Baird & Co.
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About the 10 oz Royal Arms Silver Coin
A 10 oz Silver Coin with Full UK Tax Benefits
The 10 oz Royal Arms silver coin is the largest denomination in The Royal Mint's Royal Arms bullion range. At 311 grams of .999 fine silver in a single coin, it offers a substantial silver holding with the same legal tender status and CGT exemption that applies to the smaller 1 oz Royal Arms silver coin.
Introduced in 2019 alongside the rest of the Royal Arms range, the 10 oz coin carries a face value of GBP 10 and a diameter of 89mm, making it one of the larger silver coins the Royal Mint produces. The reverse features Timothy Noad's heraldic reinterpretation of the Royal coat of arms, with the quartered shield surrounded by the national symbols of the four home nations: the Tudor rose for England, the thistle for Scotland, the leek for Wales, and the shamrock for Northern Ireland. A radial line background pattern adds visual depth and serves as an anti-counterfeiting measure.
For buyers considering a 10 oz silver coin, the Royal Arms competes primarily with the 10 oz Valiant, also from The Royal Mint. Both share CGT exemption and UK legal tender status. The Valiant is struck in .9999 fine silver (four nines) compared to the Royal Arms' .999 (three nines), and its incuse design gives it a distinctive tactile quality. The Royal Arms instead offers a more traditional heraldic design that has remained consistent since 2019.
The 2025 edition was described by The Royal Mint as the design's "final appearance," suggesting either a redesign or the conclusion of the series. For buyers who value design continuity across their stack, this consistency over seven years has been a practical advantage: every coin in the series is visually identical aside from the date and the obverse portrait, which transitioned from Queen Elizabeth II to King Charles III after 2022.
10 oz Royal Arms Silver Coin Specifications
| Attribute | Value |
|---|---|
| Weight | 10 troy oz (311.035 g) |
| Purity | .999 fine silver |
| Diameter | 89 mm |
| Face Value | GBP 10 |
| Edge | Milled (reeded) |
| Manufacturer | The Royal Mint |
| Designer (reverse) | Timothy Noad |
| First Issued | 2019 |
The coin ships in individual protective packaging. The radial line background on the reverse is both a design feature and a security measure, creating a light-diffracting pattern that is difficult to reproduce. Boxes of 15 coins are available for larger orders.
The Royal Mint does not publish specific mintage figures for its bullion coins, so production numbers for the 10 oz Royal Arms are unknown. The 89mm diameter matches the 10 oz Valiant, making both coins physically similar in size. At .999 fineness, the Royal Arms uses the standard silver purity for most Royal Mint bullion coins (the Valiant was an exception at .9999).
The reverse design has been consistent across all years since 2019, with only the date and obverse portrait changing. The obverse transitioned from Jody Clark's Queen Elizabeth II portrait to a King Charles III effigy following the 2022 monarch transition. Timothy Noad's heraldic shield is quartered with England's three lions passant guardant, Scotland's lion rampant, and Ireland's harp, surrounded by the four national floral emblems.
Royal Arms 10 oz Silver: Tax Treatment by Country
As UK legal tender, the 10 oz Royal Arms silver coin qualifies for CGT exemption in the United Kingdom. Sterling-denominated legal tender coins are not chargeable assets for Capital Gains Tax purposes under HMRC rules. This applies regardless of the sale price or the size of the gain.
Silver coins in the UK are subject to 20% VAT on purchase. This applies equally to the Royal Arms, the silver Britannia, and all other silver coins. Gold coins, by contrast, are VAT-free. Dealers selling pre-owned silver coins under the VAT margin scheme charge VAT only on their profit margin, which can substantially reduce the effective tax burden.
The CGT exemption on UK silver coins creates a break-even calculation: the 20% VAT paid upfront is a fixed cost, but any gain on disposal is entirely tax-free. For long-term holders expecting significant appreciation, the CGT exemption can more than offset the initial VAT.
Other Jurisdictions
- United States: IRA-eligible, as the coin meets the .999 minimum fineness threshold for silver. State sales tax varies. Capital gains are taxed at the 28% collectibles rate for assets held over one year.
- Canada: GST/HST exempt as a legal tender coin at .999+ purity. Capital gains taxed at the 50% inclusion rate.
