10 oz Noah's Ark Silver Coin

The 10 oz Noah's Ark Silver Coin

The 10 oz Noah's Ark is the second largest regular denomination in Armenia's only investment-grade bullion coin programme, issued by the Central Bank of the Republic of Armenia since 2011 and struck in Germany by Leipziger Edelmetallverarbeitung (LEV), part of the Geiger Edelmetalle group since 2018. That arrangement, a sovereign coin produced under contract at one of Germany's most modern private mints, is unusual in the bullion world and gives the series a distinctive pitch: German manufacturing quality with central bank backing, at a non-premium price point. The series is one of the lowest-premium sovereign-backed silver coins available in European markets.

The 10 oz size joined the programme in 2012, a year after the launch denominations, and carries a face value of 5,000 Drams. At 311 grams of .999 fine silver, it occupies territory normally dominated by bars. Ten-ounce silver coins are uncommon; most products at this weight are bars, which carry lower premiums, so the Noah's Ark at 10 oz appeals to buyers who want bar-like weight efficiency without giving up legal tender status and a sovereign design. Compared with buying ten 1 oz Noah's Ark coins, a single large coin concentrates the same silver into one item with less packaging and handling.

The design by Eduard Kurghinyan has been unchanged since 2011: Noah's Ark on the floodwaters, a dove carrying an olive branch, and Mount Ararat rising behind. Design continuity was a deliberate choice mirroring the Maple Leaf and Philharmonic approach, supporting recognition and liquidity.

10 oz Noah's Ark Specifications

The obverse carries the Armenian coat of arms, a shield held by a lion and an eagle representing the ancient Armenian kingdoms, with the face value, fineness, weight, LEV mint mark, and year of issue, inscribed in both Armenian and English. The reverse shows Noah's Ark with the dove and olive branch, Mount Ararat, and a rising sun.

The full silver range runs from 1/4 oz through a 5 kg coin whose 149.62 mm diameter makes it one of the largest regularly produced bullion coins by weight. The 10 oz sits below only the 1 kilo Noah's Ark and the 5 kg in the lineup. Coins are minted using LBMA-certified materials, and smaller denominations ship in Geiger's HQC tubes filled with protective gas that prevents tarnishing while the seal stays intact.

Noah's Ark Silver Tax Treatment by Country

The coin is Armenian legal tender with a nominal face value far below its metal value, which shapes its tax position in several markets.

• UK: New silver coins attract 20% VAT. Pre-owned Noah's Arks are frequently sold under the margin scheme, where VAT applies only to the dealer's margin, making them among the more tax-efficient silver bullion coins available in the UK; dealers stock them widely for this reason. The coin is not UK legal tender, so it carries no CGT exemption, unlike a silver Britannia.
• Germany and the EU: Silver coins are subject to national VAT, but the margin scheme (Differenzbesteuerung in Germany) is broadly available, and the German manufacturing origin supports strong dealer networks across the EU. This favourable treatment is a core reason the series is popular with German stackers.
• US: No federal sales tax; state exemptions vary, with roughly 35 states exempting bullion. The .999 fineness meets the IRS 99.9% silver requirement for IRA eligibility. Gains are taxed at the collectibles rate of up to 28%.
• Canada: A legal tender silver coin at 99.9% purity is GST/HST exempt.
• Australia and New Zealand: GST-free as investment-grade silver at 99.9% purity.
• Armenia: Exempt from VAT as domestic legal tender.

Armenia's Bullion Coin Since 2011

The Noah's Ark launched in 2011 as Armenia's first and only investment-grade bullion coin, with 1/4 oz, 1/2 oz, and 1 oz silver denominations. The large formats followed in 2012: 5 oz, 10 oz, 1 kg, and 5 kg. Gold proof versions appeared in 2017 in very limited mintages, and bullion-grade gold coins joined the programme in September 2020. More than 5 million silver coins have been produced and distributed worldwide since inception, with distribution spanning over 20 countries including Germany, Austria, Switzerland, the UK, and the US. The 1 oz silver coin saw peak production of 1.66 million pieces in 2021.

The subject matter is closely tied to national identity. Armenia officially adopted Christianity in 301 AD, the first nation to do so, and the biblical narrative of Noah's Ark coming to rest on Ararat connects directly to that heritage. Mount Ararat itself lies in modern Turkey, yet it appears on Armenia's coat of arms and on this coin, an enduring cultural and territorial statement. Eduard Kurghinyan's reverse design has not changed since launch.

Production has always been German. Armenia has no modern bullion minting facility, so the Central Bank contracts LEV in Leipzig, which became part of the Geiger Edelmetalle group in 2018. The LEV mint mark on the obverse identifies the striking facility, and proof distribution is split between the Armenian Central Bank and the European market through Geiger.

10 oz Noah's Ark vs Bars and Rival Sovereign Coins

At this weight the practical comparison is against 10 oz silver bars from refiners and mints such as the Royal Canadian Mint, PAMP Suisse, Valcambi, and Geiger itself. Bars at 10 oz typically carry premiums of 3-6% in normal conditions and have excellent liquidity, so the bar route is cheaper per ounce. The Noah's Ark answers with legal tender status, a sovereign design, and the series' reputation as one of the lowest-premium sovereign-backed silver coins in Europe, narrowing the gap that usually separates coins from bars. The few rival coins at this weight, such as the 10 oz Royal Mint Valiant and 10 oz Queen's Beasts issues, carry higher premiums than bars as well.

Against the major 1 oz sovereign coins, the comparison is the standard series trade-off. The Canadian Maple Leaf offers higher .9999 purity, micro-engraved security features, and stronger global liquidity. The Austrian Philharmonic, .999 and EU-minted, is the most comparable sovereign coin in the European market. The American Silver Eagle has the highest global demand but typically higher premiums, and the Britannia adds UK CGT exemption at a higher price. The Noah's Ark wins mainly on cost: German minting quality, margin scheme availability in the UK and EU, and consistently competitive premiums. Liquidity is good in European markets and somewhat thinner in the US, where Eagles and Maples dominate dealer buyback.