Rwandan Lunar Ounce Silver

Rwanda's Chinese Zodiac Silver Series

The Rwandan Lunar Ounce is an annual coin programme following the 12-year Chinese zodiac cycle, launched in 2017 with the Year of the Rooster and scheduled to complete in 2028 with the Year of the Monkey. Like its sister programmes (the African Ounce and the Nautical Ounce), it is issued by the National Bank of Rwanda and struck by BH Mayer Kunstprageanstalt GmbH in Munich, Germany.

The series' defining visual feature is the "cracked ice" or "shattered glass" finish on the zodiac animal. Each creature's body is rendered as a mosaic of angular tiles or fragments, creating a textured surface that blends frosted and mirrored finishes in a way that resembles stained glass or fractured ice. No competing lunar programme uses a comparable surface treatment, making the Rwandan Lunar instantly recognisable even among the crowded field of zodiac-themed bullion.

The standard product is a 1 oz .999 fine silver coin with a face value of 50 Rwandan Francs. Gold (1 oz, .999 fine) and platinum (1 oz, .9995 fine) versions are produced in extremely limited quantities, with some platinum issues reportedly as low as 88 pieces. Mintages across the programme are deliberately kept tight. The 2026 Horse in silver has a mintage of just 1,000 pieces, making it one of the scarcest modern 1 oz silver bullion coins available.

Rwanda Lunar Ounce Formats and Mintage

Zodiac Animals by Year

The silver coin has a reeded edge and is produced in Brilliant Uncirculated finish. Some years include a 2 oz silver proof variant alongside the standard 1 oz BU. The obverse features the coat of arms of the Republic of Rwanda, with inscriptions in Kinyarwanda identifying the issuing authority and denomination. The reverse carries the cracked-ice zodiac animal as the central design element, surrounded by "LUNAR OUNCE," "YEAR OF THE [ANIMAL]," the year of issue, and weight and purity markings.

The platinum versions at .9995 fine are notable because they exceed the .999 standard seen on the silver and gold. This places the platinum Lunar Ounce among the highest-purity platinum bullion coins available, meeting the IRS requirement for platinum IRA holdings (.9995+ fine).

Rwanda Lunar Ounce Tax Treatment

The Lunar Ounce coins are legal tender of the Republic of Rwanda, denominated in Rwandan Francs. The face values (50 RWF for silver, 100 RWF for gold and platinum) are nominal, worth fractions of a US dollar, but the sovereign legal tender status is relevant for tax classification in several markets.

United Kingdom: Gold Lunar Ounce coins are VAT-free under the investment gold exemption (post-1800 legal tender coins at 900+ millesimal fineness). Silver coins are subject to 20% VAT. The margin scheme may be available on pre-owned silver examples. Neither gold nor silver versions are CGT-exempt, as they are not UK legal tender. CGT exemption in the UK applies only to coins that are legal tender of the United Kingdom itself, such as Britannias.

United States: All three metals are plausibly IRA-eligible. Silver (.999) and gold (.999) meet the IRS purity thresholds of 99.9% and 99.5% respectively, while platinum (.9995) meets the 99.95% requirement. The coins are sovereign government-issued legal tender. IRA custodian acceptance of Rwandan coinage may vary, so buyers should confirm eligibility with their custodian. No federal sales tax applies. Roughly 35 states exempt precious metals from state sales tax.

Canada: Some Canadian dealers list the Rwandan Lunar coins as tax-free, indicating GST/HST exemption for precious metals refined to 99.9%+ purity in coin form. Provincial treatment may vary.

European Union: Gold coins are VAT-exempt as investment gold. Silver and platinum are subject to local VAT rates. Germany, the primary European market due to the BH Mayer connection, charges 19% on silver, with the margin scheme (Differenzbesteuerung) available for second-hand coins.

Singapore: Investment Precious Metals at 99.9%+ purity (silver), 99.5%+ (gold), and 99%+ (platinum) on the MAS-approved list are GST-exempt. Qualifying coins from sovereign governments should meet IPM criteria. Hong Kong has no sales tax on precious metals.

The Cracked-Ice Zodiac

Rwanda's adoption of the Chinese zodiac for a coin series is a purely commercial decision. Rwanda has no cultural connection to the Chinese zodiac calendar, but the 12-animal cycle has proven itself as one of the most successful frameworks for annual bullion series worldwide. The Perth Mint's Lunar programme (now in its third iteration), the Royal Mint's Shengxiao collection, the Royal Canadian Mint's lunar series, and several other programmes all follow the same 12-year zodiac structure. The theme has universal collector appeal and a built-in set-completion incentive.

BH Mayer Mint's execution of the Rwandan Lunar Ounce differentiates it through the cracked-ice finish. Each zodiac animal is rendered as a mosaic of angular fragments, creating a surface that combines frosted and mirror-finish elements in an effect resembling shattered glass or stained window panes. This technique appears to be proprietary to the Rwanda/BH Mayer partnership, as no competing lunar programme uses a comparable treatment. The animals are depicted in dynamic poses appropriate to each species: the rat standing on hind legs (2020), the tiger in a stalking pose (2022), the horse running (2026).

The series launched in 2017 with the Rooster, nine years after BH Mayer and Rwanda began their collaboration with the African Ounce wildlife series in 2008. By 2017, the African Ounce had established Rwanda as a legitimate issuing authority in the bullion market, giving the Lunar Ounce a foundation of dealer relationships and collector awareness to build on. The same year also saw the launch of the Nautical Ounce, creating three parallel Rwandan coin programmes with distinct themes.

Mintages have remained deliberately low throughout the programme's run. The 2026 Horse at just 1,000 silver pieces represents an exceptionally tight supply for any 1 oz silver bullion coin. For context, the Perth Mint Lunar III series produces millions of coins per year. The scarcity is intentional: BH Mayer positions the Rwandan Lunar as a collector-grade product rather than a mass-market stacking coin, and early-year issues have already begun to command premiums on the secondary market.

Rwanda Lunar vs Perth, Royal Mint, and Other Zodiac Series

The Perth Mint Lunar programme is the benchmark for zodiac-themed silver bullion. Now in its third iteration (Lunar III, launched 2020), Perth has produced lunar coins since 1999 with enormous mintages, global distribution, and the highest market recognition of any zodiac series. Perth uses traditional photorealistic engraving and offers sizes from 1/2 oz to 10 kg. The Rwandan Lunar cannot compete on liquidity, availability, or recognition. It competes on distinctiveness: the cracked-ice finish, the limited mintages, and the resulting collector appeal.

The Royal Mint's Shengxiao collection is the UK-market lunar series. These coins carry UK legal tender status and are therefore CGT-exempt for UK buyers, a significant tax advantage that no Rwandan coin can match. The Royal Mint series uses a contemporary Asian-influenced design style distinct from both Perth's photorealism and Rwanda's cracked-ice treatment.

The Royal Canadian Mint's zodiac series offers higher mintages and lower premiums than the Rwandan Lunar, with the universal liquidity of RCM products. PAMP Suisse produces lunar-themed bars and rounds in a different format entirely. The Asahi Lunar series from the Japanese-heritage mint offers rounds without legal tender status.

The Rwandan Lunar's key differentiators are the cracked-ice surface treatment (unique in the market), the extremely low mintages (as low as 1,000 for silver), and the availability in platinum (mintages as low as 88 pieces). For collectors who want a lunar series that stands apart visually and will be genuinely scarce on the secondary market, the Rwandan Lunar offers something that higher-volume programmes cannot. For buyers focused on pure silver accumulation at the lowest premium per ounce, the Perth Lunar III or a mainstream sovereign coin will be the more practical choice.