The Lion and The Eagle Silver

The Royal Mint's Anglo-American Bullion Coin

The Lion and The Eagle is a bullion coin from The Royal Mint that unites two national heraldic symbols: the British lion and the American bald eagle. Launched in 2024, it is the first bullion series from a sovereign mint to be designed by John M. Mercanti, the former 12th Chief Engraver of the United States Mint (2006-2010) and the designer of the iconic reverse of the American Silver Eagle. Mercanti is the only person to have designed official bullion coins for both the US Mint and The Royal Mint.

The silver version is struck in .999 fine silver with a face value of £2, making it UK legal tender. This confers two significant tax advantages for UK buyers: gold versions are VAT-exempt as investment gold, and all versions (gold and silver) are CGT-exempt for UK residents, the same exemption that applies to the Silver Britannia and the Gold Sovereign. For UK silver buyers, this CGT exemption is a meaningful differentiator because silver coins from foreign mints (including the Silver Maple Leaf, American Silver Eagle, and Perth Mint products) do not qualify.

The series operates as an unlimited-mintage bullion programme, not a limited collector issue, with monster boxes of 500 (silver) and 100 (gold) available for volume buyers. The 2024-2025 issues carry Mercanti's reverse design. A new reverse by Jonathan Olliffe was introduced for 2026, establishing this as a rotating-design series with potential for annual collector interest alongside its bullion accessibility.

The Royal Mint has been deliberately expanding into the US bullion market, and the Mercanti connection gives the Lion and Eagle strong recognition among American buyers who know his work from the Silver Eagle reverse. This transatlantic design angle is unique in the bullion world, with no other series explicitly bridging two nations' heraldic traditions on a single coin.

Lion and Eagle Denominations and Dimensions

Silver

Gold

Packaging follows Royal Mint bullion standards: individual capsules, tubes of 20 (silver) or 10 (gold), and monster boxes of 500 (silver) or 100 (gold). Proof and collector editions exist alongside the bullion range, including a 5 oz silver proof (limited to 1,510 pieces) and a 2 oz silver reverse proof with Liberty Bell privy mark targeting the US collector market.

The coin carries standard Royal Mint anti-counterfeiting techniques including micro-text borders and surface-level security marks, though it does not incorporate the four named visual security features (lenticular, latent image, tincture lines, animation) found on the Silver Britannia.

Lion and Eagle Tax Treatment by Country

As UK legal tender from The Royal Mint, the Lion and Eagle benefits from the UK's most favourable tax treatment for bullion coins.

United Kingdom

Gold versions are VAT-free as investment gold meeting the 995+ fineness threshold. Silver versions are subject to 20% VAT at point of sale, the same as all silver bullion in the UK. The key advantage is CGT exemption: as UK legal tender, both gold and silver Lion and Eagle coins are exempt from Capital Gains Tax when sold at a profit. This exemption is shared with the Britannia and the Sovereign but not available on any foreign coin. For UK silver buyers, the CGT exemption means that profits on Lion and Eagle coins are entirely tax-free, regardless of the gain. With silver's potential for significant price appreciation, this exemption can represent a substantial tax saving compared to non-exempt alternatives.

United States

IRA eligibility has not been widely confirmed by major US dealers for this series. The .999 silver purity meets the IRS minimum for silver in retirement accounts (.999), but custodian acceptance may vary for a newly launched series. Sales tax varies by state, with roughly 35 states exempting investment bullion. Capital gains are taxed at the collectibles rate of up to 28% for long-term holdings.

European Union

Gold versions are VAT-exempt under the EU Investment Gold Directive (coins post-1800 at 900+ fineness, and bars at 995+). Silver versions are subject to local VAT rates (17-27% depending on country) or margin scheme rules where available. German buyers may access the Differenzbesteuerung (margin scheme) for pre-owned silver coins.

Canada

Silver at 99.9%+ purity is GST/HST-exempt. The .999 purity qualifies. The GBP-denominated face value does not affect Canadian tax treatment.

Australia and New Zealand

Silver at 99.9%+ purity is GST-free in both countries. The Lion and Eagle at .999 (99.9%) meets the threshold. No CGT exemption applies in either country (that is a UK-specific benefit).

