Myths and Legends Silver

British Folklore on CGT-Exempt Silver

Myths and Legends is a themed bullion series from The Royal Mint, launched in 2021, drawing on British folklore and mythology. The series is structured in three-coin collections, each following a different legend: Robin Hood (2021-2022), King Arthur (2023-2024), and Beowulf (2024-2025). Each collection tells a story arc across its three releases, giving collectors a narrative structure that most bullion series lack.

The 1 oz silver coin is struck in 999.9 fine silver (four nines), matching the Britannia's purity standard rather than the 999 used by most other Royal Mint ranges. The coin carries a £2 face value and full UK legal tender status, which gives it CGT exemption for UK residents on disposal. This is the same tax advantage held by the Britannia and the Sovereign, making the Myths and Legends coins functionally identical to the Britannia from a UK tax perspective.

Larger formats include 10 oz silver coins at 89 mm diameter, targeting buyers who want more silver weight per piece while retaining the collectible design and legal tender status. Gold versions are available at 1 oz (999.9 fine, £100 face value). Proof editions with limited mintages (500-2,510 per coin) provide a collector tier above the bullion versions.

The series sits between the flagship Britannia and the more niche Tudor Beasts in The Royal Mint's product hierarchy. It carries higher premiums than the standard Britannia, reflecting the annual design changes and the themed collection format. For buyers who plan to hold silver long-term and expect capital appreciation, the CGT exemption makes the additional premium a reasonable trade-off compared to non-legal-tender alternatives.

Myths and Legends Silver Specifications

Complete Coin List

Collection 1, Robin Hood (2021-2022): Robin Hood, Little John, Maid Marian.

Collection 2, King Arthur (2023-2024): King Arthur, Merlin, Morgan Le Fay.

Collection 3, Beowulf (2024-2025): Beowulf and Grendel (designer: David Lawrence), Beowulf and Grendel's Mother, Beowulf and The Dragon.

Proof Mintages

1 oz silver proofs: 1,510 to 2,510 per coin. 2 oz silver proofs: 500-510 per coin. 2 oz three-coin King Arthur set: 510 sets. These low mintages give proof versions substantial collector value above their silver content.

Obverse Transition

The series spans the transition from Queen Elizabeth II to King Charles III. Robin Hood, Little John, Maid Marian, King Arthur, and Merlin carry the Jody Clark Elizabeth II portrait. Morgan Le Fay and the entire Beowulf collection carry the Martin Jennings Charles III portrait. This mid-series transition makes the earlier coins the only Myths and Legends issues with the late Queen's effigy.

Tax Advantages for UK Buyers

United Kingdom

As UK legal tender, Myths and Legends silver coins are exempt from Capital Gains Tax on disposal. This is the same exemption that applies to Silver Britannias, gold Britannias, and gold Sovereigns. The exemption has no threshold: all gains are free of CGT regardless of amount. On purchase, silver coins in the UK carry 20% VAT with no exemption, the same treatment as all silver bullion. Gold Myths and Legends coins are VAT-free as investment gold.

The CGT exemption makes these coins particularly attractive for UK residents who hold silver over long periods. On a £10,000 silver holding that doubles in value, a CGT-liable product would generate a tax bill of approximately £1,440-£1,920 (at 18-24% after the £3,000 annual allowance). A Myths and Legends coin generates no tax liability.

United States

Myths and Legends coins are not specifically listed as IRA-eligible, but the 999.9 fine silver purity exceeds the IRS minimum of 99.9% for silver in a precious metals IRA. As foreign government legal tender coins meeting purity requirements, they should qualify with most custodians. State sales tax follows standard bullion exemptions. Capital gains are taxed at the collectibles rate (up to 28% long-term).

European Union

Gold Myths and Legends coins should qualify under the EU investment gold exemption (post-1800 legal tender coins at 900+ fineness). Silver coins are subject to local VAT rates across EU member states, ranging from 17% (Luxembourg) to 27% (Hungary). The German Differenzbesteuerung margin scheme may apply on pre-owned silver pieces.

