Australias gold rush of the 1850s unearthed vast quantities of precious metal. To turn this enormous wealth into coinage, The Perth Mint was opened in 1899 as a branch of Britains Royal Mint to make sovereigns from Western Australian gold. The first coin to be struck, which is on permanent display in The Perth Mints gold exhibition, was one of 106 million sovereigns made in the years to 1931.

Inspired by the original reverse, the modern collectable presents St Georges victory over a malevolent dragon in a new light for contemporary collectors. According to tradition, St George was a Greek-born Roman guard and Christian martyr. Myths grew up around him during the Middle Ages, including an enduring legend in which he saves a princess from a malevolent dragon. Representing courage and the victory of good over evil, St George
embodied the qualities of knighthood in medieval chivalry, and was invoked to inspire valour on the battlefield and national pride.