2 oz African Ounce Silver Coin

The 2 oz African Ounce: A Larger Format for Select Years

The Rwandan African Ounce is an annual wildlife bullion series issued by the National Bank of Rwanda and struck by BH Mayer Kunstprageanstalt in Munich, one of Germany's oldest private mints. The 2 oz silver version is not produced every year; it has appeared for select releases, including the 2024 Leopard. That makes it a more selective purchase than the standard 1 oz coin, which has anchored the series since 2008.

The appeal of the 2 oz format is the design canvas. Each year features a different African animal set against the outline of the African continent, and the larger flan gives the artwork more room. As with 2 oz silver coins generally, the format does not bring a meaningful per-ounce cost saving over the 1 oz size; buyers choose it for the design and the relative scarcity rather than efficiency.

Mintages across the African Ounce programme are low by sovereign-mint standards, with standard silver issues typically in the tens of thousands rather than millions. Combined with the limited number of years in which a 2 oz coin was struck, this positions the coin closer to the collector end of the bullion spectrum. Stackers focused purely on metal weight will find cheaper routes to two ounces of silver; buyers building a set from the African Ounce series will value the format's scarcity.

2 oz African Ounce Silver Coin Specifications

The 2 oz coin shares the series' standard design framework: Rwanda's national coat of arms on the obverse, with a woven basket between sorghum and coffee branches, a cogwheel and rising sun, flanked by traditional shields. The reverse carries the outline of the African continent with the featured animal in the lower-left portion, plus the inscriptions AFRICAN OUNCE, year of issue, weight, metal content and purity.

Brilliant Uncirculated coins in this series arrive sealed in protective plastic flips. Proof editions of African Ounce coins come in capsules with a certificate of authenticity, though proofs are limited editions and not the standard bullion product. The series carries no documented micro-engraving or hologram security technology; authentication rests on precise weight and dimensions and legal tender status backed by the National Bank of Rwanda.

Tax Treatment of the 2 oz African Ounce Silver Coin

At .999 fine, this coin meets the 99.9% silver purity threshold used in most exemption regimes, but silver is taxed very differently from gold in Europe.

• UK: Silver coins carry 20% VAT on purchase. The African Ounce is not UK legal tender, so it is also not CGT-exempt; gains are taxable above the annual allowance.
• EU: Full local VAT applies to new silver coins (19% in Germany, where the BH Mayer connection makes the series particularly popular). Pre-owned coins can qualify for margin scheme taxation, where VAT applies only to the dealer's margin.
• US: No federal sales tax; state treatment varies, with around 35 states exempting bullion. Long-term gains are taxed at the collectibles rate of up to 28%.
• Canada: Silver refined to 99.9% or higher in coin form is GST/HST exempt, which this coin satisfies.
• Australia and New Zealand: Investment-grade silver at 99.9% purity or higher is GST-free, covering this coin.
• Hong Kong: No sales tax and no capital gains tax.

IRA eligibility in the US is less certain than for major sovereign coins. The coin meets the .999-plus purity and sovereign-issuer requirements, but custodian acceptance of Rwandan coinage varies, so confirm with your custodian before relying on it.

The African Ounce Since 2008

The series launched in 2008 with the Mountain Gorilla, a deliberate nod to Rwanda's conservation identity: the country's Volcanoes National Park is one of only three places where wild mountain gorillas can be observed. A different African animal has followed every year since, from the Elephant (2009) and Lion (2010) through the Shoebill Stork (2019, the first bird), the Okapi (2021) and the Nile Crocodile (2023). The 2026 release features the Spotted Hyena, depicted as a mother with cubs, making this one of the longest-running African wildlife coin programmes at 19 years.

The 2 oz silver format is a later addition, struck for select years such as the 2024 Leopard, which was also issued in platinum. The 2023 cycle was unusual in producing two coins: the standard Nile Crocodile release plus a 15th-anniversary commemorative revisiting the original gorilla design. Recent releases from around 2020 onward have grown more detailed, with mother-and-young pairings appearing on several designs.

BH Mayer, founded in 1871, has remained family-owned across five generations, an unusual structure in modern minting. The mint also strikes Rwanda's separate Lunar and Nautical series, but the African Ounce remains the flagship programme. Early-year proofs from 2008 to 2012 command significant secondary-market premiums, driven by low mintages and collectors completing sets.

African Ounce vs Other Wildlife and 2 oz Silver Coins

The closest competitor is the Somalia Elephant, another African-nation wildlife series struck by a German mint (the Bavarian State Mint). The Somalia series has run since 2004, carries higher mintages, and is more liquid; the Rwanda series counters with lower mintages and stronger set-collecting appeal. The Congo Silverback Gorilla from Scottsdale Mint is a third African-nation option with high production values but a shorter track record.

In the 2 oz weight class specifically, the dominant products are the Royal Mint's Queen's Beasts (2016-2021, now secondary market only) and its successor, the Tudor Beasts series, both struck in .9999 silver. For UK buyers these have a structural advantage the African Ounce cannot match: they are UK legal tender and therefore CGT-exempt on sale. The Perth Mint's Lunar series also offers 2 oz silver coins with annual design changes.

Against the silver Krugerrand, the comparison is one of liquidity versus variety: the Krugerrand has unmatched name recognition but a fixed design, while the African Ounce changes annually. The Rwanda series sits in a mid-market position overall, with mintages low enough for collectibility but premiums accessible enough for stacking. Buyers who want maximum resale ease at 2 oz should look to the Royal Mint and Perth Mint products; buyers who want scarcity and an open-ended annual programme are the African Ounce's natural audience.