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About the 1 oz Dragon Rectangular Silver Coin
A Rectangular Coin from the Perth Mint
The 1 oz Dragon Rectangular is a .9999 fine silver coin struck by the Perth Mint in a shape that sets it apart from every other government-issued bullion coin on the market. Measuring 47.60 mm long by 27.60 mm wide, roughly credit-card proportions, it is officially classified as a coin with Australian legal tender status and a face value of AUD 1. The rectangular format gives it the government guarantee and legal status of a coin combined with the stackability of a small bar.
The series launched in 2018 with annual reverse designs, each featuring a new dragon illustration drawing from both Eastern and Western mythology. Eastern dragons symbolise power, strength, and good fortune, and the flaming pearl frequently depicted in the designs represents wisdom and enlightenment in Chinese tradition. The obverse changed in 2024 from Jody Clark's Queen Elizabeth II portrait to Dan Thorne's King Charles III effigy. The 2025 reverse, designed by Lucas Bowers, depicts a snarling dragon with open claws and intricately scaled wings.
The bullion version has a maximum annual mintage of 250,000 for the 1 oz silver, substantially lower than the mintage caps on coins like the 1oz Silver Kookaburra (500,000) or the unlimited production of the 1oz Silver Maple Leaf. Proof editions are capped at 3,888 pieces, a number chosen deliberately because 8 is considered the luckiest number in Chinese culture, and 888 reinforces that symbolism.
The coin carries the Perth Mint's standard security features: multiple micro-laser engraved letters detectable under magnification, the 'P' mintmark on the reverse, and the LBMA-accredited swan logo stamp. Gold versions are also available in 1 oz at .9999 fineness.
Dragon Rectangular Coin Specifications
| Attribute | Detail |
|---|---|
| Weight | 31.107 g minimum gross (1 troy ounce) |
| Purity | .9999 fine silver |
| Length | 47.60 mm |
| Width | 27.60 mm |
| Thickness | 3.57 mm (maximum) |
| Face value | AUD $1 |
| Mint | Perth Mint |
| Issuer | Government of Western Australia |
| Design | Annual reverse changes |
| BU mintage cap | 250,000 (silver 1 oz) |
| Proof mintage cap | 3,888 |
| Security | Micro-laser engraved letters, 'P' mintmark, swan logo |
Annual Design Themes
Each year introduces a completely new dragon on the reverse. The designs have progressed through distinct visual styles since the 2018 debut.
| Year | Design Notes |
|---|---|
| 2018 | First issue, dragon design, Elizabeth II obverse |
| 2019-2020 | New dragon designs each year |
| 2021 | Dragon with tightly curled body |
| 2022 | Coiled dragon with flaming pearl |
| 2023 | Dragon with treasure hoard of ancient artefacts |
| 2024 | Oriental dragon with flaming pearl, water and clouds. First Charles III obverse |
| 2025 | Snarling dragon with open claws and scaled wings (designer: Lucas Bowers) |
Dragon Rectangular Tax Treatment by Country
Australia
As Australian legal tender, gold Dragon Rectangular coins at .9999 purity are GST-free under the investment-grade precious metals exemption. Silver coins are subject to 10% GST under current Australian tax rules. Capital gains tax applies to bullion disposal, with a 50% discount available for individuals holding for more than 12 months.
United Kingdom
Gold Dragon Rectangular coins qualify as VAT-free investment gold. Silver versions carry 20% VAT on import. The coin is not CGT-exempt in the UK because it is not UK legal tender. Only coins with a sterling face value, such as the 1oz Silver Britannia, qualify for that exemption.
United States
Perth Mint .9999 silver coins meet the IRS fineness requirement for IRA eligibility, though the rectangular format may prompt some custodians to verify that the product is classified as a coin rather than a bar. The piece is legal tender with a face value and government guarantee, which should satisfy custodial requirements. Capital gains are taxed as collectibles at up to 28%.
