Dragon Silver

Credit Suisse Dragon Silver

The Credit Suisse Dragon products occupy an unusual position in the silver bullion market. The original "Dragon" from Credit Suisse was a specialty gold bar, the 1 Tael Chinese Art Bar, produced for the Asian market where dragon imagery symbolises power, prosperity, and good fortune. The silver products bearing the Credit Suisse Dragon name include coins and rounds manufactured by Valcambi SA, the LBMA-accredited Swiss refinery that was the sole manufacturer of all Credit Suisse bars from 2003 onward. Credit Suisse itself never operated a refinery; all production was outsourced to Valcambi.

Following UBS's acquisition of Credit Suisse in 2023, all Credit Suisse-branded bullion production ceased permanently. No new Credit Suisse Dragon products will be manufactured, making existing inventory finite. This does not affect the investment value of the silver, which derives from metal content and purity, but it does create a secondary market dynamic where collector interest may grow as available stock diminishes.

The silver Dragon range includes coins, rounds, and bars across weights from 1 oz to 1 kilo. The coins at .9999 fine are struck to a higher purity than the industry-standard .999, while the rounds and bars are produced at .999 fine silver. All carry the Credit Suisse branding alongside Valcambi's hallmarks, with individual serial numbers and tamper-evident packaging.

The dragon-themed bullion market is now dominated by PAMP Suisse products, including the Good Luck Yellow Dragon, Lunar Legend Azure Dragon, and Year of the Dragon lunar calendar releases, all of which are in current production. For buyers who want a dragon-themed silver product that is readily available from dealers in new condition, PAMP is the primary option. The Credit Suisse Dragon's appeal is its discontinued status, Swiss provenance, and the collector premium that scarcity provides.

Credit Suisse Dragon Silver Specifications

All Credit Suisse bullion products were manufactured by Valcambi SA at their facility in Balerna, Switzerland. Valcambi has been LBMA Good Delivery accredited since 1967 and is one of the world's largest precious metals refineries. The Credit Suisse brand and Valcambi hallmark appear together on each product, with serial numbers and assay documentation.

The original Credit Suisse Dragon gold bar was a 1 Tael (37.5 g / 1.206 troy oz) piece at .9999 fine gold, produced specifically for the Asian market. The tael weight unit reflects traditional Chinese and Southeast Asian gold trading standards. Multiple tael standards exist internationally: the Hong Kong tael (37.429 g), the Chinese tael (50 g), and the metric tael (37.5 g). The Credit Suisse bar used the 37.5 g metric tael.

Credit Suisse Dragon Tax and Legal Status

Credit Suisse Dragon products include both coins (which may carry legal tender status depending on the specific issue) and bars/rounds (which are private-manufacture products with no legal tender status). Tax treatment varies by product type and jurisdiction.

• United Kingdom: Silver coins and bars are subject to 20% VAT on purchase. Pre-owned pieces may qualify for the margin scheme. Not CGT-exempt (not UK legal tender). The discontinued status does not affect tax classification. Gold versions are VAT-exempt as investment gold at .9999 purity.
• United States: The .999 and .9999 silver purities both exceed the IRS minimum for precious metals IRA eligibility. As products of an LBMA-accredited refinery (Valcambi), they are likely to be accepted by most IRA custodians. Standard state sales tax exemptions apply. Federal capital gains are taxed at the collectibles rate of up to 28%.
• Canada: Silver at .999+ purity in bar, coin, or round form is GST/HST-exempt.
• Australia: Silver at .999+ purity in investment form is GST-free.
• European Union: Silver products are subject to full local VAT rates. No investment silver exemption. Gold coins and bars at .9999 purity qualify as exempt investment gold.
• Singapore: Silver at .999 purity in qualifying forms (bars at least 0.5 troy oz, or coins that are/were legal tender) may qualify as IPM, exempt from 9% GST.
• Hong Kong: No sales tax, no import duty, no capital gains tax. Hong Kong was a primary target market for Credit Suisse's Asian-focused products, including the Dragon range. The tael weight unit remains commonly used in Hong Kong gold trading.
• South Africa: Silver bullion is subject to 15% VAT regardless of form or manufacturer.

Credit Suisse Dragon vs PAMP Dragon Products and Standard Bars

The most direct comparison is with PAMP Suisse's current dragon-themed silver products. PAMP and Credit Suisse share a deep connection: Valcambi SA manufactured all Credit Suisse bars, and PAMP SA is another major Swiss refinery with LBMA accreditation. PAMP's dragon range (Good Luck Yellow Dragon, Lunar Legend Azure Dragon) is in current production, available new from dealers, and benefits from PAMP's Veriscan authentication technology. The Credit Suisse Dragon is secondary-market only, with finite and diminishing supply. Buyers who want a dragon-themed Swiss silver bar at current production pricing should look to PAMP. Buyers drawn to the discontinued Credit Suisse branding and potential collector premium will find the Dragon products on the secondary market through dealers like APMEX.

Against generic Valcambi silver bars, the Credit Suisse Dragon carries a premium that reflects both the dragon design and the discontinued status. Valcambi continues to produce silver bars under its own name, and those bars offer the same refinery provenance (since Valcambi manufactured the Credit Suisse products) at lower premiums. The dragon imagery and the Credit Suisse brand are what the premium buys.

Compared to sovereign-mint silver coins like the Silver Maple Leaf or Silver Britannia, the Credit Suisse Dragon lacks legal tender status and the associated tax advantages. Sovereign coins offer tighter spreads and more predictable resale pricing. The Credit Suisse Dragon competes on collector appeal, Swiss LBMA provenance, and the closed production run.

The 1 kilo silver coin at .9999 purity is a standout product in the range, combining significant weight with four-nines purity in a single piece. At that weight and purity combination, alternatives are limited. The Maple Leaf is only produced in 1 oz, and most other kilo silver products are bars at .999 rather than coins at .9999. This makes the Credit Suisse Dragon 1 kilo a genuinely distinctive holding for buyers seeking high-purity silver in larger formats.