1 oz Dragon Rectangular Silver Bar

The Perth Mint Dragon Rectangular Silver Bar

The Dragon Rectangular is a government-issued bullion product from the Perth Mint, first issued in 2018, that bridges the gap between coins and bars. It carries a face value of AUD $1 as legal tender of Australia, is struck in .9999 fine silver, and features a new dragon design on the reverse every year. The rectangular format (47.60 mm x 27.60 mm) is extremely rare for legal tender products. Most rectangular bullion is produced as bars without face value or sovereign backing; the Dragon Rectangular is officially classified as a coin despite its shape.

Each annual issue features a completely new dragon motif on the reverse, drawing from both Eastern and Western dragon mythology. Eastern dragons symbolise power, strength, and good fortune; Western dragons represent guarded treasure and formidable challenge. Elements from Chinese mythology recur throughout the series, including the flaming pearl (a symbol of wisdom, truth, and enlightenment that dragons are traditionally depicted chasing or guarding) and water (the element dragons are said to control).

The silver bullion version has a maximum mintage of 250,000 per year, which sits in the mid-range for government bullion products. It is considerably lower than unlimited-mintage coins like the Canadian Maple Leaf or Austrian Philharmonic, but higher than niche limited editions. This moderate mintage supports collectibility without restricting access for bullion investors. The proof version, limited to 3,888 pieces per year, commands significantly higher premiums on the secondary market. The number 3,888 is deliberate: 8 is considered the luckiest number in Chinese culture, and the tripled 888 reinforces that symbolism.

Perth Mint's government backing (the mint is owned by the Western Australian government) provides an implicit sovereign guarantee on weight and purity. Combined with the annual design changes, the rectangular format, and the .9999 purity (higher than the .999 standard used by most sovereign silver coins), the Dragon Rectangular targets buyers who want something more distinctive than a standard round bullion coin without stepping fully into the collector-premium territory of limited-edition products.

Dragon Rectangular 1 oz Silver Specifications

Design History by Year

The reverse design changes every year, with a new dragon composition each time. The series draws from both Eastern and Western dragon mythology, with recurring Chinese symbolic elements:

• 2018-2020: Launch years with the Jody Clark Queen Elizabeth II obverse and distinct dragon designs establishing the series identity.
• 2021: Dragon with a tightly curled body in a coiled pose.
• 2022: Coiled dragon with a flaming pearl, the Chinese symbol representing wisdom and prosperity.
• 2023: Dragon guarding a treasure hoard of chests, coins, statues and icons drawn from ancient civilisations.
• 2024: Oriental dragon eyeing a flaming pearl, surrounded by water (the element dragons control in Chinese mythology) and clouds (traditionally omens of good luck). This was the first year featuring the Dan Thorne portrait of King Charles III on the obverse.
• 2025: Snarling dragon with open claws and intricately scaled wings, designed by Lucas Bowers.

Security Features

Perth Mint incorporates multiple micro-laser engraved letters into the design, detectable only under magnification. The 'P' mintmark appears on the reverse as a mark of Perth Mint origin. The LBMA-accredited swan logo stamp provides an additional layer of authentication. Proof versions include further anti-counterfeiting measures beyond the bullion specifications. The rectangular format itself adds an element of authentication difficulty for counterfeiters, since the non-standard shape requires different tooling than standard round coin dies.

Dragon Rectangular Silver Bar Tax Treatment

The Dragon Rectangular is Australian legal tender with a face value of AUD $1. Its .9999 purity exceeds the thresholds for investment-grade precious metals in all major jurisdictions. Tax treatment varies by country.

United Kingdom

Silver bullion carries 20% VAT on purchase in the UK regardless of legal tender status in other countries. The Dragon Rectangular is not UK legal tender, so it is also subject to CGT on disposal. UK buyers seeking CGT-exempt silver should look at the 1 oz Silver Britannia or the 1 oz Britannia and Liberty bar.

United States

Most states exempt investment-grade silver from sales tax. The .9999 purity exceeds the IRS threshold of 99.9% for silver in a precious metals IRA, and Perth Mint products are generally accepted by IRA custodians. The rectangular format may prompt custodian questions about whether the product qualifies as a "coin," since it is technically legal tender despite its shape. Capital gains are taxed at the collectibles rate of up to 28%.

Australia

As Australian legal tender, the Dragon Rectangular benefits from domestic recognition. Investment-grade silver coins at 99.9% purity or above are GST-free. The coin qualifies at .9999 fine.

Canada

Silver at 99.9% purity or above is GST/HST-exempt. The coin qualifies and meets purity requirements for RRSP eligibility.

New Zealand

Fine silver at 99.9% purity is GST-exempt. The .9999 coin qualifies. No capital gains tax in New Zealand.

Singapore and Hong Kong

Singapore's IPM scheme covers qualifying silver coins at 99.9% purity. Legal tender coins on the MAS-approved list qualify; Perth Mint products with .9999 purity should meet criteria. Hong Kong has no sales tax or capital gains tax.

Dragon Rectangular vs Perth Mint Lunar Series and Other Silver

The most direct comparison within Perth Mint's own range is the Lunar Series III. The Lunar includes a Year of the Dragon coin within its 12-year zodiac cycle, but it is a round coin with a broader thematic scope covering all twelve Chinese zodiac animals. The Dragon Rectangular is dragon-focused every year, with a new design annually, and its distinctive rectangular format sets it apart visually and physically from any round coin in a collection. The Lunar Series offers more size options (from 1/20 oz to 1 kg), but the Dragon Rectangular's 250,000 mintage is comparable to Lunar mintages at the 1 oz level.

Against the major sovereign silver coins, the Dragon Rectangular's .9999 purity exceeds the .999 standard used by the 1 oz Silver Britannia, Austrian Philharmonic, and American Silver Eagle. Only the Canadian Silver Maple Leaf matches it at .9999. The Dragon Rectangular's annual design changes add collectibility that the unchanging Philharmonic and Eagle designs lack, though those coins have vastly higher global liquidity due to their enormous production volumes. The Britannia offers UK buyers a CGT exemption the Dragon Rectangular cannot match.

Compared to private-mint 1 oz silver bars from refiners like PAMP Suisse or Valcambi, the Dragon Rectangular commands higher premiums but offers legal tender status, government quality guarantees, and collectible annual designs. Private-mint bars maximise silver weight per dollar; the Dragon Rectangular adds sovereign backing and numismatic interest at a higher per-ounce cost. The rectangular format makes it physically stackable like a bar, combining bar-like storage efficiency with coin-grade sovereign credibility.