1 oz Noah's Ark Silver Round

Armenia's Sovereign Silver Coin, Struck in Leipzig

The 1 oz 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. It is an unusual product in one specific way: despite being Armenian legal tender with a face value of 500 Drams, the coin is manufactured in Germany by Leipziger Edelmetallverarbeitung GmbH (LEV), part of the Geiger Edelmetalle group since 2018. Most sovereign coins are struck at the issuing country's own national mint, so the arrangement of a German private facility producing a foreign sovereign coin stands out in the bullion world. LEV operates one of Germany's most modern private minting facilities and uses LBMA-certified materials.

The series has scale behind it. Over 5 million Noah's Ark silver coins have been produced and distributed worldwide since 2011, with distribution spanning more than 20 countries including Germany, Austria, Switzerland, the UK, and the US. The 1 oz silver coin reached peak production of 1.66 million pieces in 2021.

Three things make the case for this coin over its peers. First, German manufacturing quality at a non-premium price point: it is one of the lowest-premium sovereign-backed silver coins available in European markets. Second, favourable VAT treatment under the margin scheme in the UK and EU, which is a major reason UK dealers stock it widely. Third, the HQC-System (High Quality Conservation System): silver coins are packaged in tubes of 20 filled with protective gas that prevents tarnishing and oxidation. The protection only works while the tube seal remains intact; once opened, the gas dissipates and the protection ceases.

The design, by Eduard Kurghinyan, shows Noah's Ark with a white dove carrying an olive branch, and Mount Ararat rising behind it under a sunrise. The mountain sits in modern Turkey, yet it remains central to Armenian national identity and appears on the country's coat of arms. Each coin carries the full Armenian coat of arms and is sanctioned by the central bank, giving governmental backing to its legal tender status. Liquidity is good in European markets, somewhat less so in the US compared with the Silver Eagle or Maple Leaf.

1 oz Noah's Ark Silver Specifications

The 1 oz coin contains one troy ounce of .999 fine silver and has been part of the series since the 2011 launch. Its core specifications:

• Weight: 31.1035 g (1 troy oz)
• Fineness: .999 silver
• Diameter: 38.60 mm
• Thickness: 2.8 mm
• Edge: reeded/serrated
• Face value: 500 Armenian Drams (nominal, far below metal value)
• Issuer: Central Bank of the Republic of Armenia
• Mint: Leipziger Edelmetallverarbeitung (LEV), Germany

The silver series runs across seven sizes, all in .999 fine silver:

The obverse carries the Armenian coat of arms, a shield held by a lion and an eagle representing the ancient Armenian kingdoms of Bagratid and Rubenid, with the face value, fineness, weight, LEV mint mark, and year of issue below, and "Republic of Armenia" in both Armenian and English. The reverse shows Noah's Ark at the centre, a white dove carrying an olive branch flying toward the ark, and Mount Ararat in the background with a sunrise, with "NOAH'S ARK" in Armenian and English. Bullion coins ship in HQC tubes of 20 sealed with protective gas.

Noah's Ark Tax Treatment by Country

The Noah's Ark is legal tender in Armenia with its face value denominated in Armenian Drams, and as domestic legal tender it is exempt from VAT within Armenia. Elsewhere, it is taxed as silver bullion, with one feature that matters a great deal in Europe: it is frequently traded under margin scheme rules.

UK: New silver coins attract 20% VAT. Pre-owned Noah's Arks are frequently sold under the margin scheme, where VAT is charged only on the dealer's profit rather than the full price, making them among the more tax-efficient silver bullion coins available in the UK. UK dealers stock them widely for this reason. The coin is not CGT-exempt, since the UK exemption applies to UK legal tender coins such as the 1 oz silver Britannia; gains remain subject to capital gains tax at the individual's rate, with the annual allowance (currently £3,000) applying.

Germany and the EU: Silver coins are subject to differential taxation (Differenzbesteuerung, the German margin scheme), which keeps costs down and makes the coin popular with German stackers. As a product minted in Leipzig, it has a very strong domestic dealer network, and the German manufacturing origin supports dealer networks across the EU. Where the margin scheme does not apply, silver carries each country's full standard VAT rate, from 17% in Luxembourg to 27% in Hungary.

