Noah's Ark Gold

Armenia's Sovereign Gold Bullion Coin

The Noah's Ark is Armenia's first and only investment-grade bullion coin, issued by the Central Bank of the Republic of Armenia since 2011. The gold version, available in weights from 1g to 1oz, is struck at .9999 fineness. Despite being Armenian legal tender denominated in Dram, the coins are manufactured in Germany by Leipziger Edelmetallverarbeitung GmbH (LEV), part of the Geiger Edelmetalle group since 2018. LEV operates one of Germany's most modern private minting facilities and uses LBMA-certified materials.

The arrangement is unusual in the bullion world: a sovereign coin from one country, minted by a private facility in another. Armenia does not have a modern bullion minting operation, so the Central Bank contracts production to LEV/Geiger. The gold coins were initially released as proof editions in 2017 with very limited mintages (1g at 3,000 pieces, 1/4oz at 1,000 pieces, 1/2oz at 800, 1oz at 500). Bullion-grade gold versions became available from September 2020, expanding access beyond the proof collector market.

The design by Eduard Kurghinyan depicts Noah's Ark on Mount Ararat with a dove carrying an olive branch, connecting the coin directly to Armenia's deepest cultural and religious heritage. Armenia adopted Christianity in 301 CE, making it the first nation to do so officially, and the Noah's Ark narrative holds particular significance. Mount Ararat, though now located in modern Turkey, remains central to Armenian national identity and appears on the country's coat of arms.

Noah's Ark Gold Coin Denominations

The obverse carries the Armenian coat of arms: a shield held by a lion (representing the ancient Bagratid kingdom) and an eagle (representing the Rubenid kingdom). Below the coat of arms appear the face value in Dram, fineness, weight, the LEV mint mark, and the year of issue. Text appears in both Armenian and English: "Republic of Armenia."

The reverse shows Noah's Ark at centre with a white dove carrying an olive branch flying toward it. Mount Ararat rises in the background with a sunrise behind the peak. "NOAH'S ARK" is inscribed in both Armenian and English. The design has remained consistent since the 2011 launch, mirroring the approach of other major bullion series (Maple Leaf, Philharmonic, Eagle) where design continuity supports brand recognition and liquidity.

Gold proof versions from 2017 included individual consecutive numbering, security capsules that can only be opened by destruction, and certificates of authenticity issued by the Central Bank of Armenia. The reeded/serrated edge is standard across all denominations.

Tax Treatment Across Key Markets

The Noah's Ark is legal tender in Armenia with face values denominated in Armenian Dram. The face values are nominal and far below the metal value.

United Kingdom: The gold coin at .9999 purity qualifies as investment gold and is VAT-exempt. It is not UK legal tender, so it does not carry the CGT exemption available to Britannias and Sovereigns. Capital gains are taxed at standard rates (18%/24%) above the annual GBP 3,000 allowance. UK dealers widely stock the silver Noah's Ark under the margin scheme (VAT on dealer profit only for pre-owned coins), making it one of the more tax-efficient silver coins in Britain. The gold version benefits from the same dealer networks built around the silver coin's popularity.

European Union: The gold coin qualifies for VAT exemption under EU Directive 98/80/EC. The German manufacturing origin supports strong dealer networks across the EU, and the coin is particularly popular in Germany, Austria, and Switzerland. In Germany, the margin scheme (Differenzbesteuerung) is widely used for silver Noah's Ark coins, which also supports awareness of the gold version.

United States: No federal sales tax. State-level bullion exemptions apply where available. The gold coin's .9999 purity meets the IRS Section 408(m) threshold for IRA eligibility (99.5% minimum). Capital gains on physical gold are taxed at the 28% collectibles rate.

Canada: Gold at 99.5%+ purity is GST/HST-exempt. The coin qualifies at .9999. Standard capital gains rules apply with the 50% inclusion rate (66.67% above CAD 250,000 since June 2024).

Singapore: The gold coin qualifies for GST exemption under the Investment Precious Metals scheme if listed on the MAS-approved coin list (requires 99.5%+ purity and legal tender status, both met). No capital gains tax applies.

Hong Kong: No sales tax, no CGT, no import duty. Fully tax-free.

From Armenia to Leipzig

The Noah's Ark silver coin launched in 2011, with the gold versions following in 2017 (proof) and 2020 (bullion grade). Over 5 million silver coins have been produced and distributed worldwide since inception, with the 1oz silver reaching peak production of 1.66 million pieces in 2021. Distribution spans more than 20 countries.

The arrangement between the Armenian Central Bank and a German private mint has its roots in practical necessity. Armenia, a landlocked South Caucasus nation of about 3 million people, does not operate a minting facility capable of producing bullion coins at international standards. LEV (Leipziger Edelmetallverarbeitung), founded in the German city of Leipzig, provided the manufacturing capability. Geiger Edelmetalle acquired LEV in 2018 and handles the international distribution. Proof set distribution is split: 1,000 sets go to the Armenian Central Bank for domestic distribution, and 1,000 to the European market through Geiger.

The cultural connection between Armenia and the Noah's Ark story runs deeper than most national coin designs. The traditional Armenian location of Mount Ararat (called Masis in Armenian) as the resting place of the Ark has been central to Armenian identity for millennia. The mountain appears on the Armenian coat of arms despite lying just across the border in Turkey, a point of ongoing cultural and political sensitivity. The dove and olive branch motif, symbolising the end of the biblical flood, completes the visual narrative.

The silver version has become a workhorse bullion coin in European markets, particularly in Germany and the UK, where its margin scheme VAT treatment and competitive premiums make it one of the cheapest sovereign-backed silver coins available. The gold version benefits from this established distribution infrastructure and brand recognition, though its premium positioning (particularly in the original proof editions with mintages of 500-3,000 pieces) places it closer to the collector end of the spectrum.

Noah's Ark Gold vs European Sovereign Coins

The Noah's Ark gold coin's most direct competitors are the other .9999 fine sovereign coins available in European markets. The Austrian Philharmonic (.9999, euro-denominated, unlimited mintage) is the dominant gold bullion coin in continental Europe, with the tightest premiums and highest liquidity. The Britannia (.9999, CGT-exempt in the UK) leads the British market. The Canadian Maple Leaf (.9999, micro-engraved security features) is the global benchmark for four-nines gold.

Against these established products, the Noah's Ark gold coin is less liquid and carries a higher premium. Its production numbers are far lower, and not every dealer will stock it. The trade-off is collector interest: the limited mintages (particularly the proof editions), the unusual Armenia-Germany minting arrangement, and the distinctive biblical design give it a character that the mass-produced sovereign coins lack.

The Noah's Ark's competitive advantage is more pronounced in the silver market, where margin scheme VAT treatment in the UK and Germany makes it genuinely price-competitive with or cheaper than larger-production coins. The gold version rides on that reputation without matching it on premium competitiveness. For buyers who prioritise the lowest premium per ounce of gold, the Philharmonic, Maple Leaf, or secondary market Krugerrand are stronger choices. For buyers who value the Noah's Ark's unique cultural identity, limited production, and German manufacturing quality alongside their gold investment, the coin fills a niche that no other product occupies.