Lady Liberty and Britannia: When Two Legends Join Forces

by Sebastian Wieschowski

It's rare for coins to make headlines. Typically, coins hit the news when individual rarities are sold at auction for record prices or when an unexpected coin find is announced during construction work. However, in recent days, there has been "Breaking News" of a kind never seen before: the British Royal Mint and the American United States Mint have announced that they will unite their two investment motifs on a common coin design. Or in other words: Britannia meets Lady Liberty.

The announcement has electrified the coin world in recent days, causing quite a stir. Because typically, Britannia from Great Britain and Lady Liberty on the American Eagle bullion coins compete with each other. Both are chasing the legendary Krugerrand from South Africa, and both countries are trying to grab a piece of the market for bullion coins. Additionally, both mints have very different traditions and are known for different focuses in their product design. So, the fact that the royal mint of arguably the most influential monarchy in the world is joining forces with the coin producer of the most powerful economy in the world is definitely headline-worthy.

While the first joint bullion coin of two states is being minted, the two investment motifs that will soon come together in gold and silver are already in the spotlight: the American Eagle began shaking up the investment market in 1986, and the Britannia was introduced in gold a year later. Both belong to the second generation of investment coinage developed in the late seventies and throughout the eighties to challenge the legendary Krugerrand's position on the bullion coin market.

Both motifs share a long history on coins: Britannia was already seen on currency in Roman times and was an early symbol for the nation of Britain. It represents both the military strength of the former world power and its pursuit of peace and trade. Lady Liberty appeared shortly after the founding of the United States of America on coins and is considered one of the most important and well-known coin motifs in human history. Over the past centuries, she has appeared in several incarnations on American coins, such as the "Draped Bust Liberty" with ample décolletage.

However, the history of both motifs on bullion coins is relatively short. Yet, the introduction of bullion coins coincided: starting in 1967, the Krugerrand from South Africa revolutionized investment in precious metals. For the first time, there was a type of coin developed not primarily as currency but as a commodity for investment in gold. The South Africans were quite early with their Krugerrand, even during the Bretton Woods system, and it wasn't until the seventies that gold trading was normalized – and it turned out that the idea from South Africa was spot on. Mints worldwide began developing their own Krugerrand alternatives. And after Canada introduced the Maple Leaf in 1979, things really took off in the mid-eighties.

There is another parallel between Britannia and Lady Liberty: both coins, as modern bullion coins, replaced previous predecessors from their respective countries, which were previously used by gold investors: in Britain, the Sovereign had been the predominant gold trading coin since 1489, while in the United States, the Double Eagle was the primary gold currency. While the Sovereign depicted Saint George battling the dragon, Lady Liberty was already featured on the Double Eagles. Both types of coins were minted hundreds of millions of times and were used in international trade worldwide – the face value in dollars or pounds was secondary, as the gold content ensured international recognition.

Now, these two icons of the coin world are joining forces – and simultaneously promoting themselves: both Britannia and Lady Liberty are among the most popular and beautiful bullion coins in the world. And both have been redesigned in recent years in terms of their design: while the American Eagle has been completely redesigned, Britannia has received numerous security features and has since been dubbed the safest bullion coin in the world. It has also been in the spotlight in recent years, with three different variants of the 2023 vintage released due to the succession to the throne in Great Britain – a treat for collectors. The same goes for the joint issue of Great Britain and the United States – and for the respective investment legends that have a long history and tradition behind them.

Sebastian Wieschowski has been collecting coins since childhood and, after working as a journalist with a focus on finance and economy, has switched his focus on coins and precious since 2012. He is the author of several self-published books on Bullion Coins, Panda Coins, Fake Coins and Coin Grading and works for numismatic magazines. He is also a recurring expert on the German television program Münzengalerie (Coin Gallery), the longest running numismatic television show in the world. You can find out more about his work at coinosseur.com