Stingray Silver

Scottsdale Mint's Caribbean Silver Bullion Coin

The Stingray is a 1 oz .999 fine silver bullion coin struck by Scottsdale Mint for the Cayman Islands Monetary Authority (CIMA). It belongs to the broader Cayman Islands Sea Life coin programme, which launched in 2017 with the Blue Marlin and expanded in 2023 to include the Stingray and Loggerhead Turtle as rotating annual designs. Each year features a different marine creature from Cayman waters, with proof-like finishing and a mintage of 25,000 for the silver version.

The coin is legal tender in the Cayman Islands with a face value of KYD $1. The KYD is pegged to the US dollar at approximately 1 KYD = 1.20 USD, making the face value marginally higher in absolute terms than many bullion coin denominations, though still far below melt value. Scottsdale Mint, based in Arizona, handles production, and their lion hallmark appears on each piece as a maker's mark.

For buyers comparing Caribbean-issued bullion, the Stingray sits alongside the EC8 series (also struck by Scottsdale Mint for Eastern Caribbean States) and the Fiji Taku Hawksbill Turtle (struck by the New Zealand Mint). All three follow the same model: a private mint striking legal tender coins on behalf of a small-nation issuing authority. The Stingray's 25,000 mintage is tighter than many sovereign bullion programmes but looser than collector-grade issues, placing it in the collector-bullion crossover space where premiums tend to exceed those of mass-produced coins like the Silver Kangaroo or Silver Philharmonic.

The Stingray reverse depicts a Southern Stingray gliding through water, referencing Stingray City, a famous sandbar in Grand Cayman's North Sound where wild stingrays have congregated for decades. Originally attracted by fishermen cleaning their catch, the stingrays now draw hundreds of thousands of tourists annually. The obverse carries the Cayman Islands Coat of Arms, featuring a green turtle and pineapple with the motto "He hath founded it upon the seas."

Stingray Silver Coin Specifications

The Sea Life programme also includes gold versions in 1 oz (.9999 fine, KYD $5 face value) and 1/10 oz (.9999 fine) sizes. Gold mintage is far more limited at 1,000 pieces per year. Each coin ships with a Certificate of Authenticity.

The .999 silver purity matches most modern bullion coins, including the Silver Britannia, American Silver Eagle, and Silver Krugerrand. It falls short of the .9999 standard used by the Silver Maple Leaf and the Silver Kangaroo, though the practical difference in silver content is negligible.

Tax Treatment for Cayman Islands Silver Bullion

The Cayman Islands themselves have no income tax, capital gains tax, or sales tax, making the coins tax-free within that jurisdiction. For buyers elsewhere, the treatment depends on their home country's rules for foreign legal tender silver.

United Kingdom

Silver bullion is subject to 20% VAT in the UK regardless of legal tender status, since only investment gold receives a VAT exemption under retained EU law. The Stingray silver coin carries the full 20% VAT at point of sale. On disposal, it is subject to Capital Gains Tax at the individual's rate (18% or 24%) with a £3,000 annual exemption. It is not CGT-exempt because CGT exemption applies only to UK legal tender coins (Britannias, Sovereigns).

United States

Sales tax treatment varies by state. As a foreign legal tender coin meeting the .999 purity threshold, the Stingray qualifies for bullion exemptions in the roughly 35 states that exempt precious metals from sales tax. In states with partial exemptions (California over $2,000, Florida over $500, New York over $1,000), the threshold applies to the transaction total. Capital gains on silver are taxed at the collectibles rate of up to 28% for long-term holdings, or as ordinary income for short-term.

Canada

Investment-grade silver bullion at 99.9%+ purity is GST/HST-exempt in Canada. The Stingray's .999 purity clears this threshold. Capital gains are subject to a 50% inclusion rate.

Australia

Silver meeting the 99.9% purity threshold is GST-free. The Stingray at .999 (99.9%) qualifies. The 50% CGT discount applies for holdings over 12 months.

From Blue Marlin to Three-Animal Rotation

The Cayman Islands Sea Life programme began in 2017 as a single-design series featuring the Blue Marlin, struck annually by Scottsdale Mint for CIMA. The Blue Marlin appeared every year from 2017 through 2021, with the 2018 edition including a special colourised variant with the marlin painted blue. No coins were issued in 2022, breaking the otherwise uninterrupted annual sequence. No public explanation for the gap has surfaced.

In 2023, the programme expanded significantly. Two new marine animals joined the rotation: the Stingray and the Loggerhead Turtle. This transformed the series from a single-subject annual issue into a three-animal collection cycling through Blue Marlin, Stingray, and Loggerhead Turtle on a rotating basis. The expansion reflected CIMA's strategy to broaden the programme's appeal by showcasing more of the Cayman Islands' marine biodiversity.

The Stingray design references one of Grand Cayman's most famous natural attractions. Stingray City, a shallow sandbar in the North Sound, became a wildlife encounter site when fishermen traditionally cleaned their catch at the sandbar, attracting wild Southern Stingrays. The location evolved into a world-renowned tourist attraction drawing hundreds of thousands of visitors annually. Christopher Columbus named the islands "Las Tortugas" (The Turtles) when he encountered them in 1503, connecting the turtle theme to the earliest European contact with the islands five centuries before the stingray became their most famous marine resident.

CIMA's Currency Division in George Town sells silver coins directly at USD $50 / KYD $40.75, a retail price well above spot that reflects the limited-edition nature of the programme. For the secondary market, Scottsdale Mint's strong US distribution network means the coins are available through major dealers including JM Bullion and APMEX.

Stingray vs Other Marine-Themed Silver Bullion

Several bullion programmes feature marine or wildlife themes from island nations. The Stingray competes most directly with the Fiji Taku Hawksbill Turtle, the Eastern Caribbean States EC8 series, and various Perth Mint marine-themed issues.

The Fiji Taku follows the same model as the Stingray: a private mint (New Zealand Mint) striking legal tender coins for a Pacific island nation. The Taku has been available longer and carries broader market recognition, though its distribution is less US-focused than the Scottsdale-struck Stingray.

The EC8 series is the closest structural parallel. Also struck by Scottsdale Mint, the EC8 coins are legal tender of the Eastern Caribbean States and feature Caribbean marine and nature themes. Buyers choosing between EC8 and Cayman Sea Life coins are essentially comparing different Caribbean issuing authorities with the same manufacturer.

Perth Mint produces several marine-themed coins, including the Australian Loggerhead Turtle and the Silver Swan. Perth Mint products carry stronger secondary market liquidity due to the mint's global brand recognition, larger production scale, and established collector following. The tradeoff is that Perth Mint coins are produced in far higher quantities (the Swan at 25,000, others in the hundreds of thousands), making them less exclusive than the Cayman issues.

The Somalia Elephant, struck by the Bavarian State Mint for the Somali government, shares the Stingray's annual-design model with annually changing wildlife themes. The Elephant has higher mintages and stronger secondary market recognition built over many years of consistent production. For buyers prioritising long-term liquidity and dealer buyback acceptance, established series like the Somalia Elephant or the Silver Kookaburra offer a more proven track record. The Stingray appeals instead to collectors drawn to Caribbean marine life, Scottsdale Mint's production quality, and the tighter mintage numbers.