Dragon Rectangular Silver

The Only Rectangular Government-Issue Bullion Coin

The Dragon Rectangular is Perth Mint's annual silver and gold bullion series struck in a format that no other government mint has adopted: a rectangular shape measuring 47.6 mm by 27.6 mm, close to the proportions of a credit card. Launched in 2018, the series features a new dragon design each year, blending Eastern and Western dragon mythology with the legal tender status and quality assurance of the Perth Mint.

Each 1 oz silver coin contains 31.107 g of 9999 fine silver (four nines), matching the purity of the Canadian Maple Leaf and exceeding the 999 standard used by most sovereign mints. The coin carries an AUD $1 face value and Australian legal tender status, which distinguishes it legally from rectangular bars that lack government backing. Annual silver bullion mintage is capped at 250,000 pieces, placing it between mass-market coins like the Maple Leaf (unlimited) and niche limited runs.

The rectangular format creates a product that stacks and stores differently from round coins. The flat-sided shape fits neatly in rows and occupies rectangular storage containers more efficiently than round coins, though it does not fit standard coin tubes. Perth Mint also produces the Dragon Rectangular as a 1 oz silver bar, which shares the dragon design theme but in a bar format without the legal tender denomination.

For collectors, the annual design change is a significant draw. The 2022 edition featured a coiled dragon guarding a flaming pearl (a Chinese symbol of wisdom and enlightenment). The 2023 reverse depicted a dragon atop a treasure hoard drawn from multiple ancient civilisations. The 2024 coin introduced King Charles III on the obverse, replacing the Queen Elizabeth II portrait that had appeared on all previous issues. The 2025 coin, designed by Lucas Bowers, shows a snarling dragon with open claws and intricately scaled wings.

Dragon Rectangular Silver Specifications

The proof version's mintage of 3,888 pieces is deliberately chosen: the number 8 is considered the luckiest number in Chinese culture, and the triple-eight reinforces that symbolism. Proof editions command significant premiums on the secondary market.

Security Features

Perth Mint applies multiple micro-laser engraved letters to the reverse, detectable only under magnification. The 'P' mintmark and LBMA-accredited swan logo stamp also appear on the reverse. Proof versions include additional anti-counterfeiting measures beyond the standard bullion specification.

Available Sizes

Beyond the standard 1 oz coin, Perth Mint has issued 2 oz silver coins in the Dragon Rectangular format. The design also appears on silver bars, including the 1 oz bar format.

Tax Position for the Dragon Rectangular

Australia

As Australian legal tender, the Dragon Rectangular coin's tax treatment follows the standard rules for Perth Mint products. Gold versions at 9999 purity are GST-free. Silver versions also qualify for GST exemption under Australia's Investment Body rules, as Perth Mint silver at 99.99% purity from a recognised investment body meets the precious metal definition. Capital gains on disposal are subject to CGT, with a 50% discount available for individuals who hold the coins for more than 12 months.

United Kingdom

The Dragon Rectangular is not UK legal tender. Gold versions qualify as VAT-free investment gold (meeting the 99.5%+ purity threshold). Silver versions are subject to 20% VAT, or the margin scheme on pre-owned pieces where applicable. No CGT exemption applies, as that benefit is reserved for UK legal tender coins such as the silver Britannia.

United States

Perth Mint 9999 silver coins generally meet the purity requirements for precious metals IRA inclusion (99.9%+ fineness required for silver). The rectangular format may raise classification questions with some custodians, as the product straddles the line between coin and bar, but its legal tender status supports the coin classification. State-level sales tax exemptions apply in approximately 35 states that exempt investment bullion.

Canada and New Zealand

In Canada, silver at 99.9%+ purity is exempt from GST/HST, covering the Dragon Rectangular comfortably. In New Zealand, the 99.9%+ purity threshold for GST exemption on silver is also met. Both countries treat capital gains on bullion as taxable.

Singapore and Hong Kong

Singapore's Investment Precious Metals scheme exempts qualifying silver coins at 99.9%+ purity from 9% GST. The Dragon Rectangular's legal tender status and 9999 purity meet both criteria. Hong Kong applies no sales tax or capital gains tax to precious metals.

Eight Years of Dragon Designs

The Dragon Rectangular launched in 2018, making it one of Perth Mint's newer annual series. Each year brings a completely redesigned reverse, with dragon motifs drawing from both Eastern and Western mythology. The series has built a following among collectors who value the combination of annual variety and the unusual rectangular format.

The 2024 edition marked two transitions: the obverse shifted from Jody Clark's Queen Elizabeth II portrait to Dan Thorne's effigy of King Charles III, and the reverse moved to incorporate more specifically Chinese dragon iconography. The 2024 design depicted an oriental dragon eyeing a flaming pearl, with water (the element dragons are said to control) and clouds (traditional omens of good luck) filling the composition.

The flaming pearl motif, which has appeared in multiple years, is a specifically Chinese symbol representing wisdom, truth, and enlightenment. Dragons in Chinese mythology are commonly depicted chasing or guarding this pearl, a motif that connects the series to Chinese New Year gift-giving and the broader Asian precious metals market.

Dragon Rectangular vs Lunar Series and Other Perth Mint Silver

Within Perth Mint's own range, the closest comparison is the Lunar Series III. The Lunar series runs a 12-year zodiac cycle and includes a Year of the Dragon issue, but it covers all twelve animals rather than focusing exclusively on dragons. The Lunar series offers a wider weight range (1/2 oz to 1 kg in silver) and has a more established secondary market. The Dragon Rectangular's advantage is its single-theme focus, unique rectangular format, and annual design freshness that does not depend on waiting 12 years for the next dragon year.

Against Perth Mint's mass-market Silver Kangaroo, the Dragon Rectangular commands higher premiums due to its lower mintage (250,000 vs the Kangaroo's uncapped run) and collector appeal. The Kangaroo is the better choice for buyers stacking silver at the lowest possible premium per ounce. Both share the same 9999 fine silver purity and Perth Mint security features.

Compared to the Kookaburra, which has run since 1990 with annual design changes, the Dragon Rectangular is a newer entrant with lower established liquidity. The Kookaburra's mintage has been unlimited in many years, keeping premiums lower. The Dragon Rectangular offers a more distinctive physical format and specifically targets buyers drawn to dragon symbolism and Eastern aesthetic themes.

Outside the Perth Mint range, the Austrian Philharmonic provides one of the lowest-premium sovereign silver coins available, with an unchanging design and very high mintage. Buyers choosing between the Philharmonic and Dragon Rectangular are making a clear decision between minimising premium (Philharmonic) and gaining annual collectibility with a unique format (Dragon Rectangular). The Dragon Rectangular's 9999 purity exceeds the Philharmonic's 999, though this difference has negligible practical impact on resale value.