Snow Falcon Silver

The RCM's Arctic Predator in 1.5 Ounces of Four-Nines Silver

The Snow Falcon is a 2016-only bullion coin from the Royal Canadian Mint featuring the gyrfalcon, the largest falcon species in the world. It belongs to the RCM's 1.5 oz silver bullion programme, a distinctive line of coins that ran from 2013 to 2018 with a different Canadian Arctic wildlife design each year. The programme offered an alternative to the standard 1 oz format, packing 50% more .9999 fine silver into the same 38 mm diameter by increasing the coin's thickness to 4.5 mm.

For stackers focused on accumulating silver weight efficiently, the 1.5 oz format has a practical appeal. Each coin delivers more metal than a standard 1 oz Silver Maple Leaf at the same four-nines purity, and the larger per-coin weight means fewer pieces to handle and store for a given stack size. Tubes of 15 coins hold 22.5 troy ounces of silver, a respectable quantity in a compact package.

The gyrfalcon depicted on the reverse is native to the Arctic and subarctic regions of Canada. Historically prized in Viking and medieval Norse falconry, a white gyrfalcon was considered a gift fit for royalty. The coin captures the bird mid-flight with wings fully spread, showcasing the power and wingspan that make it the apex predator among falcons. As a single-year issue, the Snow Falcon is no longer in production, so remaining dealer stock represents what is available in the market.

Snow Falcon Technical Specifications

The 38 mm diameter is identical to the standard 1 oz Maple Leaf, which means the Snow Falcon fits standard 38 mm coin capsules despite containing 50% more silver. The additional metal is accommodated entirely by the greater thickness of 4.5 mm compared to roughly 3 mm for a typical 1 oz coin. The RCM incorporated radial lines on both the obverse and reverse as an anti-counterfeiting measure, creating a light-diffracting pattern that is difficult to replicate and visible under magnification.

The obverse carries Susanna Blunt's portrait of Queen Elizabeth II, notable as the first design since the 1930s to depict the monarch without a crown. This uncrowned portrait was distinctive among Commonwealth coinage during its years of use.

Snow Falcon Tax Treatment by Country

The Snow Falcon is Canadian legal tender with a face value of $8 CAD, fully backed by the Government of Canada. Its tax treatment follows the standard rules for silver bullion in each jurisdiction, with the .9999 purity meeting or exceeding all investment-grade thresholds.

• Canada: GST/HST exempt. Investment-grade silver refined to 99.9% purity or higher in coin form is zero-rated for federal sales tax purposes, and the Snow Falcon's .9999 purity comfortably exceeds this threshold.
• United States: IRA-eligible. The .9999 purity exceeds the .999 minimum required under IRS Section 408(m) for tax-advantaged precious metals retirement accounts. State sales tax varies; roughly 35 states exempt bullion purchases, with some applying threshold-based partial exemptions.
• United Kingdom: Subject to 20% VAT on silver bullion. Not CGT-exempt, as CGT exemption applies only to UK legal tender coins (such as Silver Britannias). The margin scheme may apply on pre-owned examples, reducing the effective VAT to a small percentage of the dealer's margin.
• European Union: Subject to local VAT rates on silver, typically 17% to 27% depending on the country. Germany offers a margin scheme (Differenzbesteuerung) on imported silver coins.
• Australia: GST-exempt as investment-grade silver. The .9999 purity exceeds Australia's 99.9% threshold for GST-free precious metals.
• Singapore: Qualifies for GST exemption under the Investment Precious Metals (IPM) scheme, which requires silver purity of 99.9% or higher.
• Hong Kong: No sales tax or import duty on precious metals.

Snow Falcon vs Other 1.5 oz RCM Wildlife Coins and Standard Silver Bullion

The Snow Falcon sits within the RCM's 1.5 oz programme alongside five other Canadian wildlife designs. The 2013 Polar Bear inaugurated the series, followed by the 2014 Arctic Fox, 2015 Polar Bear and Cub, the Snow Falcon in 2016, 2017 Grizzly Bear, and the 2018 Snowy Owl. All share identical specifications: 1.5 troy ounces of .9999 fine silver at 38 mm diameter. The Snowy Owl, released two years later, added a laser-engraved maple leaf privy mark as a security upgrade that the Snow Falcon lacks.

Against the RCM's own flagship Silver Maple Leaf, the Snow Falcon trades a lower per-ounce premium for the standard coin's deeper market liquidity and near-universal dealer recognition. The Maple Leaf at 1 oz is the most widely traded silver coin in the world and commands the tightest bid-ask spreads. The Snow Falcon's 1.5 oz format means fewer coins per given weight of silver, which reduces handling but creates a less liquid resale market since fewer dealers quote the format routinely.

Compared to the 1 oz Silver Britannia from the Royal Mint, the Snow Falcon offers higher purity (.9999 vs .999) and more silver per coin, but the Britannia carries CGT exemption for UK residents, a significant tax advantage that outweighs purity differences for UK-based buyers. The 1 oz American Silver Eagle at .999 purity is the dominant coin in the US market, with IRA eligibility that the Snow Falcon also shares thanks to its exceeding the .999 threshold.

On the secondary market, the Snow Falcon tends to trade at a modest premium above generic silver rounds of similar weight, reflecting its government-backed status and limited single-year availability. Earlier designs in the 1.5 oz programme, particularly the Polar Bear, often command higher secondary market premiums due to their inaugural status and lower remaining availability.