Greeks hold €5 billion worth of hold sovereigns

This long-standing savings tradition functions both as a store of value and a culturally rooted practice.

A Tradition That Survived the Euro

In earlier decades, before the introduction of the euro, gold sovereigns served as a reliable hedge against fluctuations in the national currency. Yet even after joining the Eurozone, Greeks continue to see sovereigns as a safe haven, especially during turbulent periods such as the financial crisis of the 2010s, which culminated in capital controls.

Gold sovereigns are also commonly gifted across generations — at weddings, baptisms, and holidays.

A Market Driven by Strong Demand

The strong demand for the product is evident from the record number of annual transactions.

Every year, around 200,000 gold sovereigns are traded through the Bank of Greece and Piraeus Bank — the only official entities authorized for these transactions.

Alongside the official market, a sizeable informal “grey” market also operates, though its exact volume cannot be reliably estimated.

Piraeus Bank is the exclusive partner in Greece of The Royal Mint, the official coin producer of the United Kingdom.

A Limited Edition with a Greek Mark

To mark 15 years of cooperation, a limited-edition gold sovereign is being released featuring, for the first time, a distinct embossed hallmark of a third country — Greece (“ΕΛ”).

A total of 15,000 coins will be made available at a price of €1,100 each, including a 15% premium due to their commemorative nature.

Speaking to Greek media, Nick Bowkett, Global Head of Growth at The Royal Mint, emphasized:

“The new edition bearing the ‘ΕΛ’ hallmark recognizes Greece’s deep historical connection with the gold sovereign.”

He added that the sovereign remains “the most recognizable gold coin worldwide, renowned for its precision, craftsmanship, and timeless design.”

Piraeus Bank’s Senior General Manager and Head of Piraeus Financial Markets, Athanasios Arvanitis, stated:
“The commemorative sovereign with the Greek hallmark is more than gold — it is history, culture, and value you can hold in your hands.”

Rising Returns for Gold Investors

Those who purchased gold in recent years have seen substantial gains, as the metal continues to reach new historic highs.

According to Dimitris Beloubasis, General Director and Head of Sales Trading at Piraeus:
The current global environment is ideal for further strengthening gold’s appeal. Key factors include:

• Rising energy consumption driven by AI technologies, pushing electricity costs higher
• Post-pandemic increases in government borrowing and elevated inflation
• Central banks boosting their gold reserves
• More investors using gold to diversify and protect portfolios during market downturns
• China and other regional powers shifting away from the US dollar for geopolitical reasons and investing in gold

The New Sovereigns

The newly issued sovereigns featuring the Greek hallmark “ΕΛ,” available from Piraeus Bank, maintain identical quality standards to existing legal-tender British sovereigns.

Minted in October 2025, they are produced in 22-karat gold with a rose-colored alloy, which Royal Mint has decided to use for the last time.

On the obverse, the coin features King Charles III, while the reverse depicts Saint George slaying the dragon, the classic design crafted by Italian engraver Benedetto Pistrucci.

According to Piraeus Bank, this edition marks a symbolically significant milestone.