5 oz The Lion and The Eagle Silver Coin

Royal Mint's Anglo-American Bullion Coin in 5 oz Silver

The 5 oz Lion and The Eagle silver coin is the largest standard bullion weight in The Royal Mint's collaborative series that pairs the British lion with the American bald eagle. Containing 155.5 grams of .999 fine silver, this coin carries UK legal tender status with the corresponding tax benefits for British investors, though it commands significantly higher premiums than the series' 1 oz offering due to its larger format.

The series debuted in 2024 with a reverse designed by John M. Mercanti, the former 12th Chief Engraver of the United States Mint and the artist responsible for the iconic reverse of the American Silver Eagle. This connection gives the Lion and Eagle unique credibility in the US bullion market, where Mercanti's name carries substantial recognition. The 2026 issue introduced a new reverse by Jonathan Olliffe, establishing the series as a rotating-design programme.

The reverse composition depicts the American bald eagle in the foreground gazing left, with the British lion standing behind it. The lion's paw extends beyond the central enclosed circle, creating a layered three-dimensional effect that is particularly striking on the larger 5 oz format where the design detail has room to breathe. The obverse carries the official coinage portrait of King Charles III by Martin Jennings.

As a Royal Mint bullion product (unlimited mintage, produced to demand), this coin is positioned below the limited-edition proof ranges in premium but above generic silver rounds. The 5 oz format appeals to collectors who want the visual impact of a larger canvas and to investors building substantial positions with fewer individual pieces to store and track.

5 oz Lion and The Eagle Specifications

The .999 purity is standard for Royal Mint silver bullion, matching the Silver Britannia and the Royal Mint's other silver coin programmes. The 1 oz version of this series uses a 38.61 mm diameter, consistent with other Royal Mint 1 oz silver coins. The 5 oz format uses the Royal Mint's standard larger planchet for this weight class.

The 5 oz silver proof variant (limited to 1,510 pieces) and a 2 oz silver reverse proof with Liberty Bell privy mark (US market special) also exist as collector editions alongside the bullion range, though these carry substantially higher premiums. Standard Royal Mint packaging applies: individual capsules, with tubes and monster boxes available for volume buyers (500 coins per monster box for 1 oz silver, fewer for larger weights).

The obverse design features only the third rendition of a British monarch's portrait since decimalisation. Martin Jennings' effigy of Charles III was adopted across all UK coinage in 2022. The reverse's three-dimensional layering effect (the lion's paw extending past the central circle) is a design element that becomes more pronounced on larger coin formats where the relief has greater physical depth.

Tax Position for UK and International Buyers

The Lion and The Eagle's UK legal tender status activates specific tax advantages that privately minted rounds and foreign coins cannot access.

• United Kingdom: CGT-exempt under TCGA 1992 Section 21(1)(b) as UK legal tender. Any profit on sale is completely free of Capital Gains Tax with no monetary limit. Silver is subject to 20% VAT on purchase. The combination means you pay more upfront but owe nothing on gains, which can be advantageous for long-term holders expecting significant silver price appreciation.
• United States: No special US tax status. Sales tax varies by state (approximately 35 states exempt bullion). Capital gains taxed at the 28% collectibles rate for holdings over one year. IRA eligibility is not widely confirmed for this series by major US custodians.
• Canada: GST/HST exempt at .999 purity. Not specifically listed for RRSP eligibility but meets purity requirements.
• Australia: GST-free as investment-grade silver meeting the .999 purity threshold.
• EU: Silver coins subject to local VAT rates (19-27%). The EU Investment Gold Directive does not extend to silver regardless of legal tender status.

The CGT exemption is the decisive advantage for UK buyers choosing between this coin and non-legal-tender alternatives like silver rounds or bars, which face both VAT on purchase and CGT on profitable sales.

Lion and Eagle vs Britannia and Other Royal Mint Silver

Within The Royal Mint's own silver bullion range, the Lion and The Eagle competes most directly with the established Silver Britannia. Both are .999 fine, CGT-exempt UK legal tender, and available as unlimited-mintage bullion. The Britannia has operated since 1997 with four named security features (surface animation, micro-text, latent image, tincture lines), decades of secondary market depth, and universal dealer recognition. The Lion and Eagle, launched in 2024, lacks this track record but offers the distinctive Mercanti-designed reverse and the Anglo-American collector angle.

Against the Canadian Maple Leaf at .9999 purity, the Lion and Eagle offers lower purity but UK CGT exemption that the Maple Leaf cannot provide to British investors. For US buyers, the Mercanti connection creates a marketing bridge, but the American Silver Eagle remains the dominant domestic choice with vastly deeper liquidity.

The 5 oz format specifically competes with other premium silver coins at the same weight. Government-issued 5 oz coins from the US Mint (America the Beautiful series), Perth Mint, and Royal Mint's own Britannia 5 oz exist in this space. The Lion and Eagle's relative newness means secondary market pricing is not yet established, making buyback spreads less predictable than for the Britannia.

For pure cost efficiency in silver accumulation, the 1 oz version of this same series or generic silver rounds will always beat the 5 oz format on per-ounce premium. The 5 oz piece exists for buyers who want fewer, larger coins with strong visual presence.