Price about right for sovereign (4)
I believe the answer is:
free
'sovereign' is the definition.
('free' can be similar in meaning to 'sovereign')
'price about right' is the wordplay.
'price' becomes 'fee' (I've seen this in other clues).
'about' is an insertion indicator.
'right' becomes 'r' (common abbreviation).
'fee' placed around 'r' is 'FREE'.
'for' acts as a link.
(Other definitions for free that I've seen before include "Release - without charge" , "Allowed to do as one pleases" , "Not fixed; not in use" , "Complimentary" , "Not working" .)