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About the 1 oz Ragnarök Silver Coin
The Norse Apocalypse in Black Silver
The 1 oz Ragnarok silver round is part of Germania Mint's series depicting the prophesied end of the world in Norse mythology. Launched in 2024 with Skoll and Hati (the celestial wolves destined to devour the Sun and Moon) and continuing in 2025 with Loki and Heimdall (fated to kill each other during the final battle), the series stands out for its Black Silver finish, a proprietary chemical treatment that darkens the surface of .9999 fine silver without plating or coating.
These are rounds, not coins. The "5 Mark" denomination is Germania Mint's private token with no legal tender status. Germania Mint manufactures from facilities in Poland, employing approximately 250 people. The series designer is Kinga Sabatowicz, part of the mint's in-house team known for detailed Norse and Germanic mythology artwork.
The Ragnarok series is thematically connected to, but separate from, the Norse Gods bar series (a collaboration between Germania Mint and The Royal Mint). The Norse Gods bars depict Odin, Thor, and Loki in their prime; the Ragnarok rounds depict their apocalyptic battle and the destruction of the world. The 2 oz ultra-high-relief (UHR) versions take this further with UV-reactive features: under black light, hidden design elements are revealed, such as the Earth being flooded with lava on the Skoll and Hati piece. The UHR versions also contain embedded sunstone and moonstone.
The Norse gods are unique among world mythologies in that they know their own destruction is prophesied and inevitable. The Ragnarok series captures this fatalism: Skoll and Hati chasing the celestial bodies is one of the triggering events, followed by the final confrontation between gods and the forces of chaos. Additional releases are planned for 2025-2026, though specific subjects beyond Loki and Heimdall have not been publicly confirmed.
Ragnarok Series Specifications
1 oz Black Silver Round
| Attribute | Value |
|---|---|
| Metal | .9999 fine silver |
| Weight | 1 troy oz (31.103 g) |
| Diameter | 38.61 mm |
| Edge | Reeded |
| Denomination | 5 Mark (private, not legal tender) |
| Finish | Black Silver (chemically darkened) |
| Mintage | 5,000 per design |
| Packaging | Lens capsule with Certificate of Authenticity |
| Designer | Kinga Sabatowicz |
| Manufacturer | Germania Mint (Poland) |
Other Formats
| Format | Weight | Finish | Mintage | Special Features |
|---|---|---|---|---|
| 2 oz Ultra High Relief | 62.207 g | Antique with UV-reactive features | 500 | Embedded sunstone and moonstone; hidden UV design |
| Geminus Set (2 x 1 oz) | 31.103 g each | Standard BU (not Black Silver) | 500 sets | Paired in duo capsule |
Releases to Date
| Year | Subjects | Theme |
|---|---|---|
| 2024 | Skoll, Hati | Celestial wolves chasing the Sun and Moon |
| 2025 | Loki, Heimdall | The trickster god and the guardian of the Bifrost, fated to slay each other |
The Black Silver finish is not paint or plating. The .9999 silver surface is chemically altered to produce a darkened, oxidised appearance that enhances contrast between raised design elements and recessed areas. The UV-reactive features on the 2 oz UHR versions use dual-spectrum technology that is uncommon in the bullion market.
Tax Treatment of Ragnarok Silver Rounds
The Ragnarok rounds carry no legal tender status. The "5 Mark" denomination is Germania Mint's proprietary system with no legal standing in any country. This classification has consistent tax consequences across jurisdictions.
United Kingdom
Subject to 20% VAT as non-legal-tender silver. Not CGT-exempt. The collector premiums on these rounds mean VAT is calculated on a higher base price than standard bullion, making the absolute VAT cost per ounce of silver content proportionally steep.
United States
Sales tax varies by state; most precious-metals-exempt states include rounds meeting the .9999 purity threshold. Capital gains taxed at the 28% collectibles rate. Not IRA-eligible due to lack of legal tender status.
European Union
Subject to local VAT rates (19% in Germany, the primary market). The margin scheme (Differenzbesteuerung) may apply through some dealers for secondary-market rounds. The rounds do not qualify for investment silver exemptions available to legal tender coins.
Canada
The .9999 purity exceeds the 99.9% GST/HST exemption threshold. Treatment for private-mint rounds may vary by dealer.
Australia and New Zealand
At .9999 fine, the rounds exceed the 99.9% purity threshold for GST exemption in both countries.
Singapore
Rounds without legal tender status do not qualify for the IPM scheme and attract 9% GST.
Hong Kong
No sales tax on any precious metals. The round classification has no negative consequence.
Ragnarok vs Other Norse Mythology Silver and Germania Mint Products
The Ragnarok series competes in the collector-bullion segment alongside other Norse mythology-themed silver products. The Perth Mint's 2022 Norse mythology coins (Odin, Thor, Freya) for Tuvalu carry legal tender status with government backing, standard BU finish, higher mintages, and lower premiums per ounce. Scottsdale Mint produces Norse-themed coins for Cook Islands in high-relief format, also with legal tender status. Against both, the Ragnarok's Black Silver finish and UV-reactive features are genuine differentiators that no sovereign-mint product currently matches.
Within Germania Mint's own range, the Ragnarok sits alongside the 1 oz Norns (also 5,000 per design, standard BU) and the 1 oz Mythical Forest (completed series, varying mintages). All three share .9999 purity and the private 5 Mark denomination. The Ragnarok's Black Silver finish and lower-mintage UHR variants (500 pieces) position it at a higher price point within the range.
Compared with sovereign-mint 1 oz silver coins, the trade-off is familiar: a 1 oz Silver Philharmonic or 1 oz Noah's Ark provides lower premiums, legal tender status, wider dealer networks, and stronger liquidity. The Ragnarok offers an aesthetic and thematic experience that mass-produced bullion cannot, with the 500-piece 2 oz UHR versions being genuinely scarce even by collector standards. The 2 oz UHR Skoll and Hati, with its embedded gemstones and UV-reactive lava scene, trades at a substantial multiple above silver spot, firmly in numismatic art territory.
1 oz Ragnarök Silver Coin: frequently asked questions
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The cheapest 1oz Ragnarök round we track is $82.64 from Golden Eagle Coins, across 2 dealers. Prices vary between retailers, so comparing before you buy is worthwhile, particularly for a collectible series that often carries a premium above standard bullion rounds.
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Dealers are currently pricing the 1oz Ragnarök at around 26.8% over the $65.58 silver spot price. The Ragnarök series carries higher premiums than generic rounds due to low mintages (5,000 pieces per 1oz design) and the distinctive Black Silver finish, so buyers are partly paying for collectible appeal as well as silver content.
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The Ragnarök series is a private-mint silver round programme from Germania Mint depicting the Norse apocalypse. It launched in 2024 with the celestial wolves Skoll and Hati, followed by Loki and Heimdall in 2025. Each 1oz round carries a Black Silver finish, a chemically darkened treatment applied to .9999 fine silver, while 2oz Ultra High Relief versions include UV-reactive hidden designs and embedded gemstones.
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Each 1oz Ragnarök round contains 1 oz of 999 fine silver (31.1035 grams). The rounds carry a nominal "5 Mark" denomination from Germania Mint's proprietary system, which has no legal standing. They are not legal tender in any country.