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About the St Helena Queen's Virtues Silver
Six Virtues of the Victoria Memorial in Silver Bullion
The Queen's Virtues is a six-coin series issued as legal tender of Saint Helena, a British Overseas Territory in the South Atlantic. Produced and distributed by The East India Company (a modern luxury brand, not the historical trading company dissolved in 1874), the series is a tribute to Queen Elizabeth II inspired by the six allegorical figures on the Victoria Memorial outside Buckingham Palace. Each coin represents one virtue: Victory, Truth, Charity, Justice, Courage, and Constancy.
The six allegorical figures were sculpted by Sir Thomas Brock for the memorial, which was inaugurated in 1911 by King George V. Victory, a winged angel, tops the monument, with Constancy, Charity, and Courage beneath her. Justice and Truth are carved from marble blocks around the base. The series translates these sculptural figures into detailed coin relief, released as two designs per year from 2021 to 2023.
Silver editions are available as 1 oz coins, 5 oz coins, and bar formats at 10 oz and 250 grams. All silver coins are .999 fine. The series spans gold (.9999), silver (.999), and platinum (.9995), though the complete set of six designs is the core appeal for collectors.
Queen's Virtues Silver Specifications
| Attribute | 1 oz Silver BU | 5 oz Silver BU |
|---|---|---|
| Weight | 1 troy oz (31.1 g) | 5 troy oz (155.5 g) |
| Purity | .999 fine silver | .999 fine silver |
| Diameter | 38.61 mm | Larger format |
| Face value | £1 (St Helena pound) | Higher denomination |
| Finish | Brilliant Uncirculated | Brilliant Uncirculated |
Release Schedule
| Design | Year | Motto |
|---|---|---|
| Victory | 2021 | Victory Through Harmony |
| Truth | 2021-2022 | Truth Conquers All |
| Charity | 2022 | |
| Justice | 2022 | Let Justice Be Done |
| Courage | 2022 | By Wisdom and Courage |
| Constancy | 2023 | Final design |
The obverse across all six designs carries Ian Rank-Broadley's portrait of Queen Elizabeth II. The series was one of the last to feature Elizabeth II before her death in September 2022; the final coin (Constancy, 2023) may carry either the Elizabeth II or King Charles III effigy depending on production timing. The Saint Helena pound is pegged 1:1 to GBP, making the £1 and £100 face values more meaningful than the nominal denominations on some small-nation bullion coins.
Proof versions were produced in limited numbers (2,500 for silver proof, 250 for gold proof per design), with mirror backgrounds, frosted raised elements, and sequential numbering. Bar formats (10 oz silver, 250 g silver) extend the range for buyers seeking larger quantities.
Queen's Virtues Tax Treatment by Country
A critical distinction for UK buyers: despite being legal tender of a British Overseas Territory, Queen's Virtues coins are not UK legal tender. The Saint Helena pound is a separate currency from pound sterling. This means the coins lack the CGT exemption that applies to UK legal tender coins like Britannias and Sovereigns.
- United Kingdom: Gold editions are VAT-exempt as investment gold (legal tender coin from a recognised authority, .9999 purity). Silver editions carry 20% VAT. Not CGT-exempt. UK dealers list these as "VAT exempt [gold], CGT not exempt." This is the single most important tax fact for UK buyers considering these coins. Pre-owned silver examples may qualify for the margin scheme.
- European Union: Gold editions are VAT-exempt under the EU Investment Gold Directive (legal tender, .900+ purity, post-1800). Silver subject to local VAT rates.
- United States: The .9999 gold purity meets IRS thresholds for precious metals IRAs. IRA eligibility depends on custodian acceptance. State sales tax varies. Proof versions with limited mintage may be classified as collectibles rather than bullion by some dealers.
- Australia: Investment gold coins of .995+ purity from a recognised sovereign entity should qualify for GST exemption. Silver at .999 meets the 99.9% threshold.
- Singapore: Investment-grade precious metals are GST-exempt under the IPM scheme.
- Hong Kong: No sales tax or import duty on precious metals.
Queen's Virtues vs Britannia, Queen's Beasts, and Other Multi-Coin Series
The most relevant comparison for UK buyers is with the Silver Britannia. Both are produced by organisations associated with British coinage traditions and are available in .999 silver. The decisive difference is tax status: the Britannia is UK legal tender with CGT exemption, while the Queen's Virtues is Saint Helena legal tender without it. For UK investors who may sell at a gain, this makes the Britannia significantly more tax-efficient.
The Royal Mint's Queen's Beasts series (2016-2021) is the closest thematic parallel: both are multi-design series with symbolic themes released across several years. The Queen's Beasts featured 10 heraldic designs, ran for five years, and was UK legal tender with CGT exemption. It also had higher mintage and deeper secondary market liquidity. The Queen's Virtues, with six designs and lower mintage, occupies a more niche collector space.
Against other Saint Helena coins, the Queen's Virtues shares its issuing territory with the Una and the Lion and Three Graces series. All are produced under the East India Company brand, carry Saint Helena legal tender status, and share the same tax characteristics (VAT-free gold, no UK CGT exemption). Collectors drawn to one tend to be aware of the others.
The series' appeal lies in the complete six-design set, the sculptural quality derived from the Victoria Memorial figures, and the lower mintage that positions it as a collector-bullion crossover. Buyers focused purely on silver weight accumulation at the lowest premium will find better value in mainstream bullion. The Queen's Virtues suits collectors who value thematic coherence, limited production, and the Victoria Memorial's artistic heritage.
St Helena Queen's Virtues Silver: frequently asked questions
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Prices track the underlying metal closely. Compare live offers from 2 dealers across 4 listings on this page, all updated as of recently. The floor price for any Queen's Virtues coin is set by the $65.58 spot price, with premiums varying by weight, finish, and metal.
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The Queen's Virtues is a six-coin tribute to Queen Elizabeth II, each depicting an allegorical figure from the Victoria Memorial outside Buckingham Palace: Victory, Truth, Charity, Justice, Courage, and Constancy. The series launched in 2020 and ran through 2023, with two coins issued per year. It is available in silver (1 oz, 5 oz), gold (1 oz), and platinum (1 oz and 1/10 oz), all struck to investment-grade purities.
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The coins are issued by East India Company (a modern London-based brand, not the historical trading company) as legal tender of Saint Helena, a British Overseas Territory in the South Atlantic. The East India Company licenses the name from the UK Treasury and has produced multiple numismatic coin programmes for Saint Helena.
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No. Although these coins are legal tender of Saint Helena, they are not UK legal tender, so UK CGT exemption does not apply. UK investors selling Queen's Virtues coins may owe tax on gains at 18% or 24% depending on their income band, with a £3,000 annual exempt amount. In the US, precious metals gains are taxed at up to 28%; in Canada, 50% of any gain is included in taxable income.