Central Anglo-Saxon monarch (5)
I believe the answer is:
midas
'monarch' is the definition.
(mythical king)
'central anglo-saxon' is the wordplay.
'central' becomes ''mid' (I've seen this in another clue).
'anglo-saxon' becomes 'AS' (abbreviation for Anglo-Saxon).
'mid'+'as'='MIDAS'
(Other definitions for midas that I've seen before include "His touch made gold" , "Legendary king whose touch turned things to gold" , "Legendary king who could turn everything to gold" , "I'm sad (anag) -- king of Phrygia" , "Legendary king whose touch turned anything to gold" .)