Sovereign From 1888 Mintmark P

I would say that this is a counterfiet made during that time, intended for use. Not sure if it has gold or not.

Coins like this one are fakes in good gold with impossible obverse and reverse combinations to demonstrate that they are not forgeries so as to avoid prosecution. As you may know, the Perth Mint did not make sovereigns until 1899, and the veiled head did not appear until 1893.

As a result, this coin is best termed a 'fantasy'. They are made privately, usually in the Middle East.

There are definitions of 'fake', 'forgery' and 'fantasy', but those definitions can blur into each other.

To my eyes, the details are quite soft, although they do not appear to have much wear. This would indicate that the dies used are copies, derived from existing coins.

This item is well worth keeping for it's gold value and as an education on how to spot fake gold coins. I would advise that you should examine this coin very closely under high magnification, to educate yourself.

to ccf
That sovereign has an impossible combination of obverse and reverse as well as mintmark.
The st george and the dragon obverse was used 1871-1931. This is correct for the time.
The veiled head reverse was used 1893-1901 which is not correct for this time period. Although this miss match of obverse and reverse may be a unique pattern or specimen but what really throws a spanner in the works is the P mintmark which is the mintmark for Perth, Australia. But the Perth Mint did not strike sovereigns until 1899. Although if you tilt the coin under good light you should get a "cartwheel" effect if it has been struck by a minting machine.
Although you should check if it is real gold.