Two Dragons Gold

A One-Off Royal Mint Bullion Coin with East-West Symbolism

The Two Dragons is a single-year bullion coin released by The Royal Mint in 2018, featuring the Welsh dragon and the Chinese dragon arranged in a yin-and-yang composition. The coin was designed by Timothy Noad, a heraldic artist who holds the title of Herald Painter and Scrivener for the College of Arms in London, giving the design an unusual level of heraldic authority for a bullion coin.

The gold version was struck in .9999 fine gold with a face value of 100 GBP, making it UK legal tender and therefore CGT-exempt for UK residents. Only 5,000 gold coins were produced worldwide, making it one of the lowest-mintage 1 oz gold bullion coins from any major government mint. The silver version (50,000 mintage, GBP 2 face value, .999 fine) is equally CGT-exempt as UK legal tender.

The coin was issued to mark the Royal Mint's 50th anniversary at its Llantrisant headquarters in South Wales, where it relocated from Tower Hill in London in 1968. The dual-dragon design deliberately bridges East and West: the Welsh dragon (Y Ddraig Goch) has been a national emblem since at least the early medieval period and appears on the Welsh flag, while the Chinese dragon represents power, strength, and good fortune in Chinese mythology. The Royal Mint had been actively expanding into Asian bullion markets at the time, and the dragon motif provided a natural cultural connection between Wales and East Asia.

As a one-off release that has not been repeated in subsequent years, the Two Dragons coin has become a collector item. Secondary market premiums have risen since the original mintage sold out, reflecting genuine scarcity rather than artificial limitation.

Two Dragons Gold Coin Specifications

Design Details

The reverse features two dragons in a circular yin-and-yang arrangement. The Chinese dragon occupies the upper portion, moving left to right and looking back, while the Welsh dragon fills the lower portion, moving right to left and also looking back. The inscription "TWO DRAGONS" runs between the two figures. The composition deliberately mirrors the traditional yin-yang symbol, expressing cultural balance between East and West.

The obverse carries the fifth and final official UK coin portrait of Queen Elizabeth II, designed by Jody Clark, surrounded by a textured guilloche background. The guilloche is an ornamental pattern of interlaced ribbons that is not commonly seen on bullion coins and adds a distinctive visual texture to the coin. Standard Royal Mint quality assurance applies, with the UK Government guaranteeing weight and purity. The coin does not incorporate the advanced security micro-features found on the Gold Britannia (surface animation, micro-text, latent image).

Two Dragons Gold Coin Tax Treatment by Country

The Two Dragons gold coin is UK legal tender with a GBP 100 face value, giving it the most favourable possible tax treatment for UK buyers.

• United Kingdom: VAT-free as investment gold (purity exceeds 995 fine). CGT-exempt for UK individuals because the coin is UK legal tender issued by The Royal Mint. This is the same CGT exemption that applies to the Gold Britannia and Gold Sovereign. The annual CGT allowance (currently 3,000 GBP) applies to any non-exempt gold holdings. SIPP-eligible: qualifying gold bullion can be held in a Self-Invested Personal Pension with tax relief at the individual's marginal rate.
• United States: No federal sales tax. State sales tax varies. The .9999 purity exceeds the IRS Section 408(m) minimum of 99.5% for gold, making the coin IRA-eligible when held by an approved custodian.
• Canada: GST/HST exempt as investment-grade gold bullion (purity exceeds 99.5%).
• Australia: GST-free as investment-grade gold. Capital gains subject to CGT with a 50% discount for assets held longer than 12 months.
• EU: VAT-exempt as investment gold under EU Directive 98/80/EC (UK legal tender gold coin exceeding 900 fine).
• Singapore: GST-exempt under the Investment Precious Metals scheme.
• Hong Kong: No sales tax, no import duty, no capital gains tax.

For UK buyers specifically, the CGT exemption on the Two Dragons is a meaningful advantage over non-UK-legal-tender gold coins like the Gold Krugerrand or Gold Maple Leaf, which are subject to CGT on any gains above the annual allowance.

The 2018 Llantrisant Anniversary Release

The Two Dragons coin was conceived to mark a specific institutional milestone: the Royal Mint's 50th year at its purpose-built facility in Llantrisant, a small town in the Rhondda Cynon Taf county borough of South Wales. The Mint relocated from Tower Hill in the City of London in 1968, ending over 500 years of London-based minting that dated back to at least 1279 at the Tower of London.

The choice of a dual-dragon design for the anniversary was not arbitrary. The Welsh connection was obvious, with the red dragon being the centrepiece of the Welsh national flag and one of Europe's oldest heraldic emblems. The Chinese dragon served a commercial purpose: 2018 was a period of aggressive expansion into Asian bullion markets by The Royal Mint, and the dragon provided a culturally resonant bridge between the Mint's Welsh home and its East Asian customer base.

Timothy Noad's credentials as Herald Painter and Scrivener for the College of Arms brought formal heraldic expertise to the design. The College of Arms, based in London since 1555, is the body responsible for granting coats of arms in England, Wales, and Northern Ireland. Noad's heraldic training is visible in the structured, balanced composition and the careful rendering of both dragons according to their respective cultural traditions.

The 5,000-coin gold mintage was intentionally low. For context, the standard Gold Britannia has no fixed mintage limit and is produced in much larger quantities. The 50,000-coin silver mintage was also modest by Royal Mint standards. Both figures ensured genuine scarcity, and neither denomination has been reissued since 2018, confirming the Two Dragons as a true one-off rather than the beginning of an annual series.

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

The Two Dragons coin invites comparison with several overlapping categories: Royal Mint bullion, dragon-themed coins, and limited-mintage gold releases.

Against the Gold Britannia, the Two Dragons shares the same essential tax advantages for UK buyers (VAT-free, CGT-exempt) and the same .9999 purity. The Britannia's advantages are its unlimited production, advanced four-feature security suite (surface animation, micro-text, latent image, and line edge), annual availability, and far greater liquidity on the secondary market. The Two Dragons offers something the Britannia cannot: genuine scarcity (5,000 coins vs unlimited) and a unique cultural design that will not be repeated.

The Royal Mint's Queen's Beasts series (2016-2021) included a "Dragon of Wales" coin featuring a single heraldic Welsh dragon. That coin was part of a ten-coin series depicting the heraldic beasts from the Queen's coronation. The Two Dragons is a separate issue with a fundamentally different concept: not a single heraldic beast but a paired East-West composition. The Queen's Beasts Dragon had larger mintages and was part of a collecting set; the Two Dragons stands alone.

The Perth Mint has issued various dragon-themed coins and bars, including entries in their Lunar series for the Year of the Dragon. These are zodiac-specific, tied to particular calendar years. The Two Dragons' cultural-bridge concept is distinct from zodiac iconography, and its extremely low gold mintage (5,000) is well below typical Perth Mint bullion production.

For UK buyers seeking CGT-exempt gold with collector appeal, the Two Dragons is one of the most scarce options from a major government mint. The trade-off is reduced liquidity compared to the Britannia and the absence of the Britannia's security technology.