Sales of gold sovereigns in Greece have outpaced new purchases during the first nine months of 2025, reversing the trend of recent years when buying exceeded selling. Between January and September, approximately 110,000 gold coins were traded with 70,000 sold by private owners looking to secure profits amid the rally in precious metal prices, while only 40,000 were newly purchased.
Official transactions in Greece take place exclusively through the Bank of Greece and Piraeus Bank, the latter being the country’s only commercial bank authorised to trade in gold products. As the official representative of the Royal Mint in the UK, Piraeus Bank sells and buys British gold sovereigns and gold bars.
As of Thursday, the Bank of Greece’s gold sovereign selling price stood at €922.46 (AUD$1625.80), while the purchase price was €787.31, compared to €652.34 (AUD$1149.73) and €546.45 respectively a year ago. This marks a 41.4 per cent increase in value over 12 months.
Gold’s enduring role in Greek culture
Gold has long held a symbolic and practical value in Greek society, a traditional safeguard during political and economic uncertainty, and a cherished family heirloom often passed down through generations. Gold coins are also popular as gifts for weddings, baptisms and other milestone celebrations.
During the 2010 financial crisis, demand for gold coins spiked sharply amid fears of national bankruptcy. The Bank of Greece sold 194,475 coins in 2010, the highest figure in two decades, followed by 146,887 in 2011. Although activity fell below 100,000 coins annually after 2015, the trend remains strong through both the Bank of Greece and Piraeus Bank, which together handled around 150,000 coins in 2024.
Unofficial trade also occurs through pawnshops, though experts warn that these outlets often lack certified appraisers capable of properly verifying authenticity and condition.
Buyers are advised to pay attention to the physical characteristics of authentic gold sovereigns: weight (7.988 grams), diameter (22.05 mm), thickness (1.52 mm), and purity (22 carats). Even minor wear, dents, or loss of weight due to age or use can reduce a coin’s resale value.
