“Gold Rush” with Sovereign Coins

Significant activity has recently been recorded in the market for gold sovereigns, as the sharp rise in gold prices has led thousands of citizens either to sell or to buy gold. The price of the precious metal is at historic highs internationally, triggering a “fever” of transactions in Greece as well.

The increased demand has created heavy traffic at the Bank of Greece, with those wishing to sell gold sovereigns sometimes finding available appointments only after a month and a half. Many citizens are rushing to take advantage of the high prices to liquidate sovereigns they have held for years, often from family savings or inheritances.

The selling price of a gold sovereign from the Bank of Greece has now reached €1,180.41, while on January 13 it stood at €1,048.93. This represents an increase of about 12.5% within a month. Compared with price levels at the end of 2024, the rise exceeds 77%, explaining why many are choosing to sell.

At the same time, however, there is no shortage of buyers. In periods of geopolitical uncertainty, such as the ongoing crisis in the Middle East, gold is traditionally considered a safe investment haven. As a result, many investors are turning to gold sovereigns as a way to protect their money.

According to market estimates, total purchases and sales of gold sovereigns in Greece are expected to exceed 150,000 pieces during 2026, compared with about 130,000 in 2025. Transactions already appear to be roughly 15% higher than during the same period last year.

Where the transactions take place

The main institutions through which purchases and sales of gold sovereigns are carried out are the Bank of Greece and Piraeus Bank.

The Bank of Greece has four branches where gold purchase and sale transactions take place — specifically in Athens, Thessaloniki, Heraklion and Patras.

At the Bank of Greece’s other branches across the regions, only gold sales to the public are conducted.

The purchase price of a gold sovereign by the Bank of Greece, according to its daily price bulletin, is around €1,007.63. However, due to the large number of citizens wishing to sell, available appointments are limited and waiting times may reach up to 45 days.

The alternative of Piraeus Bank

An alternative solution for those who want to move more quickly is Piraeus Bank. It is the only commercial bank in Greece that operates systematically in the gold market and is the official representative of the Royal Mint of Great Britain for British gold sovereigns.

The selling price of a gold sovereign from the bank was recently set at €1,164, while the purchase price was about €1,008.

According to banking sources, sales from sovereign holders account for around 55% of transactions, while the remaining 45% concern purchases by investors.

Buying or selling sovereigns can be done without an appointment at the three specialized Piraeus Gold branches operating in Athens, Thessaloniki and Heraklion. At the bank’s other branches, however, an appointment is required, as with most banking transactions.

Because certified appraisers who check the sovereigns are located only at Piraeus Gold branches, the selling process often involves depositing the sovereigns with the bank and then notifying the customer once the evaluation and transaction have been completed.

Required documents

For any gold transaction, the Bank of Greece requires specific identification details. For each transaction the following are required:

valid police identity card or passport

tax identification number (AFM) through an official document (e.g. tax clearance statement)

For transactions up to €10,000, the prices of the Bank of Greece’s daily price bulletin apply.

For transactions above €10,000, the price is determined based on the current gold price at the time of the transaction.

For transactions above €500, the amount is not paid in cash but is credited to the customer’s bank account. For this reason, an IBAN must be provided.

Additional checks for large amounts

For transactions exceeding €15,000, additional documentation is required, such as:

the latest income tax assessment statement

proof of residential address (e.g. utility bill or rental contract)

employer certificate or copy of payslip or professional ID

recent telephone bill to confirm contact details

For citizens outside the European Union, a valid residence permit is also required.

Why demand is increasing

The rise in gold prices and international uncertainty are the main reasons behind the growing interest in gold sovereigns. Gold has long been considered one of the safest investment havens, especially during periods of crisis, inflation or geopolitical tensions.

For this reason, as long as prices remain at high levels, activity in the gold market is expected to continue, with many citizens considering either selling old sovereigns or buying new ones as a form of savings.