Perth Lunar Silver

Perth Mint's Chinese Zodiac Silver Program

The Perth Mint Lunar series is the only major silver bullion program built around a 12-year cycle. Each year features a different Chinese zodiac animal, and when the cycle ends, a new series begins with updated designs and specifications. Series I ran from 1999 to 2007, Series II from 2008 to 2019, and the current Series III started in 2020 and runs through 2031. This structure gives every annual release a built-in scarcity that fixed-design coins like the Silver Philharmonic or Silver Britannia lack.

All silver Lunar coins are Australian legal tender denominated in Australian dollars, struck at the Perth Mint in Western Australia. The series spans a wide range of denominations, from 1/2 oz through to 1 kg and even 10 kg pieces, making it one of the most comprehensive silver bullion ranges from any sovereign mint. The 1 oz silver Lunar is the most widely traded size, carried by dealers across the US, UK, Europe, and Asia.

Perth Mint was the first major western mint to produce bullion coins tied to the Chinese lunar calendar, a decision driven by strong demand from Asian-Pacific markets in Singapore, Hong Kong, and Malaysia. The program launched in gold in 1996 and silver followed in 1999. Competing zodiac programs from other mints arrived later, but none have matched the Lunar series in longevity or market penetration.

Dragon-year coins (2000, 2012, 2024) consistently sell out fastest and trade at the highest premiums on the secondary market. The dragon holds particular significance in Chinese culture as a symbol of power and prosperity, and collectors actively seek these years across all three series.

Silver Lunar Denominations and Purity

Silver purity evolved across the three series. Series I coins (1999-2007) were struck at 99.9% fine silver. Series II started at 99.9% (2008-2016) before the Perth Mint upgraded to 99.99% fine for the final three years (2017-2019). Series III has been 99.99% fine throughout, matching the purity of the Canadian Silver Maple Leaf.

All denominations across all series have reeded edges. One practical consequence of the dimensional changes: the Series II 1 oz coin is noticeably wider (45.6mm) and thinner (2.6mm) than Series I and III (40.6mm diameter, approximately 3-4mm thick). Storage tubes from one series may not fit coins from another.

Series III Security Features (2020-Present)

Series III coins include a micro-laser engraved letter, detectable only under magnification, that changes by year. A small "P" mintmark for Perth is incorporated into the reverse design. Precision-machined radial lines on the coin surface provide an additional layer of anti-counterfeiting protection. Earlier series had no advanced security features, relying on the quality of the strike, weight, and dimensions for authentication.

Silver Lunar Tax Treatment by Country

The tax position of silver Lunar coins varies significantly by jurisdiction, and the 20% VAT in the UK is the most consequential difference for buyers comparing across regions.

• United Kingdom: Silver Lunar coins attract 20% VAT on purchase. They are not CGT-exempt because they are not UK legal tender. For UK buyers seeking CGT exemption on silver, the Silver Britannia is the only sovereign silver coin that qualifies.
• United States: Perth Lunar silver coins meet the IRS fineness requirement of 99.9% for inclusion in a self-directed precious metals IRA. Capital gains are taxed at the collectibles rate of up to 28%. Sales tax varies by state, with the majority of states exempting investment bullion.
• Australia: Silver coins at 99.9% purity or above qualify as investment-grade precious metals and are GST-free. Perth Lunar coins at both 99.9% and 99.99% meet this threshold. Capital gains tax applies, with a 50% discount for individuals holding for 12 months or more.
• Canada: Qualifying bullion coins from recognised mints are GST/HST-exempt when 99.9% or purer. Perth Lunar silver coins qualify. They may also be held in RRSPs through approved dealers.
• European Union: Silver coins are subject to local VAT rates across EU member states (typically 19-27%). Some countries, including Germany and the Netherlands, apply a margin scheme on pre-owned silver coins that reduces the effective VAT.
• Singapore: Silver coins at 99.9% purity or above that are or were legal tender qualify as Investment Precious Metals (IPM) and are GST-exempt. Perth Lunar coins qualify.
• Hong Kong: No sales tax, no import duty, and no capital gains tax on silver bullion.
• New Zealand: Fine silver at 99.9% purity or above is GST-exempt. No formal capital gains tax, though the IRD may treat profits as income if the bullion was acquired for resale.
• South Africa: Silver bullion is subject to 15% VAT. There is no exemption for silver coins, including the Silver Krugerrand, despite its legal tender status.

