100 oz The Royal Mint Una and the Lion Silver Bar

The 1839 Design That Defined British Coinage Art

The Una and the Lion 100 oz silver bar from The Royal Mint brings what the Mint's own museum calls "one of the most beautiful coins in the world" to the largest standard bullion bar format. With a mintage of 1,200 pieces at .9999 fine silver, this bar is among the rarest large-format products from any sovereign mint. It represents the inaugural release of The Royal Mint's Great Engravers bullion bar series, launched in 2021.

William Wyon RA created the original Una and the Lion design in 1839 to commemorate Queen Victoria's coronation. It was the first time a British monarch appeared on a coin depicted as a fictional character: Lady Una from Edmund Spenser's 1590 poem The Faerie Queene, walking alongside a lion representing England. The symbolism of a young queen guiding the nation's strength was considered bold and unconventional in 1839. Only a few hundred original specimens were produced as presentation pieces, never entering circulation. A surviving example sold for GBP 4.2 million at auction in 2024.

Jody Clark's modern reinterpretation for the bullion bar shifts the composition: Una now holds the monarch's orb and sceptre, standing side by side with the lion, both facing forward. Clark described this as updating the symbolism from "monarch leading the nation" to "monarch and nation facing the future together." The 100 oz bar is struck rather than cast, an unusual production choice at this size that delivers sharper relief and more detailed imagery than typical poured 100 oz bars.

Una and the Lion 100 oz Silver Bar Specifications

The struck production at 100 oz is notable in the bullion industry. Most bars at this weight are cast (poured into moulds) because it is cheaper and simpler to manufacture. Striking produces sharper detail, more uniform surface finish, and cleaner edges, but requires significantly more manufacturing precision and pressure at this scale. The result is a 100 oz bar with detail quality closer to a proof coin than a typical bullion bar. The Royal Mint shield logo appears on the reverse with weight and purity markings, characteristic of their modern bar programme.

Tax Position for the Una and the Lion 100 oz Bar

The critical distinction for UK buyers: this bar has no face value and is not legal tender. The Una and the Lion proof coins (with face values) are CGT-exempt in the UK as legal tender. The bullion bars are not, despite being produced by The Royal Mint. This is a common point of confusion that affects the after-tax return significantly.

United Kingdom

Silver bars carry 20% VAT on purchase. The bar is subject to Capital Gains Tax on disposal at the individual's marginal rate (18% basic, 24% higher), with the current annual CGT allowance of GBP 3,000. No CGT exemption applies because the bar has no face value. Gold bars from The Royal Mint are VAT-free under the investment gold exemption, but this is a silver bar and the exemption does not extend to silver in any form.

United States

No federal sales tax. State-level bullion exemptions apply broadly. IRA eligible as .9999 silver from an LBMA-associated mint, meeting all IRS Section 408(m) requirements. Capital gains at the 28% collectibles rate for holdings exceeding one year. The limited mintage has no bearing on tax classification.

Canada

GST/HST exempt as investment silver exceeding 99.9% purity. RRSP and TFSA eligible through approved custodians.

Australia and New Zealand

GST-free in Australia for investment-grade silver at 99.9%+ purity. GST-exempt in New Zealand at the same threshold.

Singapore and Hong Kong

Singapore exempts this bar from GST under the Investment Precious Metals scheme (silver at 99.9%+ from a qualifying refiner). Hong Kong charges no sales tax or import duty.

European Union

Silver bars attract standard VAT at national rates across EU member states (19-27%). The margin scheme may reduce effective tax on secondary-market bars in some jurisdictions, including Germany and the Netherlands.

From Victoria's Coronation to Modern Bullion

The Una and the Lion design has a 187-year history that makes it one of the oldest artistic lineages in the bullion market. William Wyon RA, Chief Engraver of the Royal Mint from 1828 until his death in 1851, created the original for Queen Victoria's coronation in 1839. The reverse depicted the young queen as Lady Una from Edmund Spenser's The Faerie Queene, walking beside a lion symbolising England. The Latin inscription DIRIGE DEUS GRESSUS MEOS ("May God direct my steps") reinforced the coronation symbolism.

The original was a five-pound gold coin, the lightest British five-pound denomination. Only a few hundred were struck with variations in metal, hairband style, edge type, and inscription. They were never intended for circulation, serving instead as presentation pieces for dignitaries. This extreme rarity, combined with the design's artistic reputation, has made surviving originals among the most valuable British coins in existence. The GBP 4.2 million auction sale in 2024 confirmed Una and the Lion's status at the summit of British numismatics.

The design was periodically revisited in the 20th and 21st centuries. The Royal Mint used the Latin inscription on a 2012 five-pound crown commemorating Elizabeth II's Diamond Jubilee. A Millennium variant appeared in 2000 with "MM" and "2000 AD" substituted for the original date. In 2019, The Royal Mint issued a two-ounce gold proof coin featuring the Una design, establishing the modern collector series.

The 2021 bullion bar launch by Jody Clark represented the first time the design appeared on a bar rather than a coin. Initial distribution was exclusive to LPM Hong Kong before expanding to global dealers. Clark's reinterpretation modernised the symbolism while respecting Wyon's original composition. The Great Engravers Collection name signalled that further historic designs would follow; the Three Graces (also by Wyon) was released as the second instalment in 2022.

Una and the Lion 100 oz vs Other Premium and Heritage 100 oz Bars

vs Royal Mint Three Graces 100 oz Bar

The Three Graces 100 oz bar is the companion piece within the Great Engravers Collection. Both share the same mintage (1,200), purity (.9999), and struck production method. The Three Graces features Wyon's 1817 work; Una and the Lion features his 1839 design. The Una bar was the inaugural release and has the earlier-to-market advantage. Both command similar secondary-market premiums. Collectors of the Great Engravers series will want both; buyers choosing one should compare the designs as the specifications are identical.

vs 100 oz Britannia Silver Bar

The Britannia 100 oz bar is The Royal Mint's mainstream silver bar offering, produced in much larger quantities with no mintage cap. It trades at standard bullion premiums, significantly below the Una and the Lion's design-scarcity premium. For cost-efficient silver accumulation, the Britannia is the practical choice. The Una bar serves a different purpose: combining bullion weight with limited-edition collecting.

vs PAMP Suisse 100 oz Silver Bar

PAMP Suisse produces the most globally recognised premium silver bar, featuring the Lady Fortuna design with VERISCAN authentication. It is an open-issue product with no mintage limit, trading at lower premiums than the Una bar. PAMP offers superior global liquidity as every bullion dealer worldwide recognises the brand. The Una bar offers design heritage and scarcity that a mass-produced PAMP bar cannot provide.

vs Royal Canadian Mint 100 oz Silver Bar

The RCM 100 oz also produces .9999 silver bars with sovereign-mint backing and advanced security (Bullion DNA authentication). It is an open-issue product at standard institutional premiums, making it the sovereign-mint alternative for buyers who want quality without the design premium. RCM wins on authentication technology and price; Una wins on artistic heritage and collector appeal.