The sovereign is a gold coin of the United Kingdom, with a nominal value of one pound sterling but in practice used as a bullion coin. Named after the English gold sovereign, last minted in 1604, the name was revived with the Great Recoinage of 1816. Minting these new sovereigns began in 1817. The gold content was fixed by the coin act of 1816 at 1320/5607 (0.235420) troy ounces (7.322381 g), nearly equivalent to 113 grains. This weight has remained practically constant to the present day (some minute changes have resulted from its legal redefinition in the metric system of weights). Sovereigns were minted in the United Kingdom from 1817 to 1917, in 1925, and from 1957. Australia, India, Canada, and South Africa all occasionally minted the coins. In 2013 the Royal Mint announced that it would restart the manufacture of sovereigns in India to cater to the Indian market. These sovereigns will be minted by Indian gold producer MMTC-PAMP to Royal Mint specification. MMTC-PAMP is a joint venture between MMTC Ltd and PAMP of Switzerland.