The Maklouf Portrait (1985–1997)

The Raphael Maklouf Portrait — Gold Sovereigns 1985 to 1997

In 1985, The Royal Mint introduced the third definitive portrait of Queen Elizabeth II, sculpted by Raphael Maklouf. His portrait replaced Arnold Machin's long-serving design and brought a new interpretation to the coinage — more regal, more formally crowned, with pronounced drapery and the celebrated George IV State Diadem worn with considerable presence.

Maklouf's portrait faced left — continuing the centuries-old tradition of alternating portrait directions with each new monarch or portrait change. It remained on British gold sovereigns and coinage for thirteen years, from 1985 to 1997, before being succeeded by Ian Rank-Broadley's fourth portrait in 1998. The initials RDM appear on the truncation of the portrait.

The Maklouf Portrait in Context

The Maklouf years coincide with the period when The Royal Mint's proof sovereign programme matured significantly. By the mid-1980s, mintages had settled into a more predictable pattern, and the quality of proof striking — particularly the frosting and mirror-polishing of the fields — was substantially more consistent than in the preceding decade. This means that Maklouf era sovereigns are more frequently encountered in PF69 and PF70 than their Machin predecessors, though top-grade examples of specific years remain genuinely scarce.

1997 is the final year of the Maklouf portrait and carries particular collector significance as a closing-year type. The 1997 proof sovereign in PF70 is actively sought by collectors completing portrait-era type sets. The large format five sovereign and double sovereign pieces from the Maklouf era in PF70 are especially desirable, with populations typically in single or low double figures.

Notable Maklouf Era Issues

The 1989 500th Anniversary Five Sovereign — struck during the Maklouf portrait era — carries one of the most significant reverse designs in the modern sovereign series: the Tudor rose design commemorating 500 years since the first sovereign of Henry VII. This issue commands substantial premiums in PF70, with populations among the lowest of any commemorative modern sovereign.

CGT Exempt Investment Gold

All British gold sovereigns are Capital Gains Tax exempt for UK residents and carry no VAT as investment gold. Browse all graded sovereigns or sell your Maklouf era coins to us.