5 oz British Lion Silver Coin

A Limited-Mintage 5 oz Silver from The Royal Mint's Newest Series

The 5 oz British Lion silver coin is part of the "British Lion and American Eagle" collaboration between The Royal Mint and former US Mint Chief Engraver John M. Mercanti. This is not a standalone bullion piece in the same mould as the standard 1 oz British Lion silver coin; it belongs to a joint design programme that pairs Britain's heraldic lion with the American bald eagle on a single coin.

The series launched in 2025 as a distinct bullion range separate from the long-running Silver Britannia. At 5 troy ounces of .999 silver, the coin offers a substantial format with a face value of £10 and carries UK legal tender status. The reverse features both the British lion and the American eagle in a design that bridges two of the world's most recognised national symbols in precious metal.

John Mercanti's involvement brings significant collector credibility. He served as Chief Engraver of the US Mint from 2006 to 2010 and designed the reverse of the American Silver Eagle, the world's best-selling silver bullion coin. The collaboration marks one of the few instances of sovereign mints partnering on joint bullion designs.

For UK buyers, the 5 oz format sits in a niche space. It delivers more silver per unit than the standard 1 oz coins, reducing the number of pieces needed for a given allocation, but at a higher premium per ounce than a 10 oz silver coin or equivalent bar weight. The collector dimension of this coin, driven by limited production and the Mercanti collaboration, positions it between pure bullion and numismatic territory.

British Lion 5 oz Silver Coin Specifications

The coin belongs to the "British Lion and American Eagle" collaboration range, which also includes 1 oz silver, 1/2 oz silver, 1/10 oz gold, 1/4 oz gold, and 1 oz gold versions. The standard British Lion series (non-collaboration) uses a different reverse design featuring the lion with a Union Flag surface animation, created by David Lawrence. That standard series is available in 1 oz gold and 1/4 oz gold formats alongside the 1 oz silver.

The 5 oz format provides a large canvas for the Mercanti design, with the joint lion-and-eagle composition rendered at a diameter of 63.75 mm. The obverse carries the standard King Charles III effigy used on all current Royal Mint coinage since 2022. At .999 fine silver purity, the coin matches the standard used by other Royal Mint silver bullion products including the Britannia series.

Tax Position for a UK Legal Tender Silver Coin

As UK legal tender carrying a £10 face value, the 5 oz British Lion qualifies for Capital Gains Tax exemption for UK residents. Profits on disposal are not subject to CGT regardless of the gain amount. This puts it on equal footing with the Silver Britannia and other Royal Mint legal tender silver coins.

However, like all silver bullion in the UK, the coin is subject to 20% VAT on purchase. Gold bullion qualifies for VAT exemption, but silver does not, regardless of legal tender status. The margin scheme may apply to pre-owned examples, reducing effective VAT to the dealer's buy-sell spread only.

Other Jurisdictions

• United States: Sales tax varies by state. Most states exempt precious metals. The .999 purity meets the threshold for IRA eligibility, though custodian acceptance of UK-issued coins should be confirmed.
• Canada: GST/HST exempt as a legal tender coin meeting the 99.9%+ purity threshold for precious metals exemption.
• Australia: GST-free as investment-grade silver (99.9%+ purity in coin form).
• EU: Subject to local VAT rates on silver, typically 17-27% depending on country. Gold versions of the British Lion qualify for the EU Investment Gold Directive VAT exemption.
• Singapore: GST-exempt under the Investment Precious Metals scheme (silver at 99.9%+ purity in coin form on the MAS-approved list).
• Hong Kong: No sales tax, no import duty, no capital gains tax.

5 oz British Lion vs Other 5 oz Silver Coins

The 5 oz silver coin market is dominated by a few established products. The 5 oz America the Beautiful programme ran from 2010 to 2021, producing 56 designs and establishing the weight class for US collectors. Those coins are now secondary market only, which can command premiums on popular designs. The 5 oz Perth Mint Lunar offers annually changing designs with strong recognition in Asian and Australasian markets.

Against both of these, the British Lion occupies a more exclusive tier. The ATB coins had high mintages (up to 300,000 for bullion versions), and the Perth Lunar, although more limited, is available through a wide dealer network. The British Lion's production numbers are not publicly confirmed but the overall series ethos is limited availability.

For UK buyers specifically, the CGT exemption on the British Lion is a meaningful advantage. The ATB coins and Perth Lunars, as non-UK legal tender, would be subject to CGT on disposal in the UK. The 5 oz Silver Britannia, if produced, would share this advantage, but the standard Britannia bullion range focuses on the 1 oz format.

The collaboration with Mercanti sets this coin apart in terms of design provenance. Few 5 oz silver coins carry the signature of a former US Mint Chief Engraver, and the cross-national lion-and-eagle concept is unique in the current bullion market. Buyers focused purely on silver weight accumulation at the lowest premium will find better value in generic 5 oz silver coins or bars, but those seeking a piece with collector potential and UK tax advantages will find this a distinctive option.