10 oz The Royal Mint Lunar Silver Coin

The Royal Mint's Zodiac Series in a 10 oz Silver Format

The 10 oz Royal Mint Lunar silver coin belongs to the Shengxiao Collection, the Royal Mint's interpretation of the Chinese zodiac cycle that began in 2014 with the Year of the Horse. Each year features a new animal design, cycling through all twelve zodiac creatures. The series name comes from shengxiao, the Chinese term for the zodiac cycle, and represents the first official UK lunar coin programme.

This 10 oz format carries .999 fine silver purity and a face value denominated in British pounds, granting it UK legal tender status. That legal tender designation is the series' primary competitive advantage: it delivers CGT exemption for UK residents, a benefit that the more established Perth Mint Lunar series cannot offer to UK buyers.

The Shengxiao Collection went through a significant shift in 2021 when the Royal Mint discontinued bullion-grade production and moved to Proof and Brilliant Uncirculated finishes only. Pre-2021 bullion-grade 10 oz coins trade at lower premiums than the post-2020 collector-oriented editions, though secondary market availability of any 10 oz Lunar coin is limited compared to the 1 oz denomination. This production change pushed the series from a pure investment product toward a collector-investment hybrid, with the 10 oz silver coin sitting firmly on the collector end of that spectrum.

Primary reverse designs for the early years were created by Wuon-Gean Ho, a British-Chinese print artist whose wood-engraving background lent a distinctive texture to the animal depictions. Later years introduced other designers including Harry Brockway, P.J. Lynch, and David Lawrence. The obverse transitioned from the Jody Clark portrait of Queen Elizabeth II (2016-2023) to the Martin Jennings portrait of King Charles III from 2024 onward.

Royal Mint Lunar 10 oz Silver Coin Specifications

Zodiac Release Schedule

The number 8 is deliberately incorporated into each coin's design or mintage, reflecting its status as the luckiest number in Chinese culture. The second zodiac cycle begins in 2026 with a new Year of the Horse design.

Tax Position of Royal Mint Lunar Silver Coins

The Royal Mint Lunar series holds UK legal tender status, which gives it a specific tax advantage in its home market. For silver, this matters primarily on the disposal side rather than the purchase side, because silver coins in the UK attract VAT on purchase regardless of legal tender status.

• United Kingdom: 20% VAT on purchase. CGT-exempt on disposal as UK legal tender. This is the key advantage over competing lunar coins: a UK resident selling a Perth Mint Lunar silver coin for a profit would face CGT at their marginal rate (18% or 24%), but the Royal Mint Lunar is exempt. The annual CGT allowance (currently £3,000) means small gains on non-exempt coins are shielded anyway, but for larger holdings the exemption becomes material.
• United States: UK legal tender coins meeting .999 silver purity are generally IRA-eligible, though custodian acceptance should be confirmed. Capital gains taxed at the 28% collectibles rate. State sales tax varies.
• Canada: GST/HST-exempt for coins at .999+ purity that are or were legal tender. RRSP-eligible.
• Australia: Gold coins are GST-free; silver at .999+ purity qualifies as investment-grade for GST exemption. No CGT exemption for non-Australian coins, though a 50% CGT discount applies for assets held over 12 months.
• European Union: Silver subject to local VAT rates. The investment gold exemption does not extend to silver coins in any EU jurisdiction.
• Singapore: Silver at .999+ purity from recognised mints qualifies as IPM, exempt from 9% GST. No capital gains tax.
• Hong Kong: No sales tax, no import duty, no capital gains tax on bullion.

Royal Mint Lunar vs Perth Mint Lunar: The Two Zodiac Programmes

The Perth Mint Lunar series is the standard against which all lunar bullion is measured. Its Series I launched in 1996, and the programme is now in Series III (from 2020). The Royal Mint Shengxiao Collection, launched in 2014, is the younger competitor, but it holds specific advantages depending on where the buyer is located.

For UK buyers, the Royal Mint Lunar's CGT exemption is the decisive factor. Both series carry comparable premiums on the secondary market, but the Perth Mint coin generates a CGT liability on profitable sales that the Royal Mint version avoids. This makes the Shengxiao Collection the more tax-efficient choice for UK-based silver investors who expect to sell at a gain. For buyers in other jurisdictions where neither coin carries a special tax status, the Perth Mint's deeper secondary market, wider weight range (from 1/2 oz to 10 kg in gold), and longer track record make it the more liquid choice.

The 10 oz Queen's Beasts silver coin is the closest Royal Mint comparison at the same weight. Both share UK legal tender status and CGT exemption, but the Queen's Beasts series is completed (2016-2021) with fixed supply, while the Lunar series continues with new designs each year. The Queen's Beasts offered ten heraldic beast designs across its run; the Lunar offers twelve zodiac animals before the cycle repeats.

The discontinuation of bullion-grade Lunar coins after 2020 pushed the 10 oz Lunar into a higher-premium bracket compared to ongoing bullion programmes like the 10 oz Silver Britannia. Buyers seeking the lowest premium per ounce of legal-tender UK silver at this weight will typically find the Britannia more competitively priced, while the Lunar commands a premium for its collectible annual-design appeal and cultural resonance in Asian markets.