History of Silver in the UK
Sterling silver takes its name from the English silver standard, protected by law since 1300. British coins were sterling until 1919, 50% silver from 1920 and cupro-nickel from 1947, and the Goldsmiths' Company still tests the coinage each year in the Trial of the Pyx.
Facts checked 26 October 2026
Timeline: silver in the UK
- 1300The sterling standard
A statute of Edward I set a required standard for silver and gold wares, marked with the leopard's head. This began legal control of silver quality in England.
- 1580Trial of the Pyx
Elizabeth I gave the Goldsmiths' Company full responsibility for the Trial of the Pyx, the public test of new coins. It still takes place each year before a jury of independent experts.
- 1797Bank of England 'dollars'
Short of silver coin, the Bank of England countermarked Spanish silver dollars with George III's head; heavy forgery ended them that October. Restruck 'Bank of England dollars' followed in 1804.
- 1816Silver becomes token money
The Coinage Act made silver coins token money, worth more than their metal and exchangeable for gold. Millions of worn silver coins were recoined, and the new silver was issued from February 1817.
- 1920Silver cut to 50%
With silver near 66 pence an ounce in 1919, coins were becoming worth more than face value. The Silver Coinage Act 1920 cut the alloy from .925 sterling to .500 silver, and the first .500 coins were struck in April 1920.
- 1947End of silver coins
2 January 1947. From January 1947, UK 'silver' coins were made of cupro-nickel. The Royal Mint now uses silver mainly for commemorative coins.
- 1971Decimal Day
15 February 1971. The UK switched from pounds, shillings and pence to decimal money.
- 2012Britannia purity raised
In the Britannia's 25th year, the Royal Mint described a new specification for the coins of 99.99% gold and 99.9% silver.
FAQ
When did British coins stop being silver?
The Silver Coinage Act 1920 cut the silver in coins from sterling (.925) to .500, and from January 1947 "silver" coins were made of cupro-nickel.
What is the Trial of the Pyx?
The public test of newly made coins. Elizabeth I gave the Goldsmiths' Company full responsibility for it in 1580, and it still takes place each year before a jury of independent experts.
Sources (10)
- History - The Goldsmiths' Company
- The history of UK bullion coins - Sovereign and Britannia - The Royal Mint blog
- George III - Royal Mint Museum
- George V - Royal Mint Museum
- This day in history - The Royal Mint
- Gold - Bank of England
- An analysis of the UK gold auctions 1999-2002 - Bank of England Quarterly Bulletin
- FOI2019/01985 gold reserves - HM Treasury
- FCA opens retail access to crypto ETNs - FCA press release
- Overview of our cryptoassets regime policy statements - FCA
History compiled from the sources listed, which we opened and checked in October 2026. Dates follow those sources; where they differ, we say so or leave the detail out.
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@misc{corgano2026historyofsilverin, author = {{Corgano}}, title = {History of Silver in the UK}, howpublished = {\url{https://silverprice.corgano.com/silver-history/uk}}, year = {2026}, note = {Corgano Silver Price, accessed 2026-10-26}}