5 Sovereigns - Elizabeth II 4th portrait, modified reverse

The "modified reverse" designation distinguishes this from the standard five-sovereign reverse by the absence of the die axis marks introduced during the same period. Produced across seven years of relatively modest annual mintages, these pieces were issued as bullion-adjacent prestige items rather than circulating currency — the five-sovereign denomination had not circulated since the Victorian era.

The fourth portrait of Elizabeth II, by Ian Rank-Broadley, was introduced in 1998 and would remain in use until 2015, when Jody Clark's fifth portrait replaced it across the gold sovereign series.