Canada
Silver bullion at 99.9% purity or above from recognised mints is exempt from GST/HST. The Dragon Rectangular at .9999 exceeds this threshold. It may also meet RRSP purity requirements through approved dealers.
Singapore and Hong Kong
Singapore's IPM scheme exempts silver at 99.9% purity from GST. At .9999, the Dragon Rectangular qualifies. Hong Kong imposes no tax on bullion.
New Zealand
Fine silver bullion at 99.9% purity or above is GST-exempt in New Zealand. The Dragon Rectangular qualifies at .9999 fineness.
Dragon Rectangular vs Perth Lunar, Panda, and Philharmonic
The Dragon Rectangular occupies a distinctive niche: it is the only rectangular bullion coin from a government mint, giving it an identity that no round coin can replicate. The comparison with other dragon-themed and annual-design silver coins comes down to format preference, mintage scarcity, and collector appeal versus pure bullion economics.
The 1oz Perth Mint Lunar is the most natural comparison. Both are Perth Mint products with annual design changes, .9999 purity, and AUD face values. The Lunar series cycles through all 12 Chinese zodiac animals over a 12-year period, including a Year of the Dragon coin, but the Dragon Rectangular features a dragon every single year. The Lunar series offers more size options (from 1/20 oz to 10 kg) and has a larger collector ecosystem built over three complete 12-year cycles since 1996. The Dragon Rectangular's 250,000 mintage cap is moderate by comparison, and its unique shape gives it visual distinctiveness in any collection.
The 1oz Silver Panda shares the annual design change and Eastern cultural themes, but differences are significant. The Panda is .999 fine versus the Dragon Rectangular's .9999. Since 2016, the Panda contains 30 grams (0.9645 troy oz) rather than a full troy ounce, which complicates direct premium comparisons. Counterfeiting is a documented concern for Pandas that does not apply to Perth Mint products. The Dragon Rectangular's government-guaranteed rectangular format and higher purity give it straightforward advantages in technical specifications.
The 1oz Silver Philharmonic represents the opposite approach: a .999 fine, fixed-design coin prioritising low premiums and high liquidity over collector appeal. The Philharmonic has no annual design change and far higher mintages, which keeps premiums consistently among the lowest for government silver coins. Buyers choosing between these two are making a clear decision: the Philharmonic for lowest cost per ounce of silver, the Dragon Rectangular for a government-guaranteed coin with collectible potential and a one-of-a-kind format.
For buyers in Singapore and Hong Kong, the Dragon Rectangular's Eastern dragon themes carry cultural significance. The flaming pearl, the clouds as omens of good luck, and the annual design variation align with traditions around Chinese New Year gift-giving and the symbolism of the dragon as a harbinger of prosperity.
1 oz Dragon Rectangular Silver Coin: frequently asked questions
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The cheapest 1oz Dragon Rectangular we track is $89.79 from Gold Secure, around 37.3% over the $65.33 silver spot price. As a 1oz .9999 fine silver coin with an annual design, prices can vary slightly between dealers, so comparing is worthwhile.
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The Dragon Rectangular is an annual Perth Mint coin with a unique rectangular shape, described as a cross between a coin and a bar. First issued in 2018, it is Australian legal tender with a face value of AUD $1 and .9999 fine silver. Each year features a new dragon reverse design. Unlike standard round bullion coins, its rectangular format and credit-card-like proportions make it distinctive among government-issued silver products.
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Each Dragon Rectangular coin contains 1 oz of 999.9 fine silver, with a minimum gross weight of 31.107g. Four-nines (.9999) fineness is higher than the three-nines standard used by many bullion coins.
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From a bullion perspective, all years are equivalent: each is 1oz of .9999 fine silver with Australian legal tender status. The 2 listings we track span multiple years. If stacking silver is your goal, the best-priced year is the practical choice. Collectors may prefer specific designs, as each year's reverse is unique and proof editions are limited to 3,888 pieces.