Bull and Bear Silver

Royal Canadian Mint Bull and Bear Silver

The Bull and Bear is a silver bullion coin launched by the Royal Canadian Mint (RCM) in 2025, created in partnership with TD Precious Metals, Canada's largest bank-operated bullion dealer. The coin references the bull and bear of financial markets, a theme that is unusual for sovereign mint bullion, where wildlife, national symbols, and historical figures dominate. The bull-and-bear metaphor itself traces back to 18th-century London, where bear-skin traders sold pelts before owning them (an early form of shorting) and bull-baiting events inspired the opposing metaphor.

The flagship product in the series is the 2 oz silver coin, an uncommon weight for bullion coinage. Most sovereign mint silver coins are 1 oz; the 2 oz format offers investors a slightly lower per-ounce premium on a larger single coin. It is struck in .9999 fine silver, matching the purity of the Silver Maple Leaf, and carries a $10 CAD face value as Canadian legal tender. The coin's 38 mm diameter paired with 2 troy ounces of silver gives it an unusually thick profile at 5.9 mm, noticeably heavier in hand than a standard 1 oz coin of the same diameter.

Beyond the 2 oz coin, the RCM has produced the Bull and Bear design across a wide range of formats: 1 oz coins, 1 oz rounds, 1 oz bars, 1 kilo coins, and fractional rounds from 1/10 oz to 5 oz. Tube packaging holds 14 coins (not the standard 20 or 25), reflecting the 2 oz weight; monster boxes contain 280 coins across 20 tubes, totalling 560 oz per box.

Bull and Bear Coin Specifications

The reverse was designed by Julius Csotonyi, a Canadian palaeoartist best known for museum murals and scientific reconstructions of prehistoric life. The design depicts a tenacious bull thrusting its horns upward and a powerful bear swiping its forepaws downward, locked in combat, with a stylised market chart tracing upward and downward trends behind them. The obverse features the King Charles III portrait by Steven Rosati, who became only the third Canadian artist to develop a monarch portrait for Canadian coinage and the first to create a portrait of Charles III.

Security features match those on the flagship Maple Leaf: precise radial lines across the coin's surface and a micro-engraved laser maple leaf containing the numeral "25" (denoting 2025), visible only under magnification. These features represent the RCM's current anti-counterfeiting technology.

Bull and Bear Tax and Legal Status

As Canadian legal tender backed by the federal government of Canada, the Bull and Bear coin receives the same tax treatment as other RCM bullion products in most jurisdictions.

Canada: Investment-grade silver bullion at .9999 purity is GST/HST-exempt. The Bull and Bear qualifies. The coin is also eligible for inclusion in RRSPs (Registered Retirement Savings Plans) through approved dealers, providing tax-deferred growth within the retirement account.

United States: RCM .9999 silver coins generally qualify for precious metals IRA inclusion on the same purity basis as the Maple Leaf. As a new issue, buyers should confirm eligibility with their specific IRA custodian. Capital gains are taxed at the collectibles rate of up to 28%. Sales tax exemptions for bullion vary by state.

United Kingdom: Silver coins are subject to 20% VAT regardless of origin or legal tender status in their home country. The Bull and Bear is not UK legal tender and therefore not CGT-exempt. UK buyers face the standard 20% VAT cost on silver purchases, with gains on disposal subject to CGT at individual rates.

European Union: Silver coins are subject to national VAT rates (17-27% depending on country). No EU-wide silver exemption exists. Some EU countries offer margin scheme arrangements for pre-owned silver coins.

Australia: Silver at 99.9% purity is GST-free. The .9999 purity of the Bull and Bear exceeds this threshold.

New Zealand: Silver at 99.9% purity is GST-exempt. No capital gains tax applies in New Zealand, though IRD may treat profits as income if the silver was acquired for the purpose of resale.

Singapore and Hong Kong: Singapore exempts qualifying Investment Precious Metals (silver at 99.9% purity that is or was legal tender) from GST. The Bull and Bear, as legal tender at .9999 purity, qualifies. Hong Kong imposes no sales tax or capital gains tax on bullion.

A Financial Theme From an Unlikely Designer

The Bull and Bear made its debut in 2025, the result of a collaboration between the Royal Canadian Mint and TD Precious Metals. TD is not just a retailer here; the bank's bullion division was involved in commissioning the coin's design, a blurring of the line between minting and financial services that is uncommon in sovereign coin production. TD Precious Metals is Canada's largest bank-operated bullion dealer, and the partnership gives the coin distribution through a major bank's retail channel alongside the usual dealer network.

The choice of Julius Csotonyi as reverse designer is notable. Csotonyi's professional reputation rests on palaeoart: museum murals, scientific illustrations, and reconstructions of dinosaurs and prehistoric life published in peer-reviewed journals. Designing a coin about stock market forces is a sharp departure from his usual subject matter, but the RCM has a history of commissioning artists from outside the numismatic world for its bullion programmes.

The obverse portrait of King Charles III was created by Steven Rosati, who became only the third Canadian artist to develop a monarch portrait for Canadian coinage. Rosati's effigy is now the standard across all current RCM coins, replacing Susanna Blunt's portrait of Queen Elizabeth II that appeared on Canadian coinage from 2003 until after the Queen's death in September 2022.

The RCM has not confirmed whether Bull and Bear will become an annual series with new designs or remain a one-time issue. The 2025 release is the first, and no fixed mintage cap has been announced, positioning it as true bullion produced to demand rather than a limited collector release. This open-ended approach mirrors the Maple Leaf programme, where production adjusts to market demand each year.

Bull and Bear vs Maple Leaf and Other 2 oz Sovereign Coins

The most obvious comparison is with the RCM's own Silver Maple Leaf. Both are struck in .9999 fine silver by the same mint, both carry Canadian legal tender status, and both use the same radial-line security features. The Maple Leaf has decades of market presence and worldwide recognition that the Bull and Bear, as a 2025 newcomer, has not yet established. For buyers prioritising resale liquidity, particularly outside of North America, the Maple Leaf remains the safer choice.

The Bull and Bear's 2 oz format is its clearest differentiator. The per-ounce premium on a 2 oz coin is typically lower than on a 1 oz coin of comparable quality, because minting and packaging costs are spread across a heavier piece. The Australian Kangaroo from the Perth Mint also offers 2 oz silver coins at .9999 purity, providing a direct competitor in this weight class. The Kangaroo has a longer track record but features a wildlife theme that is now extremely common across sovereign mint bullion. The financial market imagery of the Bull and Bear is distinctive in a market dominated by animals, monarchs, and national emblems.

Against the American Silver Eagle (1 oz, .999 fine), the Bull and Bear offers higher purity and a larger format. The Eagle trades on the strongest brand recognition and deepest liquidity of any silver coin worldwide, with correspondingly higher premiums. For US buyers who are not constrained by IRA requirements or brand preference, the Bull and Bear delivers more silver per dollar at a higher purity standard.

The Silver Britannia offers a unique advantage for UK buyers: CGT exemption as UK legal tender. The Bull and Bear cannot match this tax benefit in the UK market. For non-UK buyers, the comparison comes down to purity (.9999 vs .999), size options, and premium levels.