Royal Mint Lunar Silver

The Royal Mint Lunar (Shengxiao Collection) Silver Coins

The Royal Mint's Lunar series, formally called the Shengxiao Collection (shengxiao is the Chinese term for the zodiac cycle), bridges British minting tradition with Chinese zodiac heritage. Launched in 2014 with the Year of the Horse, the first 12-year cycle ran through 2025 (Year of the Snake), and a second cycle began in 2026 with a new Horse design. The series is designed primarily by Wuon-Gean Ho, a British-Chinese print artist specialising in wood engravings, whose background brings an artistic sensibility quite different from the typical coin engraver.

For UK investors, the Shengxiao Collection has one crucial advantage over the Perth Mint Lunar and PAMP Lunar series: as UK legal tender, these coins are CGT-exempt on disposal. A UK buyer selling Perth Mint Lunar coins at a profit owes Capital Gains Tax; a Royal Mint Lunar coin at the same profit owes nothing. This makes the series particularly attractive for long-term holders who expect silver to appreciate.

The 1 oz silver Royal Mint Lunar is the core bullion format, struck in .999 fine silver with a £2 face value. The series has a significant production caveat: from 2021 onward, the Royal Mint discontinued bullion-grade silver releases, offering only Proof and Brilliant Uncirculated finishes at substantially higher premiums. Pre-2021 bullion-grade silver Lunar coins are available on the secondary market, with premiums rising since the discontinuation cut off new supply. Post-2020 releases remain available in silver but at collector pricing rather than bullion pricing.

This production shift has made the series more of a hybrid collector-investment product than a pure bullion play. Buyers should be aware of the price distinction between pre-2021 bullion grades (still trading close to bullion premiums, though rising) and post-2020 proof/BU grades (significantly higher premiums that are driven by numismatic rather than metal value).

Shengxiao Collection Silver Denominations

The 1 oz gold coins are .9999 fine with a diameter of 38.61 mm and thickness of 2.7 mm. Silver coins use .999 fineness with a milled edge.

Zodiac Cycle and Designers

Security and Design Features

• Guilloche background design on the obverse, introduced with the series
• The number 8 is incorporated into each coin's design or mintage, reflecting its status as the luckiest number in Chinese culture
• The obverse transitioned from Queen Elizabeth II (Ian Rank-Broadley portrait 2014-2015, Jody Clark portrait 2016-2023) to King Charles III (Martin Jennings portrait, 2024 onward)

Royal Mint Lunar Tax Treatment by Country

As UK legal tender coins from The Royal Mint, Shengxiao Collection coins carry the full suite of British bullion tax advantages, making them the most tax-efficient lunar-themed silver coins available to UK residents.

United Kingdom

All Royal Mint Lunar coins are CGT-exempt for UK residents. This is the series' principal advantage over Perth Mint Lunar coins and PAMP Lunar bars, neither of which qualify for UK CGT exemption. Gold Lunar coins are also VAT-free under the investment gold exemption. Silver Lunar coins carry 20% VAT on purchase. The combination of 20% VAT entry cost and zero CGT on exit makes the hold period calculation important: the longer the holding period and the larger the gain, the more the CGT exemption offsets the initial VAT.

United States

No federal sales tax. State sales tax varies. UK legal tender coins meeting the .999 silver purity threshold are generally IRA-eligible, though confirmation with a specific custodian is recommended. Capital gains on silver are taxed at the collectibles rate of up to 28%.

Canada

Silver at 99.9% purity or higher is GST/HST-exempt. The .999 purity qualifies. RRSP eligibility is available for qualifying coins. Capital gains follow the 50% inclusion rate.

Australia

Investment-grade silver at 99.9% purity or higher is GST-free. The .999 purity meets this threshold. The 50% CGT discount applies for holdings over 12 months.

Singapore and Hong Kong

Singapore exempts qualifying silver coins (99.9%+ purity, legal tender) from GST under the IPM scheme. The Royal Mint Lunar coins qualify as legal tender coins. Hong Kong charges no tax on silver bullion. In both markets, the zodiac theme has particular cultural resonance, driving demand beyond the silver content.

