistrucci depicted the scene as classical nude figures rather than in medieval armour, a controversial choice at the time but one that created an enduring masterpiece. His design has remained on the Sovereign, with minor interruptions, for over two centuries.

The 2024 launch of this bullion series separated the St George motif from the Sovereign for the first time in a dedicated bullion programme. The 2024 reverse by Jody Clark (who also designed the fifth and final portrait of Queen Elizabeth II for UK coinage) offered a contemporary interpretation at higher purity (999.9 vs the Sovereign's 916.7) and in modern bullion weights (1oz and 1/4oz vs the Sovereign's 7.32g).

The 2026 issue by Sandra Deiana marks the 500th anniversary of the George Noble. The Royal Mint describes it as "a dynamic portrayal" capturing "St George in the heat of battle" with "striking intensity." An inscription drawn from the original 1526 George Noble reinforces the half-millennium connection. The series was initially titled "George and the Dragon" in 2024 before being retitled "St George and the Dragon" from 2026, adding the honorific.

St George vs Sovereign, Britannia, and Lion and Eagle

The most natural comparison is with the Gold Sovereign, since both feature St George and the Dragon. The difference is fundamental: the Sovereign uses Pistrucci's 1817 original at 22-karat (916.7 fine) in its traditional 7.32g weight. This bullion series uses new annual designs at 999.9 fineness in 1oz and 1/4oz sizes. Both are UK legal tender and CGT-exempt. The Sovereign has centuries of numismatic history and is one of the most globally recognised gold coins. The St George series is two years old. For a buyer choosing between them, the question is whether they want the historical prestige and smaller denomination of the Sovereign or the higher purity and larger size of the St George bullion coin.

Against the Gold Britannia, both are 999.9 gold, UK legal tender, CGT-exempt, and from The Royal Mint. The Britannia has been in production since 1987, has the deepest secondary market of any UK gold coin, and carries four named security features (surface animation, latent image, tincture lines, micro-text). St George offers a different thematic angle and annual designer rotation. For pure investment purposes where resale liquidity matters, the Britannia is the safer choice. For buyers who want a CGT-exempt UK gold coin with a distinctive historical design, St George provides that.

The Lion and the Eagle is the closest peer: same mint, same purities, same CGT status, launched in the same year (2024), and both feature annual design changes. The Lion and Eagle has a transatlantic Anglo-American theme with designer John Mercanti (former US Mint Chief Engraver). St George has a purely British theme with deeper historical resonance in English numismatics. Both are establishing their secondary markets simultaneously. The Lion and Eagle may have stronger appeal in the US market due to the Mercanti connection; St George may resonate more with buyers who value the 500-year heritage of the motif on British coinage.