Through most of its history, it has depicted, on its reverse, Benedetto Pistrucci's portrayal of St George and the Dragon, which has traditionally been used on the sovereign, or one-pound gold coin.

[7] Since 1754, there had been no issuance of coins more valuable than a guinea intended for general circulation; the need for higher value tender had been met by bank notes.

[8] The St George and the dragon design was suggested as an appropriate motif for the sovereign by its creator, Benedetto Pistrucci, based on a cameo he had carved.

The obverse shows the right-facing bust of the king with the legend GEORGIUS III D G BRITANNIAR REX F D (George III by the grace of God king of the Britains, defender of the faith) and the date, while the reverse shows Pistrucci's George and dragon design with no legend or date.

[10] The design has Pistrucci's surname at the lower left, with the initials of the master of the Mint, William Wellesley-Pole, near the broken spear.

[11] Lobel, in describing the 1820 five-pound piece, noted that on a copy of G. F. Crowther's 1887 book, A Guide to English Pattern Coins presented to an unknown person with the publisher's compliments, there is a pencil notation that work on the 1820 piece was completed a few days before George III's death, and after Pistrucci, walking home on the day the king died, heard church bells announcing the demise.

[12] The numismatist Edward Hawkins, writing in 1850, also wrote dramatically, describing what he deemed heroic efforts to ensure that the pattern double sovereigns and five-pound coins were actually struck before the king died, but William John Hocking and others have since studied the matter, concluding the coinage dies were not completed until after the king's death on 29 January.

The obverse shows the left-facing bust of the king with the legend GEORGIUS IV DEI GRATIA (George IV by the grace of God ...) while the reverse shows a crowned shield within a mantle cape with the legend BRITANNIARUM REX FID DEF (King of the Britains, defender of the faith).

The obverse shows the young head of the queen, facing left with the legend VICTORIA D G BRITANNIARUM REGINA F D (Victoria by the grace of God queen of the Britains, defender of the faith), while the reverse shows her as Una leading the lion to the left, with the legend DIRIGE DEUS GRESSUS MEOS (May the Lord direct my steps), though some coins say DIRIGIT DEUS GRESSUS MEOS, thus "The Lord directs my steps" – with the date MDCCCXXXIX (1839) in the exergue under the lion.

The edge may either have the inscription DECUS ET TUTAMEN ANNO REGNI TERTIO (an ornament and a safeguard; in the third year of the reign) or be plain.

[17] Pistrucci's George and dragon depiction returned to the five-pound coin in 1887, as part of the Jubilee coinage, with an obverse by Joseph Boehm.

[22] The Pistrucci reverse was used again in 1893, when the obverse used the "Old Head" or "Veiled Head" of the queen, with the legend VICTORIA DEI GRA BRITT REGINA FID DEF IND IMP (Victoria, by the grace of God queen of the Britains, defender of the faith, empress of India), and the edge, like that of the Jubilee issue, is milled.

The Royal Mint had decided to make as few changes as possible for King Edward's coinage, and the Pistrucci reverse continued for the gold coins.

The new king wanted his profile to face left on the new coinage, the same way as his father, which would break a tradition to reverse the direction on the commencement of a new reign which dated back to 1660.

[40] The Royal Mint realised there was a market for sovereign coins, and began to sell them to collectors at well over face or bullion value.

Pieces up to 1984 used an obverse portrait of Elizabeth by Arnold Machin, and later ones up to 1997 by Raphael Maklouf, excepting the 1989 issue, which featured special designs by Bernard Sindall in honour of the 500th anniversary of the sovereign coin.

[45] The special designs for the reverse which were substituted for Pistrucci's were for Elizabeth II's Golden Jubilee in 2002 (by Timothy Noad, depicting a crowned shield within a wreath), in 2005 (a more modern interpretation of the George and dragon, also by Noad) and in 2012 for Elizabeth II's Diamond Jubilee (another modern interpretation of the George and dragon, by Paul Day).

[49][50] Later in the year, following the death of Elizabeth II, the Royal Mint issued memorial coins in the sovereign range, including the five-pound coin, featuring an interpretation of the Royal Arms by Clark as the reverse, and for the obverse, the first coinage portrait of Elizabeth's successor, Charles III (r. 2022– ), by Martin Jennings.

[51] In 2023, a five-pound piece commemorating the coronation of Charles III was struck, with the obverse a crowned portrait of the king by Jennings and the reverse the Pistrucci George and dragon.

[53] For 2025, the five-sovereign piece featured Jean Baptiste Merlen's Royal Arms reverse, first used on the sovereign in 1825, for its 200th anniversary.