- Australia: Silver bullion at .999+ purity is GST-free as investment-grade precious metal. CGT applies on disposal, with a 50% discount for assets held over 12 months.
- EU: Silver coins attract VAT at the standard rate in most countries (17-27% depending on the country). Germany and the Netherlands offer margin scheme treatment on qualifying silver coins. Investment gold is VAT-exempt, but this exemption does not extend to silver.
- Singapore: GST-exempt under the Investment Precious Metals scheme for silver at .999+ purity. No capital gains tax.
- Hong Kong: No sales tax, no import duty, no capital gains tax.
- New Zealand: GST-exempt for silver at .999+ purity. No formal capital gains tax.
- South Africa: Silver bullion is subject to 15% VAT. No exemption exists for silver coins, unlike gold Krugerrands which are zero-rated.
Royal Arms 10 oz vs Other 10 oz Silver Coins
The 10 oz silver coin market from sovereign mints is small. The Royal Mint's own range provides the closest comparisons.
The 10 oz Valiant was produced from 2018 to 2021 and features an incuse (recessed) design of St George and the dragon. It is struck in .9999 fine silver, one grade higher than the Royal Arms' .999. The Valiant was the first Royal Mint bullion coin to use incuse design, giving it a distinctive look and feel. Since production ended in 2021, secondary market supply is finite. Both coins share the same CGT exemption, face value (GBP 10), and 89mm diameter.
The silver Britannia range includes coins up to 1 kilogram but no 10 oz denomination. Buyers who specifically want a Royal Mint 10 oz silver coin are choosing between the Royal Arms and the Valiant (secondary market only). The Britannia's advanced security features (latent image, surface animation, micro-text, tincture lines) are not present on the Royal Arms, which relies on a simpler radial line pattern.
Outside the Royal Mint, there are few sovereign mint 10 oz silver coins in regular production. The Perth Mint has produced 10 oz Lunar series coins, but these carry higher collector premiums. Most buyers looking for 10 oz silver at bullion pricing turn to bars rather than coins, where options from PAMP Suisse, the Royal Canadian Mint, and other refiners offer lower premiums.
The Royal Arms' primary advantages are its UK legal tender status (enabling CGT exemption) and the traditional heraldic design by Timothy Noad. For UK buyers, the tax treatment is identical to the Valiant, making the choice largely one of design preference and availability. For international buyers, neither the CGT exemption nor the face value provides a tax advantage, and the decision comes down to design, purity, and premium.
10 oz Royal Arms Silver Coin: frequently asked questions
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The best price for the 10oz Royal Arms silver coin is $889.50, based on the $65.79 silver spot price plus a premium of around 34.9%. At 10 troy ounces of .999 fine silver, this is one of the larger silver coins in the Royal Mint's bullion range, and premiums per ounce are generally lower at this size than on the 1oz version.
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The Royal Arms is a bullion coin series introduced by the Royal Mint in 2019, designed by heraldic artist Timothy Noad. The reverse features the Royal coat of arms shield quartered with the lions of England, Scotland's lion rampant, and Ireland's harp, surrounded by national plant emblems. The 10oz silver coin carries a GBP 10 face value and contains 10 troy ounces of .999 fine silver with a distinctive 89mm diameter.
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Right now Baird & Co offers the lowest price at $889.50, across the 2 dealers we compare. Prices vary between dealers, so it is worth checking the full comparison table above before buying, particularly on a larger denomination like the 10oz where even a small per-ounce difference adds up.
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In the UK, silver Royal Arms coins are UK legal tender and therefore exempt from Capital Gains Tax under HMRC rules, unlike silver bars. Note that UK silver coins still carry 20% VAT on purchase. In the US, gains on silver are taxed as collectibles at up to 28%. In Canada, 50% of any capital gain is included in taxable income at your marginal rate.
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Store the 10oz Royal Arms in its original sealed packaging or a hard plastic capsule to prevent contact damage. Avoid touching the faces directly as fingerprints leave oils that accelerate tarnish. If storage is long-term, an airtight container with silica gel desiccant slows tarnishing from humidity. Silver tarnish is cosmetic and does not affect the coin's metal content or its value as a bullion investment.