Three Decades of the Chinese Zodiac in Silver

The Perth Mint launched its gold Lunar program in 1996 with the Year of the Mouse (Rat), making it the first western mint to tap into the Chinese zodiac for a bullion coin series. Silver versions followed in 1999, beginning with the Year of the Rabbit under Series I. The initiative was specifically designed for Asian-Pacific markets, where the lunar calendar carries deep cultural significance, but the coins quickly found a global audience among both bullion investors and collectors.

Series I (1996-2007 for gold, 1999-2007 for silver) featured relatively simple, traditional designs with a dotted (pimpled) border and Chinese character for each zodiac animal. Mintages were comparatively low, especially for the early years (1996-1999), and these coins now trade at substantial premiums over their silver content. The obverse carried first the Raphael Maklouf portrait of Queen Elizabeth II (through 1998), then the Ian Rank-Broadley portrait from 1999.

Series II (2008-2019) introduced more complex, detailed reverse designs. Some years featured multiple animals in the composition. The dotted border gave way to a cleaner edge treatment. Silver purity remained at 99.9% through 2016, then was upgraded to 99.99% for the final three years (2017-2019), a mid-series improvement that made the 2017-2019 coins technically superior to their predecessors. The obverse used the Ian Rank-Broadley portrait until 2018, switching to the Jody Clark portrait for 2019.

Series III (2020-2031) represents the most sophisticated iteration. Reverse designs incorporate landscape elements around each zodiac animal, and the micro-laser engraved security feature was added from launch. The obverse carried the Jody Clark portrait of Queen Elizabeth II through 2022, then transitioned to the King Charles III portrait from 2024 onward. The 2020 Year of the Mouse, being the first coin of the new series, attracted strong demand from collectors building complete sets.

The 10 kg gold version, produced in extremely limited numbers (just 6 pieces for the 2007 Year of the Pig), stands among the rarest modern bullion coins ever made. The silver range has been more accessible, but Dragon-year coins across all three series command the strongest collector premiums, reflecting the dragon's status as the most auspicious animal in the Chinese zodiac.

Silver Lunar vs Kangaroo, Kookaburra, and Sovereign Competitors

The silver Lunar competes in a crowded field of 1 oz sovereign silver coins, but its rotating zodiac design sets it apart from fixed-design competitors. Against the 1 oz Silver Philharmonic, which has used the same Vienna orchestra instruments design since 2008, the Lunar offers annual variety that drives collector demand. The Philharmonic typically trades at lower premiums precisely because it lacks this collectibility factor.

Against the 1 oz Silver Britannia, the key differentiator is tax treatment in the UK. The Britannia is CGT-exempt as UK legal tender, and while both coins attract 20% VAT on purchase, the Britannia's CGT exemption matters when selling at a profit. The Britannia also carries four visual security features from 2021 (latent image, surface animation, micro-text, tincture lines) that the Lunar's micro-laser engraving cannot match in sophistication.

The Canadian Silver Maple Leaf matches the Lunar's 99.99% purity (for Series III) and offers MintShield anti-tarnish technology plus micro-engraved security features. The Maple Leaf has unlimited mintage and trades at lower premiums than the Lunar, making it the better choice for investors focused purely on metal accumulation. The Lunar's advantage is its collectibility and potential for certain years (particularly Dragon years) to appreciate above the silver price.

Within the Perth Mint's own range, the Silver Kangaroo is the direct bullion competitor. The Kangaroo is also 99.99% fine, carries annual design changes, and is positioned as a straightforward bullion product. The Lunar series tends to carry slightly higher premiums because the zodiac theme has stronger cultural resonance, particularly in Asian markets. For investors buying from Perth Mint purely for silver content, the Kangaroo typically offers better value.

The Silver Krugerrand, introduced in 2017, is 99.9% fine and carries the most recognisable bullion brand name globally. It trades at similar or slightly lower premiums to the Lunar in most markets. The Krugerrand's advantage is brand recognition and the deep secondary market inherited from the gold version. The Lunar's advantage is the annual design cycle and the established collector base that supports premium retention on sought-after years.