2 oz Royal Australian Mint Lunar Silver Coin

RAM Lunar 2 oz: Australia's Newer Zodiac Series in Silver

The 2 oz Royal Australian Mint Lunar silver coin extends the RAM's zodiac series into a larger format, offering collectors and stackers a heavier piece from Australia's newer lunar programme. The RAM Lunar series launched in 2020 with the Year of the Mouse, making it a recent entrant to a field dominated by the Perth Mint's Lunar series (which began in 1996 and is now in its third iteration). The two series come from separate government mints and should not be confused: RAM operates under the federal government in Canberra, Perth Mint under the Western Australian state government.

At 2 troy ounces of .999 fine silver, this coin provides a substantial physical piece with room for the detailed zodiac animal designs that define the series. Each year features the corresponding Chinese zodiac animal rendered in a contemporary Australian artistic style, distinct from Perth Mint's more traditional Chinese-influenced aesthetic. The RAM's design approach favours modern, stylised interpretations of the zodiac animals, giving the series a visual identity separate from its longer-established competitor.

The RAM Lunar series carries Australian legal tender status with an AUD face value. Mintage figures for the RAM Lunar programme are notably contained: the 1 oz silver version runs at 50,000 per year, and the 2 oz format is typically produced in smaller quantities. This controlled supply, combined with the inherent collector demand for zodiac coins (particularly in Dragon years), gives the series a dual identity as both bullion and collectible. The 2024 Year of the Dragon release saw heightened demand consistent with the traditional premium placed on the Dragon across all lunar coin programmes worldwide.

2 oz RAM Lunar Silver Technical Details

The RAM Lunar silver coins use .999 purity, one nine less than the Perth Mint Lunar series' .9999 standard for silver. This is a minor distinction that does not affect the total silver content (both a 2 oz RAM and 2 oz Perth coin contain the same mass of pure silver at their respective weights), but it is a specification difference that some buyers track when comparing products across mints. The RAM's gold Lunar coins use .9999 purity, matching Perth Mint on the gold side and demonstrating that the .999 silver choice is deliberate rather than a capability limitation.

The 2 oz format provides a larger canvas for the annual zodiac design, allowing the RAM's design team to render each animal with greater detail and artistic complexity than the smaller 1 oz version permits. The first coin in the series (2020 Year of the Mouse) was notable as the first RAM coin to feature a new three-level security system, though specific technical details of this feature remain undisclosed by the mint. The obverse transitioned from the Jody Clark portrait of Queen Elizabeth II to a King Charles III effigy for 2025 releases onward, following the Queen's passing in September 2022. Coins from 2020-2024 carry the Elizabeth II portrait, making the transition year a potential collector focal point.

Tax Treatment of the 2 oz RAM Lunar Silver Coin

The RAM Lunar silver coin's tax treatment follows the standard rules for sovereign mint silver bullion in each jurisdiction. As Australian legal tender at .999 fine purity, it qualifies for exemptions in markets that recognise investment-grade silver coins.

• Australia: Silver bullion attracts 10% GST regardless of purity or legal tender status. Only investment gold (99.5%+) is GST-exempt in Australia. Capital gains tax applies on disposal, with a 50% discount for assets held longer than 12 months.
• United Kingdom: 20% VAT applies on purchase. Not CGT-exempt (only UK legal tender coins qualify for CGT exemption). Gold versions of the RAM Lunar are VAT-exempt as investment gold.
• Canada: GST/HST exempt for silver coins at 99.9%+ purity from sovereign mints. The RAM Lunar at .999 qualifies.
• United States: No federal sales tax. State exemptions vary. As a government-issued coin meeting .999 purity, it may qualify for IRA inclusion, though IRA custodians have not universally listed RAM coins on their approved products. The Perth Mint Lunar is more commonly listed for US retirement accounts.
• Singapore: GST-exempt as Investment Precious Metal (IPM) meeting 99.9% silver purity in legal tender coin form. No capital gains tax.
• New Zealand: GST-exempt as fine silver bullion at 99.9%+ purity. No formal capital gains tax, though gains may be taxable as income if acquired for resale purposes.

RAM Lunar vs Perth Mint Lunar and Royal Mint Lunar

Three major mints now produce annual lunar zodiac silver coins, each with distinct characteristics. The RAM Lunar (launched 2020) is the newest of the three, competing against the Perth Mint Lunar (1996, now Series III) and the Royal Mint UK Lunar (2014). At the 2 oz weight, the primary competitors are the Perth Mint Lunar 2 oz and, in the UK market, the Royal Mint's lunar offerings.

The Perth Mint Lunar series has a 24-year head start and vastly greater brand recognition in the global bullion market. Perth Mint uses .9999 silver purity versus RAM's .999, offers a wider range of sizes (from 1/2 oz to 10 kg in silver), and benefits from deeper secondary market liquidity. Dealers worldwide actively buy and sell Perth Mint Lunar coins at established premiums. The RAM Lunar, being newer, has not yet built the same resale infrastructure, though its lower mintage figures (50,000 for 1 oz silver versus Perth Mint's typically unlimited bullion runs) provide a scarcity argument.

The Royal Mint's UK Lunar series uses .999 fine silver at the 1 oz weight and carries UK legal tender status, making it CGT-exempt for UK residents. The RAM Lunar lacks this UK tax advantage. For UK buyers specifically, the 2 oz Silver Britannia or 2 oz Tudor Beasts coins offer CGT exemption alongside silver bullion exposure.

The RAM Lunar's key differentiator is its design approach: modern, contemporary Australian artistic interpretations of zodiac animals, distinct from Perth Mint's traditional Chinese motifs and the Royal Mint's more heraldic style. For buyers building a lunar collection who value aesthetic variety and relative scarcity over established liquidity, the RAM version fills a specific niche. The lower premiums relative to Perth Mint Lunar coins make it a more accessible entry point for the format.