Earlier, Scottish cyclist Chris Hoy became the first Briton to win three golds in a Games for 100 years, beating GB's Jason Kenny in the sprint final.
Victoria Pendleton won the women's sprint, while sailor Paul Goodison landed the Laser class.
Then high jumper Germaine Mason took silver for GB's first athletics medal.
Team GB's 16 golds is their best performance since claiming a British all-time record of 56 gold medals at the 1908 Olympics in London.
That tally came amid a haul of 146 medals in total, but will almost certainly never be surpassed, given there were only British entries in some events including figure skating, polo, rackets and tug of war.
Goodison clinched Britain's third sailing gold of the Olympics.
"It just feels unbelievable. It's going to take a while to sink in but wow," said 30-year-old Goodison, from Sheffield.
His triumph was followed up at the Laoshan cycling velodrome, where Pendleton claimed Britain's seventh cycling title of the Games before Hoy added an eighth.
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Video - Pendleton storms to cycling gold
"It doesn't feel real yet. I'm so glad I'm part of it," said Pendleton, of Hitchin, Hertfordshire.
Hoy secured his third win in the men's sprint, adding to his victories in the team sprint and the Keirin.
He is the first British athlete to seal the treble at one summer Games since swimmer Henry Taylor at the London Games in 1908.
"I was vaguely aware of the history, people tell you about it. But I tried to make it the furthest thought from my mind," said the 32-year-old Hoy.
"And that's why the emotions come out at the end. You bottle it for so long that it just erupts at the end."
The double triumph on the track followed the men's pursuit team of Bradley Wiggins, Paul Manning, Geraint Thomas and Ed Clancy who destroyed Denmark to bring up Team GB's 12th overall gold on Monday.
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Video - Sailor Goodison wins GB's 13th gold
Elsewhere, world champion Christine Ohuruogu is a strong contender in the final of the women's 400m in athletics starting at 1510 BST.
And a surprise silver medal came from Germaine Mason in the high jump.
Britain's overall medal tally now stands at 32, including nine silver and eight bronze.
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Aside from cycling, the other gold medals have come in rowing (two), sailing (three) and swimming (two).
British super-heavyweight boxer David Price, from Liverpool, is guaranteed to add at least a bronze to the total having made it through to a semi-final bout on Friday.
And the same goes for Sunderland's light-heavyweight Tony Jeffries who saw off Hungary's Imre Szello to set up a meeting with Ireland's Kenny Egan.
Looking ahead, Team GB, who will hold a victory parade in London upon their return from Beijing, can expect to challenge for gold in three more sailing events, women's BMX cycling, the men's triple jump and men's flatwater canoeing.
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