US: There is no federal sales tax; state exemptions vary, with roughly 35 states exempting bullion and several applying thresholds. The coin is available from major US dealers. Long-term capital gains on bullion are taxed at the collectibles rate of up to 28%.

Canada: Silver refined to 99.9% or higher purity in coin form is GST/HST exempt, so the .999 Noah's Ark qualifies.

The Noah's Ark Since 2011

The Central Bank of the Republic of Armenia launched the Noah's Ark in 2011 with three silver sizes: 1/4 oz, 1/2 oz, and 1 oz. The range expanded quickly in 2012 with 5 oz, 10 oz, 1 kg, and 5 kg coins, the largest of which, at 149.62 mm in diameter, is one of the largest regularly produced bullion coins by weight. Gold proof versions followed in 2017 with very limited mintages (500 pieces for the 1 oz, down to a 4-coin set limited to 50 pieces), and bullion-grade gold coins in .9999 fineness became available from September 2020.

Eduard Kurghinyan's design has remained consistent since the 2011 launch. That is a deliberate choice mirroring the approach of other major bullion series such as the Maple Leaf, Philharmonic, and Eagle, where design continuity supports brand recognition and liquidity. The imagery connects directly to Armenian identity: Armenia adopted Christianity in 301 AD, the first nation to do so officially, and the Noah's Ark design ties that religious heritage to the country's bullion programme. Mount Ararat, depicted on the reverse, now lies in Turkey rather than Armenia; its presence on the coin and on Armenia's coat of arms represents an enduring territorial and cultural claim.

Production has always been outsourced. Armenia does not have a modern bullion minting facility, so LEV (Leipziger Edelmetallverarbeitung) strikes the coins under contract; LEV became part of the Geiger Edelmetalle group in 2018, with Geiger as the parent handling distribution. The LEV mint mark on the obverse identifies the striking facility. The model has worked: more than 5 million silver coins produced since inception, a 2021 peak of 1.66 million 1 oz pieces, and distribution in over 20 countries. Proof distribution is split between markets, with 1,000 sets going to the Armenian Central Bank for domestic distribution and 1,000 to the European market through Geiger.

Noah's Ark vs Philharmonic, Maple Leaf, and Silver Eagle

The Noah's Ark occupies an unusual position: a sovereign-backed coin minted by a private German facility, competing on price with the established national mint coins. It is one of the lowest-premium sovereign-backed silver coins available in European markets, which frames every comparison below.

The Austrian Philharmonic is the most comparable sovereign bullion coin in the European market. It matches the Noah's Ark's .999 purity, is EU-minted, and is VAT-exempt in Austria. The 1 oz Silver Philharmonic is the natural alternative for a European buyer choosing between two EU-struck sovereign coins.

The Canadian Maple Leaf beats the Noah's Ark on purity (.9999 against .999), carries micro-engraved security features added in 2014, and offers higher global liquidity. Its premiums sit toward the lower end of the sovereign coin field. The Noah's Ark answers with its own condition-protection angle: the HQC tubes of 20, sealed with protective gas against tarnishing, which no amount of purity addresses. For a buyer outside Europe, the 1 oz silver Maple Leaf will be easier to resell; in European markets the Noah's Ark's liquidity is good.

The American Silver Eagle (.999 since 2021, US Mint) carries the highest global demand of any silver bullion coin but typically higher premiums. The trade is straightforward: the Eagle costs more per ounce and recovers it through unmatched recognition, particularly in the US, where the Noah's Ark is less liquid than Eagles or Maples despite being competitive on premium.

The decision comes down to geography. In the UK and EU, the combination of low premiums, margin scheme availability on pre-owned stock, and gas-sealed tube packaging makes the Noah's Ark one of the cheapest routes into sovereign-backed silver. In North America, the Maple Leaf and Eagle hold the liquidity advantage and the Noah's Ark is the value pick from major dealers rather than the default choice.