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About the 1 oz The Royal Mint Una and the Lion Silver Bar
William Wyon's 1839 Masterpiece in Modern Silver
The 1 oz Una and the Lion silver bar brings one of British numismatic history's most celebrated designs into the modern bullion market. The original 1839 five-pound gold coin, engraved by William Wyon RA, depicted Queen Victoria as Lady Una from Edmund Spenser's 1590 poem The Faerie Queene, walking beside a lion representing England. It was the first time a British monarch appeared on coinage as a fictional character, and the Royal Mint Museum has called it "one of the most beautiful coins in the world."
The modern bullion bar, launched in 2021 as the inaugural release in the Royal Mint's "Great Engravers" series, carries a reinterpretation of Wyon's design by Jody Clark. Clark's version shifts the symbolism: where the original showed the monarch leading the lion, the modern design shows Una and the lion standing side by side, both facing forward. The bar is struck (minted) rather than cast, producing prooflike surfaces with sharper detail than typical bullion bars.
At .9999 fine silver (four nines), the bar's purity exceeds the .999 standard used by most silver bullion products, matching the purity of the 1 oz PAMP Suisse Fortuna and Royal Canadian Mint bars. The limited mintage of 35,000 pieces for the 1 oz silver version gives it a collectible dimension that standard bullion bars lack. Buyers are purchasing both silver content and a piece of design heritage stretching back nearly two centuries.
Una and the Lion 1 oz Silver Bar Dimensions and Details
| Attribute | Value |
|---|---|
| Weight | 1 troy ounce (31.1g) |
| Purity | .9999 fine silver |
| Dimensions | 49.96 x 28.98 mm |
| Manufacturer | The Royal Mint |
| Series | Great Engravers |
| Designer | Jody Clark (after William Wyon RA) |
| Mintage | 35,000 |
| Type | Minted (struck) |
| Legal tender | No |
| Face value | None |
Other Sizes in the Series
| Format | Weight | Purity | Dimensions | Mintage |
|---|---|---|---|---|
| Silver bar | 1 oz | .9999 | 49.96 x 28.98 mm | 35,000 |
| Silver bar | 10 oz | .9999 | 89.79 x 51.74 mm | 6,100 |
| Silver bar | 100 oz | .9999 | 132.11 x 78.16 mm | 1,200 |
| Gold bar | 1 oz | .9999 | 49.96 x 28.98 mm | 4,000 |
The 100 oz (3.21 kg) silver bar is notably unusual as a minted bar at that size. Most minted bars are produced at 10 oz or smaller; larger sizes are typically cast. The Royal Mint's ability to strike at this scale reflects the mint's industrial capacity. Each bar is sealed in Royal Mint packaging with authentication markings.
Tax Treatment of Una and the Lion Silver Bars
A common misconception is that Royal Mint products automatically receive favourable tax treatment. For silver bars, this is not the case. The Una and the Lion silver bar is not legal tender and carries no face value, which means it receives the standard tax treatment for silver bars, not the exemptions available to Royal Mint coins like the Silver Britannia.
United Kingdom
The bar carries 20% VAT on purchase. It is not CGT-exempt, because CGT exemption in the UK applies only to legal tender coins, not bars. This is an important distinction from the Una and the Lion proof coins (which are UK legal tender and therefore CGT-exempt). Capital gains on disposing of the bar are taxed at 18% or 24%, with a £3,000 annual allowance. Gold Una and the Lion bars are VAT-free (as investment gold) but also not CGT-exempt.
United States
No federal sales tax. State sales tax varies, with most states exempting investment bullion. The .9999 purity exceeds the IRS minimum of .999 for silver IRA eligibility. Royal Mint bars from an LBMA-accredited refiner are generally accepted by IRA custodians. Capital gains are taxed at the collectibles rate of up to 28%.
Canada
GST/HST exempt at .995+ purity. The bar comfortably qualifies. RRSP-eligible through approved dealers and custodians.
Australia and New Zealand
Australia exempts silver at .999+ purity from GST. New Zealand exempts silver at .999+ purity from GST. The .9999 purity of the Una and the Lion bar meets both thresholds. No capital gains tax in New Zealand; Australia applies CGT with a 50% discount for holdings over 12 months.
Singapore and Hong Kong
Singapore exempts investment silver at .999+ purity from GST. Hong Kong has no sales tax on bullion. Neither jurisdiction taxes capital gains. Initial distribution of the Great Engravers bars was exclusive to LPM Hong Kong in February 2021 before widening to global dealers.
From Victorian Masterpiece to Modern Bullion
The story of Una and the Lion begins in 1839, when Mint Director Robert W. Woolley commissioned William Wyon RA, Chief Engraver of the Royal Mint, to create a five-pound gold coin commemorating Queen Victoria's 1837 coronation. Wyon chose to depict Victoria not as a formal portrait but as Lady Una, the heroine of Edmund Spenser's 1590 allegorical poem The Faerie Queene. In the poem, Una represents Truth and the True Church; her lion companion represents England's strength and loyalty.
The reverse inscription, "DIRIGE DEUS GRESSUS MEOS" (May God direct my steps), reinforced the symbolism of a young monarch setting out to lead her nation. The design was considered boldly unconventional for its time. Only a few hundred pieces were struck, primarily as presentation pieces for dignitaries rather than circulating currency. These original coins are now among the most valuable British coins in existence; a specimen sold for £4.2 million at auction in 2024.
The modern bullion version arrived in 2021 when the Royal Mint launched its "Great Engravers" series, intended to showcase the work of the mint's most celebrated historical engravers. Jody Clark, the engraver behind the current Royal Mint portrait of Queen Elizabeth II and the Britannia redesign, was chosen to reinterpret Wyon's design for a contemporary bullion format. Clark's version shows Una and the lion standing together as equals facing forward, a deliberate shift from the original's depiction of the monarch leading the beast. She holds the monarch's orb and sceptre, anchoring the design in royal symbolism.
The "Great Engravers" series name signals that future releases may feature other iconic Royal Mint designs, such as Benedetto Pistrucci's St George and the Dragon or the Wyon family's other works. The Una and the Lion was chosen as the inaugural release for its combination of historical significance and visual impact.
Una and the Lion vs Other Premium Silver Bars
The Una and the Lion bar occupies a specific niche: design-led bullion from a sovereign mint, with limited mintage and historical provenance. It competes with other premium branded bars rather than generic bullion.
vs PAMP Suisse Fortuna
The 1 oz PAMP Suisse Fortuna is the benchmark for branded silver bars. PAMP offers Veriscan digital authentication and serialised CertiPAMP assay packaging. The Una bar relies on Royal Mint provenance and sealed packaging without Veriscan-equivalent technology. PAMP has wider global availability and deeper secondary-market liquidity. The Una bar offers something PAMP cannot: a design with 187 years of history behind it and a fixed mintage that may support collector premiums over time.
vs Standard Royal Mint Silver Bar
The standard 1 oz Royal Mint silver bar is the same mint, same weight, same broad tax treatment. The difference is purely design, mintage, and premium. The standard bar is an everyday bullion product; the Una bar is a collectible with a story. Buyers focused on maximising silver weight per pound should choose the standard bar. Buyers who value design heritage and potential collectibility should consider the Una.
vs Perth Mint Minted Bars
Perth Mint produces minted silver bars with similar manufacturing quality, including the 1 oz Kangaroo silver bar featuring the iconic kangaroo design. Perth bars benefit from government backing (Western Australian government) and strong distribution in Asia-Pacific markets. The Una bar wins on design heritage; Perth wins on availability and established global dealer networks.