RAM Lunar Silver

The Royal Australian Mint's Chinese Zodiac Bullion

The RAM Lunar series is an annual bullion coin programme from the Royal Australian Mint (RAM) in Canberra, launched in 2020 with the Year of the Mouse (Rat). Each year features the corresponding animal from the 12-year Chinese zodiac cycle, struck in silver and gold as Australian legal tender. This series is entirely separate from the Perth Mint's Lunar programme, which has been running since 1996 and is now in its third series.

The silver version is struck in 1 oz .999 fine silver with a $1 AUD face value and a mintage of 50,000 per year. Gold is available in multiple sizes from 1/10 oz to 1 oz, all at .9999 fine gold, with mintages of 5,000 for the 1 oz and smaller runs for fractional sizes. The gold coins are stated to be made from ethically produced Australian gold.

RAM's Lunar coins fill a distinct niche. The Perth Mint Lunar series has stronger global brand recognition, wider size ranges (up to 10 kg silver), and .9999 silver purity versus RAM's .999. RAM compensates with lower mintages that create collector-crossover appeal, and its designs tend toward a more contemporary Australian art style compared to Perth Mint's traditional Chinese-influenced aesthetic. The 2020 Year of the Rat gold coin was notable as the first RAM coin to feature a new multi-level security feature.

The 2024 Year of the Dragon generated strong demand across all lunar series, as the Dragon is traditionally the most popular and auspicious zodiac year. The RAM Lunar's relatively low 50,000 silver mintage meant Dragon-year coins sold through faster than the Perth Mint's larger production runs.

RAM Lunar Specifications by Format

Release Schedule

Additional formats include a silver proof ($5 AUD face value, approximately 7,500 mintage), larger silver coins (1/2 oz, 2 oz, 5 oz, 1 Kilo), and a 1/10 oz gold. The proof versions feature mirror backgrounds with higher finish quality.

The gold coin dimensions are 39.34 mm diameter and 2.5 mm thickness for the 1 oz, following standard Australian gold coin sizing. Silver versions follow standard RAM sizing at approximately 40 mm diameter for the 1 oz.

RAM Lunar Tax Treatment by Country

As Australian legal tender from the Royal Australian Mint, the Lunar series benefits from sovereign-coin recognition across most markets.

Australia

Gold coins are GST-free as investment gold exceeding the 99.5% purity threshold. Silver coins at .999 purity sit at the 99.9% boundary for GST-free investment silver. The Royal Australian Mint's own products should qualify as investment-grade in practice. Capital gains tax applies on disposal, with a 50% discount for individuals holding longer than 12 months.

United Kingdom

Gold coins are VAT-exempt as investment gold. Silver coins are subject to 20% VAT. Neither is CGT-exempt because they are not UK legal tender. UK buyers interested in lunar-themed gold with CGT exemption should consider the Royal Mint's UK Lunar series, which is both VAT-exempt and CGT-free as UK legal tender. The RAM Lunar cannot match that tax position in the UK market.

United States

The .9999 gold purity exceeds the IRS Section 408(m) minimum of 99.5% for gold IRA holdings. The .999 silver meets the 99.9% minimum for silver IRAs. IRA eligibility depends on custodian acceptance; the RAM Lunar is relatively new and may not yet appear on all custodian approved lists. Major IRA custodians tend to focus on American Eagles, Canadian Maple Leafs, and established Perth Mint products. State sales tax varies; approximately 35 states exempt precious metals.

Canada

Both metals qualify for GST/HST exemption at the 99.9% minimum purity. Canadian buyers may find the Gold Maple Leaf more practical for RRSP or TFSA inclusion, as it has established custodian acceptance and deeper domestic liquidity.

Singapore and Hong Kong

Singapore exempts Investment Precious Metals from the 9% GST. The RAM Lunar should qualify on purity grounds. Hong Kong has no sales tax, import duty, or capital gains tax on precious metals.

New Zealand

Gold at 99.5%+ and silver at 99.9%+ purity are exempt from the 15% GST. The geographic proximity to Australia means RAM products are readily available from Australasian dealers. No capital gains tax applies in New Zealand (with the standard caveat that IRD may treat profits as income if purchased with intent to resell).

