2 oz Snowy Owl Silver Coin

The 2 oz Snowy Owl Silver Coin

The 2 oz Snowy Owl is a Royal Canadian Mint silver coin struck in .9999 fine silver, containing two troy ounces (62.21 g) of four-nines metal. It belongs to the RCM's Snowy Owl range, which centres on a 1.5 oz silver bullion coin first issued in 2018 and extends across several other formats, including gold versions at 1/4 oz and 2 oz and a 1 kilo silver coin. The reverse design shows a snowy owl (Bubo scandiacus) in flight with wings fully extended and talons tucked against its body, one of the most dynamic wildlife motifs the mint has produced.

The case for this coin starts with the metal itself. Four-nines purity is the RCM's standard and sits above the .999 used by several rival mints, and the snowy owl subject carries genuine Canadian resonance: the species is one of Canada's most iconic Arctic birds, features prominently in Inuit culture, and has been the official bird of Quebec since 1987. Buyers who want the design but in the format the range is best known for can compare the 1.5 oz silver Snowy Owl, which is stocked by more dealers and documented in greater detail.

The 2 oz weight itself is a relatively modern bullion format rather than a traditional standard. Most 2 oz silver coins on the market come from the Royal Mint and the Perth Mint, so a Royal Canadian Mint coin at this weight is an unusual find. The format's appeal is the larger canvas it gives a detailed design rather than any major cost saving; 2 oz coins do not deliver the per-ounce discount that bigger bars achieve. For stackers who simply want the most silver per pound spent, other 2 oz silver coins and larger formats are worth weighing against it.

2 oz Snowy Owl Specifications

The obverse carries Susanna Blunt's portrait of Queen Elizabeth II, notable as the first effigy since the 1930s to depict the monarch without a crown, with the surrounding text naming the Queen. The reverse shows the snowy owl at full wingspan with its talons drawn in against the body.

Detailed physical specifications such as diameter, thickness, face value, edge type and finish are documented for the range's flagship 1.5 oz silver coin (38 mm diameter, 4.5 mm thick, $8 CAD face value, reeded edge, Brilliant Uncirculated finish) rather than for the 2 oz silver version specifically, so those figures should not be assumed to carry across. The 1.5 oz coin also carries the RCM's laser-engraved maple leaf privy mark, a micro-engraved security feature containing the two-digit year that is visible only under magnification, alongside radial lines on both faces that create a light-diffracting pattern which is difficult to replicate. RCM bullion coins are government-backed legal tender with weight and purity guaranteed by the mint.

2 oz Snowy Owl Tax Treatment by Country

As a .9999 fine silver coin from a sovereign mint, the 2 oz Snowy Owl clears the purity thresholds that matter in most major markets, though silver is taxed far less generously than gold in Europe.

• Canada: Exempt from GST/HST. Canada zero-rates gold, silver and platinum refined to 99.5% purity or better in coin, bar, ingot or wafer form, and this coin's .9999 purity clears that bar comfortably. The exemption is federal, with no provincial variation.
• United States: No federal sales tax; state treatment varies, with roughly 35 states exempting bullion and others taxing it or applying threshold-based exemptions. The coin is IRA-eligible, since IRS rules require silver of at least 99.9% purity for precious metals IRAs and .9999 exceeds that minimum. Long-term gains on bullion are taxed at the collectibles rate of up to 28%.
• United Kingdom: New silver bullion carries 20% VAT. The coin is not UK legal tender, so it has no capital gains tax exemption; CGT applies at the individual's rate, unlike UK coins such as the Britannia.
• European Union: Silver attracts the full standard VAT rate in each member state, typically 17% to 27%.
• Australia: GST-free as investment-grade silver, which Australia defines as 99.9% purity or better in a form commonly traded on commodity markets.
• New Zealand and Singapore: Both exempt fine silver at 99.9% purity or better, New Zealand through its GST exemption for fine bullion and Singapore under its Investment Precious Metals scheme.

The Snowy Owl and the RCM's Arctic Wildlife Programme

The Snowy Owl design was issued by the Royal Canadian Mint in 2018 as the seventh design in its 1.5 oz silver bullion coin programme, a series devoted to Canadian Arctic and northern wildlife. The programme opened with the Polar Bear in 2013, followed by the Arctic Fox and Super Maple Leaf in 2014, the Polar Bear and Cub in 2015, the Snow Falcon in 2016 and the Grizzly Bear in 2017, with each design serving as a single-year release. The 1.5 oz silver Snowy Owl was itself a 2018-only issue; the sources documenting the range do not record an issue year or mintage policy for the 2 oz silver version, so its release history should not be assumed to match.

The 2018 release brought a meaningful security upgrade to the programme. Earlier coins in the 1.5 oz series, including the Snow Falcon, lacked the RCM's laser-engraved maple leaf privy mark; the Snowy Owl incorporated it on the reverse, a micro-engraved mark containing the two-digit year of issue that is visible only under magnification. Radial lines on both faces add a further layer of anti-counterfeiting protection. The obverse continued Susanna Blunt's uncrowned effigy of Queen Elizabeth II, the first portrait since the 1930s to show the monarch without a crown and a distinctive feature among Commonwealth coinage.

The subject suits the format. Snowy owls are unusual among owls for being diurnal, active during the day, particularly through the continuous daylight of the Arctic summer, and the species holds a prominent place in Inuit culture. Quebec designated the snowy owl its official bird in 1987, giving the design added domestic appeal in the coin's home market.

2 oz Snowy Owl vs the 1.5 oz Version, Queen's Beasts and the Maple Leaf

The most direct alternative is the range's own 1.5 oz silver Snowy Owl, the format the design is best known in. The 1.5 oz coin is fully documented: .9999 silver, 38 mm diameter, 4.5 mm thick, $8 CAD face value, reeded edge and the laser-engraved privy mark, sold in tubes of 15 that hold an unusual 22.5 troy oz. It is also more widely stocked, so buyers wanting this design have more dealers to compare. The 2 oz version offers a third more silver per coin for those who prefer fewer, heavier pieces.

At the 2 oz weight, the established competition comes from the Royal Mint. The silver Queen's Beasts series (2016 to 2021) was the first 2 oz silver bullion coin issued by the UK and made the weight a mainstream format, with the Tudor Beasts series continuing it from 2023. Both match the Snowy Owl's .9999 purity. For UK buyers they hold a decisive tax advantage: as UK legal tender they are CGT-exempt, where the Snowy Owl is not. The Snowy Owl's pull is the naturalistic Canadian wildlife design against the Royal Mint's heraldic theme.

Stackers prioritising cost per ounce should also weigh the 1 oz silver Maple Leaf, the RCM's standard bullion coin. It carries lower premiums per ounce than the Snowy Owl coins and shares the privy mark security feature, though each coin holds less silver. Wildlife coin collectors might instead consider the Perth Mint's Kookaburra, an annually redesigned bird-themed 1 oz coin with limited mintages, where the Snowy Owl was aimed at the bullion market.