10 oz Perth Mint Lunar Silver Coin

The 10 oz Perth Mint Lunar Silver Coin

The 10 oz Perth Mint Lunar is a large-format silver coin from one of the longest-running annual-design programmes in bullion. The Perth Mint's Lunar series follows the 12-year Chinese zodiac cycle, with each year featuring a different animal on the reverse. Now in its third cycle (Series III, 2020-2031), the programme has been running since 1996, and the 10 oz silver denomination has been available for most of that span.

Struck in .9999 fine silver for all Series III issues, the 10 oz Lunar combines the premium savings of a larger denomination with the collectible appeal of an annually changing zodiac design. At 311 grams, it offers substantially lower per-ounce premiums than the 1 oz Lunar, though it requires a larger single purchase. For buyers who also value the zodiac theme at an even larger scale, the 1 Kilo Lunar is available as a mint-to-order product.

The zodiac theme gives the Lunar series particular strength in Asian-Pacific markets, where the Chinese calendar carries cultural significance. Dragon year coins (2000, 2012, 2024) are consistently the most sought-after across all three series, often selling out faster than other animals. For buyers in Western markets, the Perth Mint's reputation and government backing provide the same assurance as any major sovereign programme.

10 oz Lunar Silver Coin Specifications

Silver purity evolved across the three series. Series I (1999-2007) was .999 fine. Series II started at .999 (2008-2016) before upgrading to .9999 (2017-2019). Series III (2020-2031) has been .9999 throughout. This means current-production 10 oz Lunar coins match the Canadian Maple Leaf's four-nines standard.

Series III coins include a micro-laser engraved letter visible only under magnification, along with the "P" mintmark and precision-machined radial lines on the coin surface. These security features were absent from the earlier two series, where authentication relied on weight, dimensions, and strike quality.

The reverse design changes every year, cycling through the twelve zodiac animals: Rat, Ox, Tiger, Rabbit, Dragon, Snake, Horse, Goat, Monkey, Rooster, Dog, and Pig. Series III is currently partway through its cycle, with the 2026 issue being the Year of the Horse. Chinese characters for the zodiac animal appear on all series.

Lunar Silver Coin Tax Treatment

As Australian legal tender, the Perth Mint Lunar qualifies for investment-grade treatment in most jurisdictions. Tax treatment on silver is less favourable than gold in most countries.

• Australia: GST-free as investment-grade precious metal. The .9999 purity comfortably exceeds the 99.9% threshold. Capital gains tax applies on disposal, with a 50% CGT discount for individuals holding longer than 12 months.
• United States: IRA-eligible under the generic bullion provision (silver must be 99.9%+ fine). Perth Mint Lunar coins are specifically listed by some custodians. Taxed as collectibles at the 28% federal rate for long-term capital gains. State sales tax varies.
• United Kingdom: 20% VAT applies on purchase. Not CGT-exempt (not UK legal tender). Gold Lunar coins are VAT-free as investment gold and are popular among UK collectors seeking variety beyond gold Britannias.
• Canada: GST/HST exempt for qualifying bullion at 99.9%+ purity. May be eligible for RRSP holdings through approved dealers.
• EU: Silver subject to local VAT rates. Margin scheme may apply on secondary market coins in Germany, Netherlands, and Spain.
• Singapore: GST-exempt as IPM (Investment Precious Metal) at 99.9%+ purity.
• Hong Kong: No sales tax, no import duty, no capital gains tax.
• New Zealand: GST-exempt for silver at 99.9%+ purity. No capital gains tax.

Three Decades of the Chinese Zodiac in Silver

The Perth Mint launched its Lunar coin programme in 1996, making it the first major Western mint to create a precious metals series built around the Chinese zodiac calendar. The programme was designed with Asian-Pacific markets in mind, particularly China, Hong Kong, Singapore, and Malaysia, where the lunar calendar carries deep cultural significance.

Gold coins came first in 1996 with the Year of the Mouse (Rat). Silver was added partway through Series I, with the first silver Lunar coins appearing in 1999. The programme has since completed two full 12-year cycles and is partway through its third.

Series I (1996-2007) used simpler, more traditional designs with a dotted border and stylized cloud motifs. Series II (2008-2019) introduced more complex, detailed compositions, sometimes featuring multiple animals on a single reverse. Series III (2020-2031) has pushed design intricacy further still, incorporating landscape elements around the zodiac animal and adding security features including micro-laser engraving and the "P" mintmark.

Three different obverse portraits of Elizabeth II appeared across the series (Maklouf, Rank-Broadley, and Clark), with King Charles III replacing the Queen from 2024 onward. The transition between monarchs during Series III creates a natural division that some collectors track.

Dragon year coins have been the standout across all three series. The dragon holds special status in Chinese culture as a symbol of power and good fortune, and Dragon year Lunars consistently sell out faster than other animals. The 2000 Dragon (Series I) is among the most sought-after dates in the entire programme, partly due to low mintages in early years. The 2012 and 2024 Dragon issues followed the same pattern of elevated demand.

Early Series I coins from 1996-1999 are significantly scarcer than later years. Low-mintage years from this period trade at substantial premiums over spot, and complete 12-coin sets from any series command collector premiums above the sum of individual coins.

Perth Lunar vs Other 10 oz Silver Coins

At the 10 oz weight, the Perth Lunar competes primarily with other Perth Mint products and Royal Mint heraldic series.

The 10 oz Kookaburra shares the same mint, the same .9999 purity (from 2018), and the same annual design change format. The difference is thematic: the Kookaburra features Australia's laughing kingfisher, changing the composition each year within the bird theme; the Lunar cycles through twelve zodiac animals over a fixed calendar. The Kookaburra has a longer track record (since 1990 vs 1999 for Lunar silver) and a larger collector base for older vintages. The Lunar's zodiac structure gives it a different kind of collecting logic, with each 12-year cycle forming a natural set.

The 10 oz Queen's Beasts from The Royal Mint is struck in .9999 fine silver and is now complete (2016-2021), meaning supply is fixed. For UK buyers, it carries CGT exemption as UK legal tender, a significant advantage. The 10 oz Tudor Beasts, the successor series (2022-2026), offers the same Royal Mint provenance and UK CGT exemption for buyers who want an actively produced coin.

The Lunar's distinctive strength is its cultural resonance in Asian markets and its three-series collecting depth. A buyer who starts collecting during Series III can also pursue earlier series, with scarcity and age adding value to the older coins. No other 10 oz silver coin programme offers this kind of multi-generational collecting structure.