Emu Silver

Perth Mint's Limited-Mintage Annual Silver Coin

The Perth Mint Emu is an annual silver bullion series launched in 2018, featuring a fresh emu design by a different artist each year. The defining characteristic of the series is its fixed annual mintage of 30,000 pieces for the standard 1 oz silver bullion coin, making it one of the most limited-production government-issue silver coins available. For comparison, the Kookaburra has run with unlimited mintage in many years, and mass-market coins like the Maple Leaf produce millions annually.

Each 1 oz silver Emu contains 31.107 g of 9999 fine silver (four nines), the same purity as the Canadian Maple Leaf and Perth Mint's Kangaroo. The coin carries an AUD $1 face value and is legal tender in Australia. The 9999 purity is notable because it exceeds the 999 standard used by the American Silver Eagle, British Britannia, and Austrian Philharmonic.

The low 30,000 mintage has consequences for pricing. Early years, particularly the 2018 inaugural issue, already trade at collector premiums well above their bullion value. Buyers purchasing current-year Emu coins are paying a premium that reflects both the silver content and the scarcity factor. This positions the Emu differently from pure bullion plays: it functions as a hybrid between an investment-grade silver coin and a limited-edition collector piece.

The series was originally distributed in Europe as a Metal Market EU exclusive before becoming more widely available through international dealers. Larger formats include 2 oz and 10 oz silver coins with even lower mintages.

Emu Silver Coin Specifications

Gold versions are also produced: a 1 oz gold Emu at 9999 fine gold (AUD $100 face value) with an annual mintage of 5,000. Coloured and proof variants have even lower mintages, with the 2025 coloured silver coin limited to 2,500 pieces.

Security Features

Perth Mint applies a micro-laser engraved letter to the reverse, detectable only under magnification. This is the same anti-counterfeiting measure used across Perth Mint's bullion range, including the Kangaroo and Kookaburra. Each coin is supplied in a protective acrylic capsule.

Obverse Transition

Coins from 2018 to 2023 carry Queen Elizabeth II portraits (Ian Rank-Broadley for 2018, Jody Clark for 2019-2023). From 2024 onward, the obverse features Dan Thorne's effigy of King Charles III. The 2024 coin also carried a "P125" mintmark commemorating Perth Mint's 125th anniversary.

Tax Position for the Silver Emu

Australia

The Emu is Australian legal tender with an AUD $1 face value. Silver coins from Perth Mint at 9999 purity qualify as GST-free under Australia's investment body rules for precious metals. Capital gains on disposal are subject to CGT, with a 50% discount available when held for more than 12 months. Given the collector premiums that older Emu years command, the CGT implications on resale can be more significant than for typical bullion coins.

United Kingdom

As a non-UK coin, the silver Emu is subject to 20% VAT on purchase, or the dealer margin scheme where available on pre-owned pieces. No CGT exemption applies. UK buyers seeking CGT-exempt silver should consider the Silver Britannia or Myths and Legends coins from The Royal Mint instead.

United States

Perth Mint silver coins at 9999 fine silver meet the IRS purity threshold for precious metals IRA inclusion (99.9%+ for silver). State-level sales tax follows the standard bullion exemptions, with approximately 35 states providing exemptions. Long-term capital gains on silver are taxed at the collectibles rate of up to 28%.

Canada and New Zealand

Canadian buyers pay no GST/HST on silver at 99.9%+ purity, easily met by the Emu's 9999 standard. New Zealand exempts fine silver at 99.9%+ purity from its 15% GST. Neither country offers a CGT exemption for the Emu.

Singapore and Hong Kong

In Singapore, the Emu qualifies under the Investment Precious Metals scheme (legal tender, 99.9%+ silver) for exemption from 9% GST. Hong Kong has no sales tax, import duty, or capital gains tax on silver.

Annual Designs from Different Artists

The Emu series gives each year's coin to a different designer, creating a gallery of artistic interpretations of Australia's second coat-of-arms animal. The emu was chosen for the Australian coat of arms alongside the kangaroo because neither animal can easily walk backwards, symbolising national progress.

The 2025 edition continued the Emu's tradition of showcasing family groups and natural behaviours, with Neil Hollis returning to design the reverse for a second time. In a separate collector stream, the 2025 programme included an "Emu Utingat" 2 oz antiqued coloured coin created in collaboration with contemporary Aboriginal artist Chern'ee Sutton, a Kalkadoon woman, with a mintage of 2,000 pieces.

The Emu is a standalone Perth Mint series, separate from the "Next Generation" collection (which featured the Koala, Crocodile, Kookaburra, Platypus, Dingo, and Kangaroo). It should also not be confused with Perth Mint's 1990s Emu palladium coin, which was a separate series running from 1995 to 1998.

Emu vs Other Perth Mint Silver and Sovereign Coins

The most natural comparison is with Perth Mint's Kookaburra, which has run since 1990 with annual design changes. The Kookaburra's mintage has been unlimited in many recent years, keeping premiums close to other sovereign coins. The Emu's 30,000 mintage is a fraction of the Kookaburra's production, meaning higher premiums at purchase and stronger secondary market performance for early years. Buyers who want Perth Mint silver at the lowest available premium should look at the Kookaburra; those who want scarcity should consider the Emu.

The Perth Mint Silver Kangaroo is the mint's mass-market offering with uncapped production and premiums competitive with other sovereign coins. The Kangaroo shares the Emu's 9999 purity but targets a different buyer: one focused on accumulating silver weight rather than collecting annual designs at limited mintages. Both share the same micro-laser security feature.

Against international sovereign coins, the Emu occupies an unusual niche. The Silver Britannia (999 fine, unlimited mintage, CGT-exempt in the UK) and the Silver Maple Leaf (9999 fine, unlimited mintage) are priced closer to spot and offer deeper secondary market liquidity. The Emu's advantage is its scarcity: at 30,000 coins per year, it produces fewer pieces than virtually any other ongoing sovereign bullion programme. The trade-off is a wider bid-ask spread and higher premiums, making it less efficient for pure silver accumulation but potentially more rewarding for patient holders.

The Emu's 9999 silver purity matches the Maple Leaf and exceeds the Britannia (999), the Philharmonic (999), and the Silver Krugerrand (999). For buyers where purity is a factor for tax exemptions (notably Australia's and Singapore's 99.9% thresholds), the Emu qualifies comfortably.