A Transatlantic Collaboration from Two Minting Traditions

The Lion and Eagle launched in 2024, coinciding with a period of deliberate Royal Mint expansion into the American bullion market. The choice of John Mercanti as inaugural designer was a strategic signal. Mercanti served as the 12th Chief Engraver of the United States Mint from 2006 to 2010, and his reverse design for the American Silver Eagle (adopted in 1986) is arguably the most widely recognised bullion coin image in the world, having appeared on hundreds of millions of coins over four decades.

Mercanti's 2024 reverse for the Lion and Eagle places the American eagle in the foreground, gazing left, with the British lion standing behind it. The lion's paw extends beyond the central enclosed circle of the design, creating a layered three-dimensional effect that distinguishes the coin from the flat compositions typical of most bullion issues. The design was originally titled "The British Lion & American Eagle" before being shortened to "The Lion and The Eagle" for the 2026 release.

The lion motif in British heraldry dates to the 12th century under Richard I (the Lionheart), who adopted three gold lions passant guardant as the Royal Arms of England. The bald eagle became the national emblem of the United States in 1782, when the Continental Congress adopted the Great Seal design. Placing both symbols on a single coin creates a heraldic statement about the relationship between the two nations.

The 2025 issue continued the Mercanti reverse, and also expanded the bullion range to include fractional gold sizes (1/4 oz and 1/10 oz) and a 1/2 oz silver coin, broadening accessibility for smaller budgets. The 2026 issue introduced a new reverse by Jonathan Olliffe, confirming that the series will feature rotating designers rather than a fixed design. This approach follows the model of several successful Royal Mint series and could generate year-on-year collector interest alongside the coin's primary function as an investment product.

The obverse across all years features the official coinage portrait of King Charles III by Martin Jennings, adopted for UK coinage in 2022 following the passing of Queen Elizabeth II.

Lion and Eagle vs Britannia and Other Royal Mint Silver

The most direct comparison for UK buyers is between the Lion and Eagle and the Silver Britannia, both being Royal Mint legal tender coins with CGT exemption. The Britannia has been in production since 1997, with a deep secondary market, strong international recognition, and four named visual security features (lenticular, latent image, tincture lines, and animation) introduced in 2021. The Lion and Eagle, at just two years old, has none of that heritage or established liquidity. Its advantages are the distinctive transatlantic design, the Mercanti connection for US-market appeal, and the rotating designer programme that may drive collector interest.

For UK buyers choosing between the two, the practical tax treatment is identical: both are CGT-exempt and subject to the same 20% VAT on silver. The decision comes down to whether the buyer values the Britannia's proven track record and security features or the Lion and Eagle's unique thematic angle and newer design approach.

Against the American Silver Eagle, the comparison highlights a key tax difference for UK buyers. The Eagle carries no CGT exemption in the UK (it is not UK legal tender), and its premiums are typically higher than most other sovereign silver coins. The Lion and Eagle offers UK buyers a Mercanti-designed coin with CGT exemption that the Silver Eagle cannot provide.

Against the Silver Maple Leaf, the Lion and Eagle trades purity (.999 vs .9999 for the Maple Leaf) and the RCM's Bullion DNA security technology for UK legal tender status and CGT exemption. Canadian buyers have no reason to prefer the Lion and Eagle over their domestic Maple Leaf. UK buyers have a tax reason to prefer it.

The Silver Philharmonic from the Austrian Mint consistently offers among the lowest premiums for sovereign silver coins. It has no CGT exemption in the UK and no security features comparable to the Britannia or Maple Leaf. For pure cost-per-ounce buying where CGT is not a concern, the Philharmonic typically undercuts both the Lion and Eagle and the Britannia.

Compared to other Royal Mint ranges such as the Tudor Beasts and the now-completed Queen's Beasts, the Lion and Eagle is a standard bullion programme with unlimited mintage and competitive pricing. The Tudor Beasts are proof-only limited editions at substantially higher premiums. For buyers who want Royal Mint silver at bullion-level pricing with CGT exemption, the Lion and Eagle and the Britannia are the two options, and the choice between them is largely a matter of design preference and confidence in long-term secondary market liquidity.