1 oz St George and the Dragon Silver Coin

The Royal Mint's Modern Take on a 500-Year-Old Motif

The 1 oz St George and the Dragon silver coin is part of a modern bullion series launched by The Royal Mint in 2024, exploring the legend of St George through annual artistic reinterpretations. The silver version is struck in .999 fine silver at 38.61 mm diameter with a face value of £2, making it UK legal tender and therefore CGT-exempt for UK residents. New reverse designs from different artists appear each year, distinguishing this series from the fixed-design 1 oz Silver Britannia.

The St George and the Dragon motif has deeper roots in British numismatics than almost any other design. It first appeared on English coinage in 1526 on the George Noble under Henry VIII. Benedetto Pistrucci created the definitive version in 1817 for the gold Sovereign, a design widely considered one of the most iconic in numismatic history, valued for its anatomical precision, dramatic movement, and classical composition. Pistrucci depicted the scene with classical nude figures rather than medieval armour, a controversial choice at the time that produced an enduring masterpiece.

This bullion series does not reuse the Pistrucci original (which remains on the Sovereign). Instead, it commissions new interpretations each year. The 2024 inaugural reverse was by Jody Clark, who also designed the fifth and final portrait of Queen Elizabeth II used on UK coinage from 2015 to 2022. The 2026 issue, designed by Sandra Deiana, coincides with the 500th anniversary of the George Noble (1526-2026), adding a collectibility angle to that particular vintage.

For buyers in the 1 oz silver coin market, this series offers the full tax advantages of UK Royal Mint legal tender (CGT exemption) combined with annually changing designs that give each year's issue a distinct identity. It competes directly with the Britannia for the same buyer segment but offers a different thematic angle and the appeal of a rotating-design programme.

St George and the Dragon Denominations and Dimensions

All versions feature a reeded edge, bullion-standard BU finish, and individual capsule packaging. The 1 kg silver version (100 mm diameter, £500 face value) targets high-value investors and collectors.

Security features include micro-text borders, micro-detail background waves visible under magnification, and advanced minting technology for enhanced depth and clarity. The 2026 issue incorporates an inscription drawn from the original 1526 George Noble, reinforcing the historical continuity and serving as a design-level authentication element.

Design Timeline

The obverse across all years features the Martin Jennings portrait of King Charles III, adopted for UK coinage in 2022.

St George and the Dragon Tax Treatment by Country

As UK legal tender from The Royal Mint, the St George and the Dragon series benefits from the strongest tax advantages available to silver coins in the UK market. The same legal tender status that applies to the Britannia applies here.

United Kingdom

Silver is subject to 20% VAT at the point of purchase. This applies to all silver bullion sold in the UK, including UK legal tender coins. The significant advantage of Royal Mint legal tender silver is CGT exemption on disposal. Profits from selling the St George coin are not subject to Capital Gains Tax, regardless of the gain amount. This exemption does not apply to silver coins from other mints, including British Overseas Territories such as Saint Helena. For large gains, the CGT exemption can more than offset the initial 20% VAT, making UK legal tender silver a better long-term proposition than non-exempt alternatives. The coin is also SIPP-eligible as qualifying bullion for self-invested personal pensions.

United States

No federal sales tax. State-level exemptions apply in approximately 35 states. Capital gains on silver are taxed at the 28% collectibles rate for holdings over one year. The .999 purity meets the minimum 99.9% IRS threshold for Precious Metals IRA eligibility under Section 408(m), and the government-issued legal tender status supports IRA qualification, though custodian acceptance should be confirmed.

Canada

GST/HST-exempt as foreign legal tender silver bullion at 99.9% purity or higher.

European Union

Silver coins are subject to the standard VAT rate of each member state (19% Germany, 21% Netherlands, 23% Ireland, etc.). Margin scheme taxation may apply to pre-owned examples in Germany and the Netherlands, reducing the effective VAT to the dealer's margin.

Australia and New Zealand

Investment-grade silver coins at 99.9% purity from recognised sovereign entities qualify for GST exemption in Australia. New Zealand exempts fine silver at 99.9% purity from GST (15%). Singapore's IPM scheme and Hong Kong's zero-tax environment both accommodate qualifying silver bullion.

St George vs Britannia, Sovereign, and Other Royal Mint Silver

The immediate comparison is with the 1 oz Silver Britannia, the Royal Mint's flagship silver bullion coin. Both are .999 fine silver, 38.61 mm diameter, £2 face value, UK legal tender, and CGT-exempt. The Britannia has four named security features (latent image, surface animation, micro-text, tincture lines) that are specifically designed for authentication. The St George series uses micro-text and micro-detail backgrounds but does not match the Britannia's dedicated anti-counterfeiting system. The Britannia also has far greater market depth, with decades of production, global dealer recognition, and tighter buy-sell spreads on the secondary market.

The St George coin's advantage is its annually rotating designs. Each year brings a new artistic interpretation by a different designer, giving collectors a reason to acquire each vintage. The Britannia's reverse, by contrast, has used Philip Nathan's design (with modifications) since 1987 for gold and 1997 for silver. Buyers who value design variety and the potential for individual vintages to carry collector premiums will find the St George more interesting.

The Lion and the Eagle is the other annually designed Royal Mint silver bullion series, launched the same year (2024). Both carry identical specifications, CGT exemption, and the same face value. The Lion and the Eagle has a transatlantic Anglo-American theme with its inaugural design by John Mercanti, former Chief Engraver of the US Mint. St George has deeper roots in British numismatics and the cultural resonance of England's patron saint. For UK-focused buyers, St George may have stronger thematic appeal; for those valuing the US market connection, the Lion and Eagle has the Mercanti association.

Against the gold Sovereign, the comparison is across metals. The Sovereign uses Pistrucci's 1817 St George design in 22-carat gold. This series uses modern reinterpretations in .999 silver. They share the St George motif and CGT exemption, but serve entirely different market segments: the Sovereign is a premium gold coin, and this is an accessible silver bullion entry point.