Bison Silver

Royal Canadian Mint Silver Bison

The Canadian Bison is a silver bullion coin series from the Royal Canadian Mint, first issued in 2015 and still in production. Its distinguishing feature is the 1.25 troy ounce (1 1/4 oz) format, a weight unique among silver bullion coins from major sovereign mints. No other national mint produces a silver coin in this denomination. The extra quarter-ounce per coin adds up across a large position: buying 100 Bison coins delivers 125 oz of silver, not 100.

The coin is struck in .9999 fine silver (four nines), matching the purity of the Silver Maple Leaf and exceeding the .999 standard used by most competitors. It carries a face value of $8 CAD (proportionally higher than the Maple Leaf's $5 CAD, reflecting the increased silver content) and features annual bison designs. The Bison is a "minted to order" product with no fixed mintage cap, following the same production approach as the Maple Leaf.

The 38 mm diameter matches the Silver Maple Leaf exactly. The extra silver content is achieved through increased thickness (approximately 4 mm vs the Maple Leaf's 3.15 mm), meaning the Bison fits standard 38 mm coin capsules and storage systems while feeling noticeably heavier in hand. From 2016 onward, the coin incorporates the same security features used on the Maple Leaf: precisely machined radial lines on both faces and a micro-laser engraved maple leaf privy mark containing the last two digits of the year of issue.

The bison is one of Canada's most iconic wildlife species. The wood bison (Bison bison athabascae), specifically featured in several annual designs, is classified as "threatened" under Canada's Species at Risk Act. Canada's wood bison population, approximately 10,000 animals in Wood Buffalo National Park spanning Alberta and the Northwest Territories, is the largest in the world.

Canadian Bison Silver Coin Specifications

Annual Reverse Designs

The obverse featured the Susanna Blunt portrait of Queen Elizabeth II through 2022, transitioning to Steven Rosati's effigy of King Charles III from 2023.

Security Features (2016 onward)

• Radial lines: Precisely machined light-diffracting lines on both faces, extremely difficult to replicate.
• Micro-laser engraved maple leaf privy mark: Tiny maple leaf visible only under magnification, containing the last two digits of the year.
• Reeded edge and .9999 purity verifiable by XRF and specific gravity testing.

The 2015 debut year does not include radial lines or the privy mark; these were added from 2016 when the technology was extended across Royal Canadian Mint bullion products.

Canadian Bison Tax Treatment by Country

As a Royal Canadian Mint legal tender coin at .9999 purity, the Bison benefits from favourable tax treatment in Canada and qualifies for purity-based exemptions in most other jurisdictions.

Country-by-Country Summary

• Canada: GST/HST exempt as investment bullion issued by the RCM. The .9999 purity far exceeds the 99.9% threshold. No provincial variation on this exemption. Capital gains at 50% inclusion rate (66.67% above CAD $250,000 from June 2024). The Bison is eligible for RRSP and TFSA inclusion through approved dealers, providing tax-deferred or tax-free growth.
• United States: No federal sales tax; most states exempt investment-grade precious metals. The .9999 purity from a sovereign mint generally qualifies for IRA inclusion through an approved custodian. Capital gains taxed at the collectibles rate of up to 28%.
• United Kingdom: Silver subject to 20% VAT on purchase. Pre-owned Bison coins may be available under the margin scheme from some UK dealers. Not CGT exempt (not UK legal tender).
• Australia: The .9999 purity exceeds the 99.9% GST exemption threshold for silver. GST-free in investment form. CGT applies with 50% discount for holdings over 12 months.
• New Zealand: GST exempt for silver at 99.9% purity or above. No CGT.
• Singapore: Qualifies for IPM GST exemption at .9999 purity as legal tender. No CGT.
• Hong Kong: No sales tax, import duty, or capital gains tax.
• EU: Silver subject to local VAT rates. Margin scheme may apply on secondary market coins. No investment silver exemption.

Canadian Bison vs Maple Leaf and Other 1 oz Silver Coins

The Bison's most direct comparison is with its sibling, the Silver Maple Leaf. Both come from the Royal Canadian Mint at .9999 purity with the same security features (radial lines, micro-laser privy mark from 2016). Both are GST/HST exempt in Canada and eligible for RRSP/TFSA. Both are minted to order with no mintage cap. The difference is 25% more silver: the Bison delivers 1.25 oz per coin at 38.88 grams versus the Maple Leaf's 31.10 grams.

Per-ounce premiums on the Bison are generally competitive with the Maple Leaf, making the extra 0.25 oz a cost-efficient way to add silver. The practical consideration is resale: the 1.25 oz weight is non-standard. Major dealers buy and sell Bison coins readily, pricing at 1.25 times spot plus premium, but the less common weight format means slightly less universal liquidity than the 1 oz standard. An investor selling to a local dealer unfamiliar with the product may need to explain the weight, whereas a Maple Leaf is instantly recognised.

Against the American Silver Eagle, the Bison offers higher purity (.9999 vs .999), more silver per coin, and lower premiums. The Eagle's advantages are IRA eligibility (the Bison may also qualify via custodian approval, but the Eagle is explicitly named), deeper US dealer liquidity, and stronger brand recognition in North American markets.

The Silver Britannia (1 oz, .999 fine) has a unique advantage for UK buyers through CGT exemption as UK legal tender. The Bison cannot match this but may be available under margin scheme from some UK dealers for lower acquisition cost. Against the Austrian Philharmonic (1 oz, .999 fine), the Bison wins on purity and security features but the Philharmonic typically trades at lower premiums.

The Royal Canadian Mint has also produced 1.5 oz coins (including the "Superleaf" and other commemoratives), demonstrating a willingness to experiment with non-standard weights. Among these experiments, the 1.25 oz Bison has proved the most durable, running annually since 2015. The 38 mm diameter compatibility with standard capsules and storage removes what would otherwise be a significant practical objection to the non-standard weight.