The same coin can be sold in three different formats. The metal content is identical; the premium can vary by 20× between the cheapest and most expensive version.

The three grades

Bullion

The standard production format. Struck quickly from blanks, packaged in tubes or basic flips. No special polishing, no boxes, no certificates.

  • Premium: typically 3–6% over spot for gold, 25–35% for silver.
  • Designed for: stackers and investors who want metal exposure.
  • Resale: easy. Bullion dealers buy these back at predictable rates near spot.

Example: a 2025 Britannia 1oz Gold bullion coin loose in a tube.

Brilliant Uncirculated (BU)

A step above bullion. Coins are produced with specially prepared blanks and dies, often hand-finished. Includes a presentation card or capsule.

  • Premium: 8–15% over spot for gold, 35–50% for silver.
  • Designed for: collectors who want a presentation-grade coin without paying proof prices.
  • Resale: dealer-dependent. Resale premium is small if BU is sold loose; the original packaging can hold value.

The Royal Mint sells most modern Britannia and Sovereign issues in BU as the “premium bullion” tier.

Proof

The top finish. Struck multiple times from polished dies onto polished blanks. Results in a mirror-like field with frosted designs. Comes in a wooden or leather case with a numbered certificate of authenticity (COA).

  • Premium: 50–150% over spot for gold, 200–400% for silver.
  • Designed for: collectors, gift buyers, special occasions.
  • Resale: highly variable. Limited mintage proofs can hold or exceed their original premium; common proofs can lose half their premium overnight.

Which to buy

If you’re investing

Buy bullion. You pay the lowest premium per gram of metal, you can sell quickly through any bullion dealer, and the price tracks spot closely. A 2025 bullion Britannia and a 2025 proof Britannia hold identical amounts of gold — the proof costs ~£500 more in premium that you may or may not recover.

See the Britannia 1oz Gold coin page →

If you’re gifting or collecting

Buy proof or BU. The presentation packaging, certificate and finish are the product. Pay the premium consciously — you’re buying a collectable, not metal exposure.

If you’re mixing

Lots of UK buyers stack bullion for the gold content and add an occasional proof for milestone events (children’s birthdays, anniversaries). Just keep the two columns separate when you value your holdings — proofs aren’t worth what a coin valuer will price them at, and bullion is.

Watch out for resold “near-proof”

The grey area: dealers sometimes describe coins as “proof-like”, “specimen” or “PL” when they aren’t true proofs. The Royal Mint and major sovereign mints (US Mint, RCM, Perth) use the word “proof” with strict definitions — third-party graders (PCGS, NGC) assign formal grades like PR70 / MS70. If a dealer is selling a “proof-style” coin without a mint COA or third-party slab, you’re paying a proof-tier premium for what may be a BU coin.

CGT treatment

The CGT exemption for UK legal-tender coins applies regardless of finish. A proof Sovereign is just as CGT-free as a bullion Sovereign. The exemption attaches to the coin, not its grade or condition.