1 oz Asahi Refining Lunar Silver Bar

A Zodiac-Themed Bar from an LBMA Refiner

The 1 oz Asahi Lunar Silver Bar combines Chinese zodiac artistry with the credibility of an LBMA Good Delivery refiner. Launched in August 2023 with the Year of the Dragon design, this series delivers a new zodiac animal each year, following the traditional 12-year cycle. For buyers who want themed bullion without the sovereign mint premium, it occupies useful middle ground between generic silver bars and higher-priced products like the 1 oz Perth Mint Lunar coins.

Asahi Refining inherited nearly 200 years of refining heritage through its 2015 acquisition of Johnson Matthey's gold and silver operations. The company holds LBMA Good Delivery accreditation and operates refineries in Salt Lake City (Utah), Brampton (Ontario), and Miami (Florida). That institutional pedigree translates directly into IRA eligibility for US investors and broad dealer recognition at resale. The bar ships either sealed in a tamper-evident assay card with serial number and certificate, or loose in tubes for bulk purchases at a slightly lower premium.

The series is still young, with only two designs released: Dragon (2024) and Snake (2025). If Asahi follows through on its stated commitment to an ongoing programme, collectors buying now are entering at the start of a 12-year cycle. Each design features the zodiac animal on the reverse with cultural motifs specific to that year's element (the Dragon appeared with a Cypress Tree representing the Wood element of 2024; the Snake with plum blossoms and lanterns representing good fortune), all set against a reverse-proof background bearing the Asahi logo and series designation.

Asahi Lunar Silver Bar Technical Details

The bar measures 50 mm long by 29 mm wide, making it slightly more compact than a standard credit card width. At 2 mm thick, it stacks efficiently in storage. Each bar is stamped with the Asahi Refining logo, weight, and purity markings directly on the metal. The assay card variant includes a certificate confirming the bar's specifications and a unique serial number matching the engraved bar.

Both the bar and the companion 1 oz Asahi Lunar Silver Round share the same annual reverse design, but differ in format. The round uses a 39 mm diameter circular form with 2.5 mm thickness, while the bar takes the rectangular shape shown above. The shared design language means either format provides the same zodiac collectibility in different physical forms.

Tax Treatment for the Asahi Lunar Silver Bar

As a non-legal-tender silver bar, the Asahi Lunar carries standard silver tax treatment in all jurisdictions. It has no face value and no CGT-exempt status anywhere. The key tax advantage it does hold is IRA eligibility in the US, thanks to Asahi's LBMA Good Delivery status and the bar's .999 purity meeting the IRS threshold.

By Country

• United States: No federal sales tax. State-level exemptions vary (approximately 35 states exempt bullion from sales tax). The bar's .999 purity and production by an LBMA-accredited refiner make it eligible for inclusion in a Precious Metals IRA under IRS Section 408(m), which requires silver to be at least 99.9% pure. Capital gains are taxed at the 28% collectibles rate for holdings over one year.
• United Kingdom: Subject to 20% VAT on purchase. Not CGT-exempt (only UK legal tender coins qualify). The margin scheme may apply if purchased pre-owned from participating dealers, reducing effective VAT to the dealer's profit margin only.
• Canada: GST/HST exempt when meeting the 99.9%+ purity threshold for investment-grade precious metals. At .999 purity, this bar qualifies. Asahi's Canadian refining operations in Brampton, Ontario make it a domestically produced product for Canadian buyers.
• Australia: GST-free as investment-grade silver (meets the 99.9% purity requirement for the exemption). Available from Australian dealers without the 10% GST applied to non-investment items.
• New Zealand: GST-exempt as fine silver bullion meeting the 99.9% purity threshold.
• Singapore: GST-exempt under the Investment Precious Metals (IPM) scheme, as a silver bar of 99.9%+ purity from an LBMA-accredited refiner. No capital gains tax on disposal.
• Hong Kong: No sales tax, no import duty, no capital gains tax.
• European Union: Subject to standard VAT rates (17-27% depending on country). The German margin scheme (Differenzbesteuerung) may apply to pre-owned stock from German dealers.

Asahi Lunar vs Other Zodiac Silver Bars

The zodiac-themed silver bar market is dominated by a few established names, and the Asahi Lunar competes primarily on price and refiner credibility rather than collectible history or sovereign mint status.

vs 1 oz PAMP Lunar Silver Bar: PAMP Suisse commands higher premiums due to Swiss branding, the proprietary Veriscan authentication system (app-based metallic fingerprint verification), and longer market presence with the zodiac theme. Both are LBMA-accredited producers making .999 silver bars with Chinese zodiac designs. The Asahi Lunar typically trades at a lower premium, making it the more cost-efficient choice for investors focused on silver weight rather than brand cachet. PAMP also offers sealed CertiPAMP packaging on all bars, while Asahi's assay card is optional.

vs Perth Mint Lunar Series: The Perth Mint's Lunar programme has run for over 25 years across three series, giving it deep collector demand and secondary market liquidity that a series launched in 2023 simply cannot match. Perth coins are also legal tender (1 AUD face value) and government-backed, conferring different tax treatment in some jurisdictions. The Asahi bar trades at substantially lower premiums but lacks the collectible appreciation potential and the established collector base that drives Perth Lunar values above spot over time.

vs Royal Canadian Mint Lunar: The RCM produces Chinese zodiac-themed bullion at a similar premium tier to Asahi. The RCM versions carry legal tender status ($5 CAD for silver) and .9999 purity (one nine higher), giving them edges in tax treatment (GST/HST exempt in Canada) and perceived quality. Asahi counters with availability in both bar and round formats, giving buyers more choice.

The Asahi Lunar's primary advantage is delivering zodiac-themed bullion from an LBMA refiner at a lower cost than the sovereign mint alternatives. For US investors specifically, the combination of IRA eligibility, competitive pricing, and domestic refinery production (Salt Lake City) makes it a practical choice for retirement account holdings where the focus is on silver content rather than numismatic appeal.