1 oz Bison Silver Coin

The Royal Canadian Mint's Non-Standard Silver Coin

The 1 oz Bison from the Royal Canadian Mint is listed here at its 1 oz equivalent weight, though the coin is actually struck at 1.25 troy ounces (38.88 grams) of .9999 fine silver. This unconventional weight makes it unique among sovereign mint silver coins: no other major mint produces a bullion coin in this format. The extra quarter-ounce of silver per coin is achieved by increasing the thickness to approximately 4 mm, while the diameter remains 38 mm, the same as the 1 oz Silver Maple Leaf. The result is a noticeably heavier coin that fits standard 38 mm capsules and storage systems.

First issued in 2015, the Bison features annual designs depicting the Canadian bison, one of North America's most iconic wildlife species. The series is minted to order with no pre-set production ceiling, following the same approach as the Maple Leaf. This keeps it squarely in bullion territory rather than collector territory, with pricing based on silver content plus a modest premium.

From 2016 onward, the Bison incorporates the same advanced security features used on the Silver Maple Leaf: precisely machined radial lines that produce a light-diffracting pattern, and a micro-laser-engraved maple leaf privy mark containing the last two digits of the year. The 2015 debut year lacks these features, as the technology was extended across RCM bullion products starting in 2016.

The $8 CAD face value reflects the increased silver content at roughly proportional scaling from the Maple Leaf's $5 face value. For stackers accumulating silver efficiently, the extra 0.25 oz per coin adds up across a large position without requiring the move to a bulkier format like 10 oz silver coins.

Canadian Bison Silver Specifications

Annual Reverse Designs

The obverse features the reigning monarch's effigy: Susanna Blunt's portrait of Queen Elizabeth II through 2022, and Steven Rosati's effigy of King Charles III from 2023 onward. Coins are packaged in standard RCM bullion tubes.

The 38 mm diameter is the same as the Silver Maple Leaf, which means the Bison fits standard 38 mm coin capsules and storage systems despite containing 25% more silver. The additional metal content is accommodated entirely through increased thickness (roughly 4 mm vs the Maple Leaf's 3.29 mm), making the coin noticeably heavier in hand without requiring different holders or tubes.

The security features added from 2016 deserve specific attention. The radial lines are precisely machined grooves on both obverse and reverse that create a light-diffracting pattern visible to the naked eye, extremely difficult to replicate with counterfeit tooling. The micro-laser-engraved maple leaf privy mark is a tiny maple leaf on the reverse visible only under magnification, containing the last two digits of the year (for example, "16" for 2016). Both features were originally developed for the Silver Maple Leaf programme and subsequently extended to the Bison. Buyers of the 2015 first-year issue should note that these security features are absent from that year.

Tax Treatment for the Canadian Silver Bison

The Bison is legal tender of Canada at $8 CAD, struck by the Royal Canadian Mint in .9999 fine silver. Its tax treatment benefits from RCM's sovereign status in most jurisdictions.

Canada

Gold and silver bullion coins produced by the RCM are exempt from GST/HST when they meet investment criteria. The Bison qualifies as RCM-produced legal tender silver exceeding the .995 purity threshold. No provincial variation applies to this federal exemption.

United States

The .9999 purity exceeds the IRS minimum of .999 for silver in precious metals IRA accounts. As a sovereign-issued coin, the Bison should be IRA-eligible, though custodians may need to confirm eligibility for the non-standard 1.25 oz weight. State sales tax exemptions apply in approximately 35 states; the remaining states either tax bullion or impose purchase thresholds.

United Kingdom

Silver coins in the UK are subject to 20% VAT on purchase. Pre-owned Bison coins may occasionally appear under the margin scheme. The coin is not CGT-exempt because it is not UK legal tender. UK buyers seeking CGT-free silver would need to choose the 1 oz Silver Britannia instead.

Australia and New Zealand

Australia exempts investment-grade silver at .999+ purity from GST. New Zealand exempts fine silver at .999+ purity. The Bison's .9999 purity qualifies under both thresholds.

European Union

Silver coins attract the standard VAT rate of each member state (19% in Germany, 21% in the Netherlands, up to 27% in Hungary). Germany and the Netherlands offer a margin scheme for pre-owned silver coins that reduces the effective VAT to the dealer's profit margin.

Singapore and Hong Kong

Singapore exempts Investment Precious Metals (silver at .999+) from GST. Hong Kong imposes no sales tax, import duty, or capital gains tax on precious metals.

Bison vs Other RCM and Sovereign Silver Coins

The Bison's most direct comparison is its stablemate, the 1 oz Silver Maple Leaf. Both share .9999 purity, RCM security features (from 2016 onward), and minted-to-order production. The Maple Leaf has vastly greater global recognition and liquidity, making it the safer choice for buyers prioritising resale ease. The Bison's advantage is its 25% extra silver per coin, which accumulates meaningfully over a large position. Per-ounce premiums on the two are generally comparable, so the choice is between recognition (Maple Leaf) and efficient accumulation (Bison).

Against the 1 oz American Silver Eagle, the Bison offers higher purity (.9999 vs .999) and more silver per coin. The Eagle dominates the US market on volume, brand recognition, and resale demand, and recovers a higher percentage of its premium at resale. The Eagle's premium over spot is also typically higher than the Bison's.

The 1 oz Silver Britannia offers a different advantage set: CGT exemption for UK buyers, advanced security features (micro-text, latent image, surface animation, tincture lines), and strong UK dealer support. The Bison lacks these security innovations but compensates with higher purity and extra metal content.

The non-standard 1.25 oz weight is the Bison's main selling point and its main limitation. Buyers accumulating silver appreciate the extra quarter-ounce per coin. Sellers may find that the less common weight makes pricing slightly less straightforward at buyback, as dealers need to calculate 1.25 times spot rather than using the standard 1 oz benchmark. Major dealers handle this without difficulty, but local coin shops or private buyers may be less familiar with the format. The RCM has also produced 1.5 oz coins (the "Superleaf" and others), suggesting ongoing experimentation with non-standard weights, but the 1 oz format remains the global default for sovereign silver bullion.