Noah's Ark Silver

Armenia's Sovereign Silver Bullion Coin

The Noah's Ark is Armenia's first and only investment-grade bullion coin, issued by the Central Bank of the Republic of Armenia since 2011. Despite being Armenian legal tender denominated in Dram, the coins are manufactured in Germany by Leipziger Edelmetallverarbeitung GmbH (LEV), part of the Geiger Edelmetalle group since 2018. LEV operates one of Germany's most modern private minting facilities using LBMA-certified materials, and over 5 million Noah's Ark silver coins have been distributed worldwide since inception.

The arrangement of a German private mint producing a foreign sovereign coin is unusual in the bullion world. Most sovereign coins are struck at the issuing country's own national mint. Armenia lacks a modern bullion minting facility, so the LEV/Geiger partnership handles production and distribution across 20+ countries including Germany, Austria, Switzerland, the UK, and the US.

For European buyers, the Noah's Ark has a specific advantage: pre-owned coins are frequently available under the margin scheme (VAT on the dealer's profit only), making them one of the more tax-efficient silver bullion coins in the UK and EU. The German manufacturing origin supports strong dealer networks, and the 1 oz coin at .999 fineness competes directly with the Austrian Philharmonic, Canadian Maple Leaf, and Silver Britannia on both price and availability.

Noah's Ark Silver Denominations

All silver coins are .999 fineness with a reeded (serrated) edge. The 1 oz coin measures 38.60 mm in diameter and 2.8 mm in thickness. The 5 kg version at 149.62 mm diameter is one of the largest regularly produced bullion coins by weight.

HQC Protective Packaging

Silver coins are packaged in tubes of 20 filled with protective gas under the HQC (High Quality Conservation) System. The inert gas atmosphere prevents tarnishing and oxidation for as long as the tube seal remains intact. Once opened, the gas dissipates and protection ceases. This packaging system is a genuine differentiator: most silver bullion coins arrive in standard tubes or flips without atmospheric protection.

Gold Denominations

Gold coins at .9999 fineness were first issued as proof versions in 2017 with limited mintages (1g: 3,000; 1/4 oz: 1,000; 1/2 oz: 800; 1 oz: 500) before bullion-grade gold became available from September 2020.

Noah's Ark Tax Treatment by Country

The Noah's Ark coins are legal tender in Armenia with face values in Armenian Dram. The face values are nominal and far below the metal value. Tax treatment varies by jurisdiction.

• UK: Silver coins attract 20% VAT when purchased new. Pre-owned Noah's Ark coins are widely available under the margin scheme (VAT charged on the dealer's profit margin only), making them among the most tax-efficient sovereign silver coins in the UK market. This margin scheme availability is a primary reason UK dealers stock the series heavily. The coins are not UK legal tender and therefore not CGT-exempt; capital gains are subject to CGT at the individual's rate (18% basic, 24% higher) after the annual allowance.
• Germany and EU: Silver coins are subject to differential taxation (the margin scheme, or Differenzbesteuerung) in Germany, contributing to their popularity with German stackers. The German manufacturing origin at LEV in Leipzig supports a strong dealer network. VAT treatment varies by EU member state, with the margin scheme broadly available for pre-owned silver.
• US: No federal sales tax on bullion. State exemptions vary across roughly 35 exempt states. Capital gains are taxed at the 28% federal collectibles rate. Available from major US dealers including APMEX and Provident Metals.
• Canada: Silver at .999 purity meets the 99.9% threshold for GST/HST exemption.
• Armenia: As domestic legal tender, the coins are exempt from VAT within Armenia. The Central Bank distributes proof sets domestically.

Mount Ararat, Noah's Ark, and Armenian Identity

The design, by Eduard Kurghinyan, has remained consistent since the 2011 launch. The reverse depicts Noah's Ark at centre with a white dove carrying an olive branch flying toward it and Mount Ararat rising in the background with a sunrise. The inscriptions appear in both Armenian and English: "NOAH'S ARK." The obverse carries the Armenian coat of arms (a shield held by a lion and eagle, representing the ancient Bagratid and Rubenid kingdoms), with the face value, fineness, weight, LEV mint mark, and year of issue.

The design continuity is deliberate, mirroring the approach of other major bullion series like the Maple Leaf, Philharmonic, and Eagle, where consistent imagery builds brand recognition and supports secondary market liquidity over time.

Armenia adopted Christianity in 301 CE, making it the first nation to do so officially. The Noah's Ark design directly connects the country's religious heritage to its bullion programme. Mount Ararat, depicted on the coin and on Armenia's coat of arms, lies in modern Turkey rather than Armenia, but it remains central to Armenian national identity. Its inclusion on the coin represents an enduring cultural and territorial connection.

The LEV mint mark on the obverse identifies Leipziger Edelmetallverarbeitung as the striking facility. LEV became part of the Geiger Edelmetalle group in 2018, with Geiger handling distribution across European markets. Proof set distribution is split equally: 1,000 sets go to the Armenian Central Bank for domestic distribution, 1,000 to the European market through Geiger. The 1 oz silver coin saw peak production of 1.66 million pieces in 2021.

Noah's Ark vs Philharmonic, Maple Leaf, and Britannia

The Noah's Ark competes in the sovereign silver bullion market alongside the largest global series. Against the Canadian Maple Leaf (.9999 silver, micro-engraved security features since 2014), the Noah's Ark offers slightly lower purity at .999 and no advanced anti-counterfeiting technology, but typically trades at competitive or lower premiums, especially through the margin scheme in the UK and EU.

The Austrian Philharmonic is the most comparable sovereign bullion coin in the European market: .999 silver, EU-minted, widely distributed across the continent. Both coins are popular with European stackers and often appear at similar price points. The Philharmonic has the advantage of the Austrian Mint's centuries-long reputation; the Noah's Ark compensates with the HQC tube packaging that protects coin condition.

The Silver Britannia offers advanced security features (latent image, surface animation since 2021) and UK CGT exemption as legal tender. The Noah's Ark lacks CGT-exempt status in the UK, but the widespread availability under the margin scheme makes the effective purchase price competitive. For UK buyers focused purely on minimising the cost of acquiring silver in sovereign coin form, pre-owned Noah's Arks under the margin scheme can undercut new Britannias after VAT.

The American Silver Eagle has the deepest global demand and the highest secondary market liquidity. The Noah's Ark is less liquid than Eagles in the US market, but holds its own in European markets where the German production origin and established dealer networks provide strong support. The main competitive advantages of the Noah's Ark can be summarised as German manufacturing quality at a non-premium price point, favourable margin scheme VAT treatment in the UK and EU, and the HQC tube system that maintains coin condition during storage.