Recognized today as "the most outstanding woman goldsmith of her generation," Elizabeth Godfrey was the daughter of the distinguished silversmith Simon Pantin, in whose London workshop she presumably was trained.

In mid-18th-century London, the term silversmith generally referred to the artisan or manufacturer of precious metal objects. Goldsmith, on the other hand, encompassed a wide range of individuals, including silversmiths but also master artists who ran their own workshops producing silverware, as well as retailers who sold-but might not be involved in the making of-such objects. Elizabeth Godfrey was successful on many of these levels. One of her trade cards (elaborately engraved versions of today's business cards) bills her as "Goldsmith, Silversmith, and Jeweller, [who] makes and sells all sorts of plates, jewels, and watches, in the newest taste at the most reasonable rates." Known for the high quality and sophisticated style of the silver produced under her name, Godfrey enjoyed the patronage of many members of the nobility, most notably the Duke of Cumberland.

Godfrey married, in succession, two men who were themselves active London silversmiths, and with whom she shared thriving businesses. She wed Abraham Buteux in 1720; he died 11 years later, and Godfrey continued to run the firm alone. She then married Benjamin Godfrey, who had probably been in her employ. After his death in 1741, she continued to head the business for nearly two decades more.