Canada, Australia, New Zealand

In Canada, silver at 99.9%+ purity is GST/HST-exempt. In Australia, the 999.9 purity exceeds the 99.9% GST exemption threshold for silver. New Zealand exempts fine silver at 99.9%+ from 15% GST. Capital gains are taxable in all three countries, with no special exemption for this series.

Singapore and Hong Kong

Singapore's IPM scheme should cover the 1 oz silver coins (legal tender, 99.9%+ purity). Hong Kong has no sales tax or CGT on precious metals.

From Sherwood Forest to Camelot to Heorot

The Royal Mint launched Myths and Legends in 2021 with Robin Hood, choosing Britain's most internationally recognisable folklore figure to establish the series. The choice was commercially astute: Robin Hood's global name recognition provided immediate market traction that a more obscure figure would not have matched. Little John and Maid Marian followed in 2022, completing the Sherwood Forest story arc.

The King Arthur collection (2023-2024) shifted to Arthurian legend, featuring King Arthur, Merlin, and Morgan Le Fay. The Arthurian trio drew from the body of medieval literature (Geoffrey of Monmouth, Chretien de Troyes, Thomas Malory) that has shaped British national mythology since the 12th century. Morgan Le Fay's 2024 release was the first Myths and Legends coin to carry King Charles III on the obverse, marking the transition from the late Queen Elizabeth II's portrait.

The Beowulf collection (2024-2025) represents the series' most ancient source material. Beowulf is the oldest surviving long poem in Old English, dated to approximately 700-1000 AD. The three coins follow the poem's narrative: Beowulf's battle with the monster Grendel, his confrontation with Grendel's mother, and his final battle with the dragon. David Lawrence designed the Beowulf and Grendel reverse.

The series follows the model established by The Royal Mint's Queen's Beasts (2016-2021), which ran for 10 designs featuring heraldic animals in both silver and gold. Myths and Legends adopted the same market positioning: themed bullion collections with annual design changes, higher premiums than the core Britannia range, and a collector incentive to complete each set. The concurrent Tudor Beasts series (2023 onward) fills a similar niche with heraldic creatures rather than folklore characters.

Myths and Legends vs Britannia and Other Royal Mint Series

The most direct comparison is with the standard Silver Britannia. Both share 999.9 fine silver purity, UK legal tender status, and CGT exemption. The Britannia wins on premium (lower, reflecting its status as The Royal Mint's flagship bullion coin with uncapped mintage) and security features (surface animation, tincture lines, latent image, micro-text). The Myths and Legends series does not carry the Britannia's four-feature security suite. The Myths and Legends wins on design variety (new character each release) and collector appeal (three-coin story arcs). For pure bullion accumulation, the Britannia is more cost-effective. For building a collection with CGT-exempt status and changing designs, Myths and Legends fills a gap that the Britannia's fixed design cannot.

Compared to the Tudor Beasts (also Royal Mint, also CGT-exempt), the two series occupy similar market positions. Tudor Beasts features heraldic creatures from the Tudor period; Myths and Legends draws from folklore narratives. Both carry higher premiums than the Britannia and target collectors who buy complete sets. The choice between them is purely thematic preference, as the financial characteristics (purity, legal tender status, tax treatment) are identical.

Against the Britannia and Liberty series from The Royal Mint, Myths and Legends offers broader design variety (nine characters across three collections versus a single shared design). Both are CGT-exempt. The Britannia and Liberty's lower mintages may support stronger secondary market performance for individual coins, while Myths and Legends provides a more structured collecting experience.

For international buyers, the comparison shifts to sovereign competitors. The Canadian Maple Leaf (9999 fine, unlimited mintage, MintShield technology) and Austrian Philharmonic (999 fine, lowest-premium sovereign coin) both offer lower premiums and deeper global liquidity. Neither provides the UK CGT exemption that makes Myths and Legends specifically attractive to UK residents. US buyers gain little from the Myths and Legends' legal tender status and would typically find better value in domestic products or established international coins with confirmed IRA eligibility.