I guess you don’t need a king, since sovereign refers to the government, but when it comes to currency, I’d assume “sovereign” is referring to the picture of the ruler on the currency. I don’t know many who call their chief executive/head of state a “sovereign”, but most would use that to describe a monarch.
Could swear I’ve seen a setting where the currency was sovereigns, but there was no king. Literally “cash is king”.
I guess you don’t need a king, since sovereign refers to the government, but when it comes to currency, I’d assume “sovereign” is referring to the picture of the ruler on the currency. I don’t know many who call their chief executive/head of state a “sovereign”, but most would use that to describe a monarch.
Maybe it’s just a linguistic holdover from when they did have a monarch!