2 oz Bull and Bear Silver Round

The Royal Canadian Mint's Financial Market Bullion Coin

The 2 oz Royal Canadian Mint Bull and Bear Silver Round is a 2025 release that pairs .9999 fine silver with an unusual financial market theme. Struck by the RCM in partnership with TD Precious Metals, it depicts a bull and bear locked in combat, representing the perpetual tension between optimism and caution in financial markets. The coin carries a CAD $10 face value and is backed by the Canadian government as legal tender.

The 2 oz format at .9999 purity positions this directly alongside other premium RCM products like the Call of the Wild silver coins. The RCM's security features carry over: precise radial lines and a micro-engraved maple leaf with the year visible under magnification. These are the same authentication technologies used on the flagship Canadian Maple Leaf.

The financial market theme is a deliberate departure from the wildlife and national symbols that dominate bullion design. For investors who appreciate the self-referential humour of a market-themed investment product, the Bull and Bear offers sovereign-backed bullion with four-nines purity and full RCM security features in a format that acknowledges its own context.

Bull and Bear Silver Round Specifications

The 38mm diameter with 5.9mm thickness produces an unusually thick coin for its width. Packing 2 oz of silver into a 38mm disc (the same diameter as a standard 1 oz coin) gives the Bull and Bear a noticeably dense, weighty feel. Tubes hold 14 coins rather than the standard 20 or 25, reflecting the doubled weight per piece.

Steven Rosati became only the third Canadian artist to develop a monarch portrait for Canadian coinage, and the first to create a portrait of King Charles III for the RCM. Julius Csotonyi, the reverse designer, is primarily a palaeoartist known for museum murals and dinosaur reconstructions, making a financial-themed coin an unusual commission.

Tax and Legal Status of the Bull and Bear

This is Canadian legal tender with a CAD $10 face value, struck in .9999 fine silver by the Royal Canadian Mint. The sovereign backing provides favourable tax treatment in multiple jurisdictions.

Canada

GST/HST exempt as investment-grade precious metal exceeding the 99.9% purity threshold. The RCM origin and .9999 purity make this eligible for RRSP (Registered Retirement Savings Plan) inclusion through approved dealers, following the same basis as the Maple Leaf. TFSA eligibility also applies for qualifying bullion held through approved structures.

United States

No federal sales tax. State-level bullion exemptions apply in approximately 35 states. RCM .9999 silver coins generally qualify for IRA inclusion on the same purity basis as the Maple Leaf, though custodian approval should be confirmed for this new issue. Capital gains taxed at up to 28% (collectibles rate).

United Kingdom

Not UK legal tender. Silver purchases attract 20% VAT. Not CGT-exempt. The .9999 purity and RCM origin do not provide any UK tax advantage because the exemptions are reserved for UK legal tender coins (Britannias, Sovereigns).

Australia and New Zealand

At .9999 purity from a recognised sovereign mint, this qualifies for GST exemption in Australia (99.9% threshold) and New Zealand (99.9% threshold for silver).

Singapore and Hong Kong

Singapore's IPM scheme exempts .999+ silver from qualifying mints. The RCM is a recognised issuer. Hong Kong has no sales tax on precious metals.

Bull and Bear vs Other 2 oz Silver Options

The 2 oz silver coin market is smaller than the 1 oz space, dominated by a handful of sovereign mint offerings. The Bull and Bear competes most directly with other RCM silver products and with the Royal Mint's Tudor Beasts series.

Against the Canadian Maple Leaf, the Bull and Bear shares .9999 purity and RCM security features, but offers twice the silver per coin at a potentially lower per-ounce premium. The Maple Leaf has decades of market recognition and trading history that the Bull and Bear, as a 2025 debut, cannot yet match. For pure liquidity, the Maple Leaf wins. For cost-per-ounce in a sovereign-backed RCM product, the Bull and Bear may be competitive.

Compared to the Royal Mint Tudor Beasts 2 oz coins (also .9999 silver, UK legal tender, CGT-exempt for UK buyers), the Bull and Bear lacks CGT exemption but typically carries lower premiums. UK buyers specifically benefit from Tudor Beasts' legal tender status; non-UK buyers face a more even comparison on purity and mint reputation.

Against American Silver Eagles, the Bull and Bear offers higher purity (.9999 vs .999), larger size, and sovereign RCM security features. Eagles have far wider recognition, especially in US markets, but at a lower purity standard.