Swan Silver

Perth Mint's Limited-Mintage Annual Silver Coin

The Perth Mint Swan is an annual limited-mintage silver bullion coin launched in April 2017. The inaugural 1 oz silver coin, with a mintage of just 25,000 pieces, sold out worldwide in under 48 hours, immediately establishing the series as one of the most sought-after annual releases in the bullion market. That pattern has repeated each year since, with the silver version maintaining a consistent 25,000-piece mintage across every release.

The black swan is the official bird emblem of Western Australia. Perth itself sits on the Swan River, where the Swan River Colony was established in 1829, and a stylised swan features in the Perth Mint's own logo. Despite these deep symbolic connections, it took until 2017 for the Mint to put a swan on a bullion coin. The series was modelled on the success of the Silver Kookaburra (launched 1990) and the Silver Koala (launched 2007), applying the same annual-design, limited-mintage formula.

Each year features a unique reverse design depicting swans in different poses and settings, and no design is repeated. The coin is struck in .9999 fine silver, matching the Silver Maple Leaf and Silver Kangaroo for the highest purity standard in bullion. It is legal tender in Australia under the Currency Act 1965, with a nominal face value of AUD $1.

The Swan sits in a specific market niche between pure bullion and numismatic collecting. Its .9999 purity and government backing provide bullion credibility, its low mintage drives collector premiums, and its annually changing designs encourage year-on-year collecting. Early issues, particularly the 2017 inaugural coin, trade at significant multiples of melt value on the secondary market.

Swan Silver and Gold Coin Specifications

Collector Variants

• 1 oz Silver Proof: approximately 2,500 mintage per year, with mirror-finish fields and frosted design elements
• 1 oz Gold Proof High Relief: extremely limited (188 pieces in some years)
• 5 oz Silver Proof High Relief: 500 pieces (introduced 2023)
• 1 oz Silver Coloured: limited editions from 2024 onward

Perth Mint's micro-laser engraved authentication mark appears on later issues, detectable under magnification. Each coin ships in a protective acrylic capsule. The Perth Mint "P" mintmark appears on all versions.

Swan Tax Treatment by Country

As Australian legal tender under the Currency Act 1965, the Swan's tax treatment is governed by each country's rules for foreign sovereign-issued bullion coins.

Australia

The silver Swan at .9999 purity qualifies as GST-free under Australia's investment-grade precious metals rules (silver must be 99.9%+ pure). Gold versions are also GST-free, with the lower threshold of 99.5% applying to gold. Capital gains are subject to CGT, with a 50% discount for individuals holding longer than 12 months.

United Kingdom

Gold Swan coins are VAT-exempt as investment gold. Silver Swan coins are subject to 20% VAT, though they may be available under the margin scheme from dealers selling pre-owned stock. The Swan is not CGT-exempt in the UK. CGT exemption applies only to UK Royal Mint legal tender coins (Britannias and Sovereigns). Australian coins, regardless of their quality or issuing authority, do not qualify. Gains are taxed at the standard CGT rates with a £3,000 annual exemption.

United States

The Swan is IRA-eligible as a .9999 fine government-issued coin, exceeding the IRS requirement of 99.9% for silver in retirement accounts. Sales tax varies by state, with approximately 35 states exempting investment bullion. Long-term capital gains are taxed at the collectibles rate of up to 28%.

Canada

Silver at 99.9%+ purity is GST/HST-exempt under the Excise Tax Act. The Swan's .9999 purity clears this easily. Capital gains are subject to the 50% inclusion rate.

New Zealand

Fine silver at 99.9%+ purity is GST-exempt. Perth Mint coins are well-recognised in the Australasian market and available through NZ dealers such as MyGold. No formal CGT applies in New Zealand.

Singapore

Silver coins that are or were legal tender at 99.9%+ purity qualify as Investment Precious Metals (IPM), exempt from the 9% GST. The Swan meets both criteria. Singapore has no capital gains tax.

The Swan Series Year by Year

The 2017 inaugural Swan coin created immediate excitement. The entire 25,000-piece silver mintage sold out in less than 48 hours after release, and secondary market prices spiked to $55-60 within days, roughly three times the melt value at the time. This instant sellout set the tone for the series and triggered strong collector demand for subsequent years.

The 2017 design depicts a single swan swimming on water, the only release in the first several years to feature just one bird. The 2018 design introduced a second figure with an adult swan accompanied by a cygnet, and rippling water effects added depth to the composition. The 2019 design continued the family theme with a swan swimming alongside a cygnet in the foreground and a second swan visible in the background.

From 2020, the designs shifted to new compositions. The 2020 coin returned to a single swan, the 2021 featured a swan gliding across smooth water, and the 2022 showed two swans floating gracefully on the surface. The 2023 release was a transitional year for the obverse: Queen Elizabeth II's portrait appeared with the memorial dates "1952-2022" marking her reign. By 2024, the obverse updated to Dan Thorne's effigy of King Charles III. The 2024 reverse, designed by an unnamed Perth Mint artist, depicts a swan flapping its wings while settling on water, with a night sky, full moon, and stars forming the background. The 2025 design shows a swan with outstretched wings standing in shallow waters, with mountains and a rising sun behind it.

Each year's design is unique and will not be repeated, following the model established by Perth Mint's Kookaburra and Koala series. This non-repeating approach encourages year-on-year collecting and gives each vintage distinct secondary market value, with the earliest years typically commanding the highest premiums.

Swan vs Other Perth Mint and Limited-Mintage Silver Series

The Swan's 25,000 silver mintage is the lowest of any regular Perth Mint annual bullion series, and this scarcity is the defining factor in how the coin compares to alternatives.

The Silver Kangaroo, Perth Mint's flagship silver bullion coin, has unlimited mintage. It is designed for pure investment with the lowest premiums among Perth Mint coins and maximum liquidity. The Swan trades at meaningfully higher premiums than the Kangaroo and is bought by a different audience: collectors who value limited editions and potential appreciation over cost-per-ounce efficiency.

The Silver Kookaburra has a 500,000-piece annual mintage and has been running since 1990, the longest of Perth Mint's annual design series. The Kookaburra's much larger mintage means lower premiums and greater secondary market availability, though 36 years of annual designs have built a deep and active collector base. For buyers wanting a Perth Mint annual-design coin at a more accessible price point, the Kookaburra is the natural step down from the Swan.

The Silver Koala launched in 2007 with limited mintages of its own, though typically higher than the Swan. It follows the same collector-bullion hybrid model with Australian fauna themes and annually changing designs.

Outside Perth Mint, the closest comparison in terms of limited-mintage government-issued silver is the Chinese Silver Panda, which also features annual design changes and tighter mintages than mass-market bullion coins. The Panda has a longer history (since 1983) and stronger recognition in Asian markets. The Silver Britannia and American Silver Eagle have mintages in the millions and trade at lower premiums; they serve a fundamentally different purpose as high-liquidity investment vehicles rather than collectible bullion.

For UK buyers specifically, the Swan's lack of CGT exemption is a meaningful differentiator. The Silver Britannia, also at .999 purity and unlimited mintage, offers CGT exemption as UK legal tender. A buyer concerned about future capital gains would favour the Britannia despite its less exclusive character.