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About the 1 oz Coronation Silver Coin
The Royal Mint's Once-in-a-Generation Commemorative
The 1 oz Coronation Silver Coin was released by The Royal Mint in 2023 to mark the coronation of King Charles III at Westminster Abbey on 6 May 2023. This was the first British coronation in 70 years, making the coin a genuinely once-in-a-generation commemorative issue rather than part of an ongoing annual series.
The coin features two notable design elements. The obverse carries the first crowned coinage portrait of Charles III, sculpted by Martin Jennings. Modern Royal Mint bullion coins had used uncrowned portraits since 1968, making this a deliberate departure from convention. The reverse displays the King's royal cypher (C III R) designed by John Bergdahl, surrounded by a laurel wreath. A separate "Coronation Britannia" was also issued with the standard Philip Nathan Britannia design on the reverse but with a special edge inscription commemorating the coronation.
With a mintage of 150,000, the Coronation silver coin sits between a true bullion product and a commemorative. It is far more limited than the standard 1 oz Silver Britannia (which has no mintage cap), but large enough to be accessible through major dealers. The gold version (7,500 mintage) and Coronation Britannia silver (just 4,000 mintage) are substantially scarcer.
As UK legal tender with a £2 face value, the Coronation silver coin carries the same CGT exemption that makes the Britannia attractive to UK investors. It offers the combination of a commemorative with limited supply, genuine legal tender status, and the backing of one of the world's oldest sovereign mints.
Coronation 1 oz Silver Coin Specifications
| Attribute | Value |
|---|---|
| Weight | 1 troy oz (31.1035 g) |
| Purity | 999.0 fine silver |
| Face value | £2 |
| Mintage | 150,000 |
| Issuing authority | United Kingdom |
| Mint | The Royal Mint, Llantrisant, Wales |
| Obverse designer | Martin Jennings (crowned portrait of Charles III) |
| Reverse designer | John Bergdahl (royal cypher C III R) |
Related Coronation Bullion Issues
| Product | Weight | Purity | Mintage | Face Value |
|---|---|---|---|---|
| Coronation 1 oz Gold | 31.1035 g | 999.9 fine gold | 7,500 | £100 |
| Coronation 1/10 oz Gold | 3.11 g | 999.9 fine gold | 53,000 | £10 |
| Coronation Britannia 1 oz Gold | 31.1035 g | 999.9 fine gold | 10,000 | £100 |
| Coronation Britannia 1 oz Silver | 31.1035 g | 999.0 fine silver | 4,000 | £2 |
The crowned portrait on the obverse is a deliberate historical callback. Martin Jennings' design marked the first time a crowned effigy had appeared on UK coinage since Elizabeth II's portrait changed to an uncrowned design in 1968. The reverse cypher features the letters "C" and "R" with the Roman numeral "III" at the centre, crowned and flanked by laurel wreaths. Standard Royal Mint bullion security features apply, including the latent image, micro-text, tincture lines, and surface animation found on 2023 Britannia coins, though it is not confirmed whether the standalone Coronation cypher coins carry the full security package.
Coronation Silver Coin Tax Treatment by Country
As UK legal tender issued by The Royal Mint, the Coronation silver coin benefits from some of the most favourable tax treatment available on silver bullion in the United Kingdom.
United Kingdom
Silver coins are subject to 20% VAT on purchase. However, as UK legal tender, the Coronation coin is CGT-exempt on disposal. This is the same exemption that applies to the Britannia and the Sovereign. For investors expecting significant capital gains, this exemption can outweigh the initial VAT cost over a long enough holding period. The annual CGT allowance (currently £3,000) means only gains above this threshold are taxed on non-exempt bullion. Gold Coronation coins are VAT-exempt as investment gold and also CGT-exempt as UK legal tender.
United States
The Coronation coin is a foreign commemorative and is not on standard IRA-approved lists. Sales tax treatment depends on the buyer's state, with approximately 35 states exempting bullion purchases. Capital gains are taxed at the collectibles rate of up to 28%.
Canada
The .999 silver purity meets the 99.9% threshold for GST/HST exemption. No RRSP eligibility has been confirmed for this coin.
European Union
Gold versions qualify as investment gold (VAT-exempt). Silver versions are subject to the local VAT rate in the buyer's country. The coin is not issued by an EU member state, so it does not appear on the EU's annual list of qualifying gold coins, though it meets the criteria by purity and legal tender status.
Australia
Gold versions are GST-free as investment-grade gold. Silver at .999 purity meets the 99.9% threshold for GST exemption on investment-grade silver.
Singapore and Hong Kong
Singapore's IPM scheme covers silver at 99.9%+ purity. Hong Kong applies no sales tax, import duty, or capital gains tax to bullion.
Coronation vs Standard Britannia and Other Royal Mint Silver
The most direct comparison is with the standard 1 oz Silver Britannia, since both are Royal Mint products, both carry a £2 face value, both are UK legal tender with CGT exemption, and both are struck in .999 fine silver. The key differences are mintage and premium.
The Britannia has no mintage cap and is produced in large quantities each year, keeping premiums relatively tight. The Coronation's 150,000-piece limit means premiums are higher, and resale liquidity is narrower. A standard Britannia will always find a ready buyer at a predictable spread; the Coronation may trade at a wider spread or require a specialist buyer willing to pay the commemorative premium.
For pure investment purposes focused on accumulating silver ounces at the lowest cost, the standard Britannia is the more efficient choice. The Coronation appeals to buyers who value the one-off commemorative nature, the crowned portrait, and the prospect that limited supply will support the premium over time.
The Queen's Beasts series offers a useful comparison as another limited-mintage Royal Mint programme. The Queen's Beasts ran for 10 coins over multiple years, building a collector following. The Coronation is a single-event issue, which gives it a different collectibility profile: there is only one coin to acquire, and it cannot be replicated in future years because the event it commemorates will not recur.
Against international competitors, the Coronation coin lacks the IRA eligibility of the 1 oz American Silver Eagle for US buyers, and its .999 purity is lower than the .9999 of the 1 oz Canadian Silver Maple Leaf. Its principal advantage is the CGT exemption unique to UK legal tender, combined with its commemorative scarcity. The Royal Canadian Mint also issued Charles III coronation coins at .9999 purity, but the Royal Mint versions carry the distinction of being from the monarch's own national mint.
1 oz Coronation Silver Coin: frequently asked questions
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The lowest price tracked on this page is $91.32 from Baird & Co, with a premium of 39.5% over silver spot. Prices move with the silver market, so the comparison table shows the live spread across dealers.
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The Royal Mint Coronation silver coin was issued in 2023 to mark the coronation of King Charles III at Westminster Abbey on 6 May 2023. It is a one-time commemorative bullion issue struck in 999 fine silver, weighing 1 troy ounce, with a mintage of 150,000. The obverse carries the first crowned coinage portrait of Charles III by sculptor Martin Jennings; the reverse shows the royal cypher designed by John Bergdahl.
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Silver coins attract VAT or GST in most markets, unlike investment gold. In the UK, silver coins carry 20% VAT (a margin scheme may apply on secondary market purchases). In Ireland the rate is 23%. Canada treats investment silver as GST-exempt (0%). UK legal-tender coins like the Coronation series are CGT-exempt, which partly offsets the VAT cost for UK buyers.
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No. Cleaning a silver bullion coin reduces its value. Abrasives and chemical dips remove the original surface finish and leave hairline scratches visible under magnification, which dealers and collectors discount. Store the coin in its original capsule or airtight tube to slow tarnishing. Natural toning does not affect the coin's weight or silver content.