Archangel Michael Silver

Ukraine's Sovereign Silver Bullion Coin

The Archangel Michael is a silver bullion coin issued by the National Bank of Ukraine, struck at the Ukrainian State Mint (Banknote Printing and Minting Works) since 2011. It carries a face value of 1 hryvnia and contains one troy ounce of .9999 fine silver, placing it at the highest purity tier alongside the Canadian Silver Maple Leaf and above the .999 standard used by most sovereign mints including the US Mint, Royal Mint, and Austrian Mint.

The coin's defining characteristic is its extremely low mintage. Annual production of the 1 oz silver version has ranged from 5,000 to 40,000 pieces, numbers that are a fraction of what mainstream bullion programmes produce. The American Silver Eagle mints millions per year; the Silver Philharmonic mints comparable volumes. The Archangel Michael operates on a fundamentally different scale, which means premiums above spot are substantially higher than mainstream bullion but are supported by genuine scarcity rather than artificial marketing constraints.

In 2013, the Royal Canadian Mint selected the Archangel Michael for its "Fabulous 15" collection, a curated set of the world's premier silver bullion coins that also included the Maple Leaf, Britannia, Eagle, Kookaburra, and Philharmonic. That recognition placed a young Ukrainian series alongside coins with decades of market history, validating its quality and design credentials in the international bullion market.

Production has continued through the conflict with Russia that began in February 2022, with 2022 and 2023 issues confirmed. The wartime-dated coins carry additional historical significance, and mintages during this period have been lower and less predictable than pre-conflict years.

Archangel Michael Silver Denominations

Known Silver Mintage Figures

The gold version of the Archangel Michael is also available in fractional sizes from 1/10 oz to 1 oz, all at .9999 purity. Gold mintages have never exceeded 10,000 per denomination per year, with the 1/10 oz historically being the best-selling gold size in the series. All standard bullion issues are produced in Brilliant Uncirculated finish only; no proof variants exist in the regular programme. Special "F15" privy mark versions were struck for the Fabulous 15 collection (notably the 2021 edition), and since 2022, gilt variants with selective gold colouring on the Archangel figure have been produced.

Tax Treatment for the Silver Archangel Michael

The Archangel Michael is official legal tender of Ukraine with a face value of 1 Ukrainian hryvnia (approximately USD 0.025 at current exchange rates). The face value is purely nominal. Legal tender status in Ukraine does not automatically confer tax advantages in other countries, since each jurisdiction applies its own rules based on the coin's metal content, purity, and origin.

In the United Kingdom, silver bullion is subject to 20% VAT regardless of legal tender status. The Archangel Michael carries this full VAT charge. It is not UK legal tender, so profits on disposal are subject to capital gains tax at the individual's rate (currently 18% or 24%), with the annual CGT allowance of £3,000 applying. Only UK legal tender coins such as the Silver Britannia and Silver Sovereign receive CGT exemption.

In the United States, the coin qualifies for standard precious metals treatment. The .9999 purity exceeds the IRS threshold of 99.9% for silver IRA eligibility under Section 408(m), making it eligible for inclusion in a self-directed precious metals IRA when held by an approved custodian. Capital gains on silver are taxed at the collectibles rate of 28% (long-term) or as ordinary income (short-term). Sales tax varies by state, with roughly 35 states exempting investment silver.

In Canada, silver at .9999 purity exceeds the 99.9% threshold for GST/HST exemption, so the Archangel Michael is GST/HST-exempt. Capital gains are taxed at a 50% inclusion rate.

In Australia, the coin meets the 99.9% purity threshold for GST exemption on investment-grade precious metals. Capital gains apply, with a 50% discount for individuals holding longer than 12 months.

In Singapore, the .9999 purity qualifies the coin as an Investment Precious Metal (IPM) under the GST exemption scheme, provided it is a legal tender coin, which it is. No capital gains tax applies in Singapore. Hong Kong charges no sales tax, import duty, or capital gains tax on silver bullion.

Kyiv's Patron Saint on Ukrainian Bullion

Archangel Michael has served as the patron saint of Kyiv since at least the 13th century. His image appears on the city's coat of arms, and the golden-domed St. Michael's Monastery, first built in 1108, stands as one of Kyiv's most recognisable landmarks. The choice to feature Archangel Michael on Ukraine's bullion coinage connects the modern state to centuries of national and religious symbolism.

The reverse design, which has remained largely consistent since 2011, depicts the Archangel as a warrior in full armour with wings spread, holding a flaming sword. A circular inscription from Haydamaky, an epic poem by Taras Shevchenko, reads in Ukrainian: "For us and souls of righteous men, and Archistrategos Michael's strength." Shevchenko (1814-1861) is Ukraine's most revered literary figure, considered the founder of modern Ukrainian literature. The Haydamaky poem itself deals with the 1768 Koliyivshchyna uprising, an event of profound significance in Ukrainian national consciousness.

The obverse carries the coat of arms of Ukraine and the emblem of the National Bank of Ukraine within an octagonal cartouche, flanked by weight and fineness inscriptions. Gold variants feature a distinct reverse composition, with Michael standing above a dragon, representing the triumph of good over evil, a scene drawn from the Book of Revelation's description of the war in heaven.

Since 2022, the National Bank of Ukraine has produced special gilt versions of the silver coin with selective gold colouring applied to the Archangel figure and accessories, with the coloured elements varying by year. These wartime-era coins, produced during an active military conflict, carry a historical dimension that few modern bullion issues can claim. The 2021 vintage, with just 5,000 coins struck, is among the lowest-mintage sovereign silver bullion coins produced anywhere in the world in that year.

Archangel Michael vs Other .9999 Silver Bullion

The most natural comparison is with the Canadian Silver Maple Leaf, the other major .9999 fine silver bullion coin. Both share the highest commercially available purity for silver, but they target fundamentally different markets. The Maple Leaf is a mass-produced bullion coin with annual mintages in the millions, low premiums, and universal dealer recognition. The Archangel Michael, with mintages typically between 10,000 and 40,000, trades at significantly higher premiums but offers genuine scarcity. Buyers choosing between them are really choosing between cost efficiency and collectible rarity.

Against the Austrian Silver Philharmonic and American Silver Eagle, both .999 fine, the Archangel has both a purity advantage and a scarcity advantage. The Philharmonic is one of the lowest-premium sovereign silver coins available, making it the opposite end of the spectrum from the Archangel. The Eagle carries the highest premiums among mass-produced sovereign silver, driven by domestic US demand, but its mintages still dwarf the Ukrainian coin by orders of magnitude.

The Silver Britannia, at .999 purity, offers UK buyers something the Archangel cannot: exemption from capital gains tax as UK legal tender. For UK investors prioritising tax efficiency, the Britannia is the clear choice regardless of the Archangel's purity advantage. For international collectors who value low mintages and sovereign backing without a primary tax motivation, the Archangel occupies a distinctive position.

The series is best understood not as a direct competitor to mainstream bullion but as a bridge between bullion and numismatics. It offers the weight, purity, and government backing of investment-grade silver, combined with the production volumes and collector dynamics more typical of commemorative issues. The Fabulous 15 recognition confirms it belongs in the conversation alongside the world's leading silver bullion coins, even if it serves a different buyer profile.