European Union

Gold coins are VAT-exempt under the EU investment gold directive. Silver coins are subject to the standard VAT rate of the member state (17-27%). The margin scheme may apply on secondary market silver in some countries, notably Germany and the Netherlands.

The First British Lunar Coins

The Royal Mint launched the Shengxiao Collection in 2014, entering a market that the Perth Mint had dominated since 1996. The timing was pragmatic rather than culturally driven: the series began with the Year of the Horse, the seventh animal in the Chinese zodiac cycle, rather than the traditional first animal, the Rat. Production decisions aligned with the Royal Mint's bullion programme schedule, not the zodiac sequence.

Wuon-Gean Ho, the primary reverse designer for the first four years (2014-2017), brought an unusual background to coin design. As a print artist specialising in wood engravings, her approach produced designs with a fine-lined, textured quality distinct from the smoother engraving style typical of coin design. Her British-Chinese heritage made her a fitting choice for a series that bridges the two cultures. Subsequent designers, including Harry Brockway (2018-2019) and P.J. Lynch (2020-2021), each brought their own artistic interpretation, creating visible stylistic shifts across the cycle.

The incorporation of the number 8 throughout the series reflects genuine cultural sensitivity. In Chinese numerology, 8 is the luckiest number, associated with prosperity and fortune. Its presence in design elements and mintage figures was a deliberate nod to the culture the series celebrates.

The most significant change came in 2021, when the Royal Mint discontinued bullion-grade silver releases. From that point, only Proof and Brilliant Uncirculated versions were available, at premiums that shifted the series from investment bullion toward collector territory. This decision proved controversial among investors who valued the series as a low-premium, CGT-exempt alternative to the silver Britannia. Pre-2021 bullion-grade silver Lunar coins have seen secondary market premiums climb as a result.

The first cycle completed in 2025 with the Year of the Snake, and the second cycle began in 2026 with a new Year of the Horse design. Mintage variation across the first cycle was wide: the 2014 Horse silver bullion coin had 300,000 pieces, while proof editions numbered in the low hundreds.

Royal Mint Lunar vs Perth Mint Lunar, PAMP Lunar, and Britannia

The Perth Mint Lunar Series is the original and most established zodiac bullion programme. Perth has run three complete or ongoing series: Series I (1996-2007), Series II (2008-2019), and Series III (2020-2031). Perth offers a wider weight range, higher mintage, global distribution, and unbroken bullion-grade production that the Royal Mint's series lacks post-2020. Perth Mint Lunar coins are .9999 silver, one step above the Royal Mint's .999. For pure liquidity and depth of secondary market, Perth has the clear advantage. For UK buyers, the Royal Mint's CGT exemption remains the decisive differentiator.

The PAMP Lunar series offers zodiac-themed silver in bar format rather than coins. As Swiss refinery bars, PAMP Lunars have no legal tender status and no CGT exemption in any jurisdiction. Their appeal lies in PAMP's Veriscan authentication, Swiss refinery prestige, and the choice between the completed Calendar Series (2012-2023) and the ongoing Legend Series (2024+). For buyers who want the lunar theme without paying the premium for legal tender status, PAMP bars typically offer lower premiums per gram than Royal Mint coins.

Against the silver Britannia, the Royal Mint Lunar shares CGT exemption, UK legal tender status, and .999 purity. The Britannia has unlimited mintage, lower premiums, the four-feature security suite (from 2021), and continuous bullion-grade availability. The Lunar's advantages are the annual design change and the collecting potential of completing a zodiac set. Since the bullion-grade discontinuation in 2021, the premium gap between the two has widened, particularly for post-2020 proof and BU releases.

The Queen's Beasts and Tudor Beasts offer the same CGT exemption with their own annually changing designs. Both use a 2 oz silver format at .9999 purity. For UK investors specifically wanting CGT-exempt silver with annual variety, all three series serve the same fundamental purpose, and the choice comes down to design preference, format (1 oz vs 2 oz), and secondary market pricing.