RAM's Entry into the Lunar Coin Market

The lunar coin market was well-established when RAM launched its series in 2020. The Perth Mint had been producing Lunar coins since 1996, completing two full 12-year zodiac cycles and beginning a third. The Royal Mint (UK) entered with its own Lunar series in 2014. RAM's decision to add a third parallel lunar programme from Australia reflects the sustained global demand for Chinese zodiac bullion, particularly from Asian markets where zodiac themes carry deep cultural significance.

The 2020 Year of the Mouse (Rat) opened the series and introduced RAM's new three-level security feature on the gold version, specific details of which are kept confidential as a security-through-obscurity approach. The choice of "Mouse" rather than "Rat" for the marketing name was a deliberate positioning decision (Perth Mint also uses "Mouse" for its version).

Designs on the obverse carried the Jody Clark effigy of Queen Elizabeth II through the 2024 release. The 2025 Year of the Snake introduced the transition to King Charles III, marking a visual milestone for the series. The reverse designs use a contemporary Australian art style for each zodiac animal, with RAM employing Australian designers whose approach is distinctly different from Perth Mint's traditional Chinese-influenced motifs. This design differentiation is intentional: RAM is not trying to replicate the Perth Mint Lunar aesthetic but rather to offer an alternative interpretation.

The 2024 Year of the Dragon was the series' highest-demand year, consistent with patterns across all lunar coin programmes globally. The Dragon is considered the most auspicious animal in Chinese culture, and Dragon-year coins routinely outsell other zodiac animals across every mint that produces them. RAM's 50,000 silver mintage and 5,000 gold mintage meant that Dragon coins sold through their allocation faster than higher-volume Perth Mint equivalents.

The RAM Lunar programme represents a broader strategic push by the Royal Australian Mint into international bullion markets. Alongside the RAM Koala (launched 2024), it positions RAM as a direct competitor to Perth Mint for both domestic and international bullion buyers, backed by the authority of Australia's official national mint.

RAM Lunar vs Perth Mint Lunar and Other Zodiac Coins

RAM Lunar vs Perth Mint Lunar

The Perth Mint Lunar is the dominant series in this space, with a 24-year head start (Series I began 1996, now on Series III). Perth Mint offers .9999 silver purity versus RAM's .999, a vastly wider size range (1/20 oz to 10 oz gold, 1/2 oz to 10 kg silver versus RAM's limited range), and higher mintages providing greater secondary market liquidity. Perth Mint Lunar coins have an established collector base that drives premiums on scarce years. RAM Lunar coins typically trade at lower premiums, reflecting their newer market presence. The RAM's lower mintages (50,000 silver vs Perth's typically unlimited production) offer collector-crossover potential, and the contemporary Australian design style provides a genuine aesthetic alternative. Both are Australian legal tender, but the Perth Mint brand carries more weight internationally.

RAM Lunar vs Royal Mint UK Lunar

The Royal Mint's UK Lunar series (launched 2014) uses .9999 gold and .999 silver with UK legal tender status, giving it CGT exemption for UK buyers. This tax advantage is significant for UK-resident investors. The UK Lunar has lower brand recognition in the lunar coin market compared to Perth Mint but competes effectively in the UK on tax grounds. The RAM Lunar has no equivalent tax advantage in any specific market. For UK buyers, the Royal Mint Lunar is the clear choice on tax treatment alone.

RAM Lunar vs Chinese Silver Panda

The Silver Panda from the People's Bank of China follows a different tradition (annual design changes depicting giant pandas rather than zodiac animals) but competes for collector attention in the Asian market. The Panda switched from troy ounce to metric (30g) sizing in 2016, which complicates direct comparison. The Panda has decades of collector history and strong demand-driven premiums. The RAM Lunar is newer with less established collector dynamics but offers standard troy ounce sizing and Australian sovereign-mint backing.

Gold Mintage Comparison

The RAM Lunar's 5,000-piece 1 oz gold mintage is significantly lower than most bullion-grade lunar coins from competing mints. Perth Mint Lunar gold typically has higher mintages, and the Royal Mint UK Lunar runs higher still. This scarcity positions RAM Lunar gold in a collectible-bullion crossover niche rather than as a pure investment product. Buyers seeking the lowest gold premiums should compare against the Gold Kangaroo or Gold Maple Leaf, which offer better per-ounce value through higher production volumes and stronger resale liquidity.