1 oz Two Dragons Gold Coin

A Limited One-Off from The Royal Mint

The 1 oz Two Dragons gold coin is a 2018 release from The Royal Mint with a worldwide mintage of just 5,000 pieces. It was not repeated in subsequent years, making it a genuine one-off rather than the start of an annual series. The coin was issued to mark the Royal Mint's 50th anniversary at its Llantrisant headquarters in South Wales, a location chosen in 1968 when the mint relocated from Tower Hill in London.

The reverse features two culturally significant dragons arranged in a yin-and-yang composition: the Welsh dragon (Y Ddraig Goch) and the Chinese dragon. The Welsh dragon has served as a national emblem since at least the early medieval period and appears on the Welsh flag. The Chinese dragon is one of the most enduring symbols in Chinese mythology, representing power, strength, and good fortune. The arrangement deliberately mirrors the yin-yang symbol, reflecting a balance between East and West. This design concept was not arbitrary: the Royal Mint had been actively expanding into Asian markets, and the dragon motif provided a natural cultural bridge.

As UK legal tender with a GBP 100 face value, the gold Two Dragons is CGT-exempt for UK residents, a tax advantage shared with the 1 oz gold Britannia and 1 oz Lion and The Eagle. The .9999 purity matches the post-2013 Britannia standard. Secondary market premiums have increased since the initial mintage sold out, driven by the combination of low supply, completed-series status, and the coin's East-West design appeal.

Two Dragons 1 oz Gold Coin Specifications

Silver Version

The designer, Timothy Noad, holds the title of Herald Painter and Scrivener for the College of Arms in London, making him one of the most formally qualified heraldic designers in the country. The obverse features the fifth and final official UK coin portrait of Queen Elizabeth II by Jody Clark, surrounded by a textured guilloche background, an ornamental braided ribbon pattern not commonly seen on bullion coins. The silver version's .999 purity (not .9999) is standard for Royal Mint silver bullion, matching the silver Britannia.

The Two Dragons does not incorporate the advanced security features introduced on the Britannia from 2021 (latent image, surface animation, micro-text, tincture lines). It was issued three years before those technologies were deployed. Standard Royal Mint quality assurance with UK Government guarantee of weight and purity applies.

Two Dragons Tax Treatment by Country

UK

CGT-exempt. Both the gold (GBP 100) and silver (GBP 2) Two Dragons are UK legal tender and therefore exempt from Capital Gains Tax. Sterling-denominated legal tender coins are not chargeable assets for CGT purposes, regardless of what they trade for on the secondary market. Gold is VAT-exempt as investment gold. The silver version carries 20% VAT, with most UK dealers selling under the VAT margin scheme (VAT charged only on the dealer's profit margin, not the full price). The coin's connection to the Royal Mint's Welsh home adds domestic collector interest beyond the standard bullion market.

United States

The .9999 gold purity meets the IRS threshold of 99.5% for IRA eligibility under Section 408(m). As a government-issued legal tender coin, it should qualify for inclusion in self-directed precious metals IRAs, subject to individual custodian acceptance. Long-term gains are taxed at the collectibles rate of 28% maximum. Sales tax varies by state. The yin-yang dragon concept has appeal in both Western and Asian-American collector markets, which supports secondary market demand.

EU

VAT-exempt as investment gold under the EU directive (legal tender, .900+ purity, post-1800). Gold coins meeting these criteria qualify regardless of Brexit, as the exemption is based on objective product characteristics rather than the issuing country's EU membership.

Australia

GST-free as investment-grade gold (.995+ purity). Capital gains tax applies at disposal with a 50% discount for holdings over 12 months.

Hong Kong and Singapore

The dual East-West dragon concept resonates strongly in Asian markets, which was part of the Royal Mint's strategic intent with this coin. Hong Kong imposes no sales tax or import duty. Singapore exempts qualifying gold coins from the 9% GST as Investment Precious Metals. Neither jurisdiction has capital gains tax.

Two Dragons vs Britannia, Queen's Beasts Dragon, and Perth Mint Dragons

Against the 1 oz gold Britannia, the Two Dragons shares purity (.9999), legal tender status, and CGT exemption. The Britannia is the better choice for pure bullion purposes: unlimited mintage, lower premiums, global liquidity, and four advanced security features from 2021. The Two Dragons justifies its higher secondary market premium through scarcity (5,000 pieces versus unlimited) and the completed one-off status that eliminates any future supply.

The Royal Mint also issued a Dragon of Wales coin in the Queen's Beasts series (2017). That is a separate product featuring a single heraldic Welsh dragon in the Queen's Beasts style. The Two Dragons is distinctive for its dual-culture yin-yang concept. Buyers who already hold the Queen's Beasts Dragon are not duplicating themes by acquiring the Two Dragons.

The Perth Mint has issued various dragon-themed coins, including dragon bars and the Lunar series Dragon years (2000, 2012, 2024). These are annual issues within a larger zodiac programme, not standalone cultural statements. The Two Dragons' deliberate bridging of Welsh and Chinese symbolism is unique among major mint dragon coins.

The 5,000 gold mintage is among the lowest for any 1 oz gold bullion coin from a major government mint. For context, the Perth Mint Swan gold is also 5,000 per year, but the Swan produces new editions annually. The Two Dragons will never be supplemented by additional releases, making the total supply permanently fixed. This is the coin's strongest collector argument, though it comes at the cost of the premiums above spot that a pure bullion buyer would avoid.