1 oz Royal Australian Mint Lunar Silver Coin

RAM Lunar Silver: Australia's Newer Zodiac Coin

The 1 oz Royal Australian Mint Lunar silver coin is a relative newcomer to the crowded zodiac coin market, launched in 2020 with the Year of the Mouse. It enters a space long dominated by the Perth Mint Lunar series, which started in 1996 and has built three decades of collector loyalty. The RAM Lunar offers a distinctly different proposition: lower mintages, a more contemporary design style, and the backing of Australia's national mint rather than the state-run Perth Mint.

Each annual release features a Chinese zodiac animal rendered in a modern Australian art style that contrasts with the Perth Mint's traditional Chinese-influenced motifs. The silver version is struck to .999 fineness with a 50,000-piece mintage per design, substantially lower than the Perth Mint's uncapped bullion production. This tighter supply has made certain years, particularly the 2024 Dragon, harder to source at standard premiums.

For buyers comparing this against other zodiac options, the key tradeoff is brand recognition versus scarcity. The Perth Mint Lunar has global liquidity built over decades. The RAM Lunar trades at lower premiums on the primary market but may be harder to resell at a premium in markets unfamiliar with the series. In Australia, both coins enjoy GST-free status as investment-grade precious metals, and both are legal tender of the Commonwealth.

RAM Lunar 1 oz Silver Coin Specifications

Zodiac Release Schedule

The obverse carried the Jody Clark portrait of Queen Elizabeth II from 2020 to 2024. From 2025, the coin features the King Charles III effigy, making the 2020-2024 issues the only RAM Lunar coins with the late Queen's portrait. Silver proof versions carry a higher AUD $5 face value with mintages around 7,500 pieces.

Tax Treatment of the RAM Lunar Silver Coin

As legal tender of the Commonwealth of Australia, the RAM Lunar silver coin qualifies for investment-grade tax treatment in several jurisdictions, though the rules differ substantially from gold.

• Australia: GST-free. Silver coins at .999 purity from an accredited source meet the investment-grade precious metals definition. Capital gains tax applies to profits, with a 50% CGT discount available for coins held longer than 12 months.
• United Kingdom: Subject to 20% VAT on purchase. Not UK legal tender, so profits on disposal are subject to Capital Gains Tax at the individual's rate (unlike the 1 oz Silver Britannia, which is CGT-exempt). The VAT burden makes RAM Lunar silver significantly more expensive for UK buyers at the point of purchase.
• United States: No federal sales tax; state exemptions vary. IRA eligibility is uncertain for RAM Lunar coins. Most IRA custodian approved lists focus on American Eagles, Canadian Maple Leafs, and Perth Mint coins. The RAM Lunar series is newer and may not appear on all approved lists. Gains are taxed as collectibles at a maximum 28% rate.
• Canada: GST/HST-exempt for silver at .995 purity or above. RRSP-eligible through approved custodians.
• New Zealand: GST-exempt for silver at .999 purity. No formal capital gains tax.
• Singapore: GST-exempt under the Investment Precious Metals scheme for silver at .999 purity on the MAS-approved list. No capital gains tax.
• Hong Kong: No sales tax, no import duty, no capital gains tax.

RAM Lunar vs Perth Mint Lunar and Other Zodiac Series

The most direct comparison is with the Perth Mint Lunar, which has been the benchmark zodiac coin programme since 1996. Perth's Series III (launched 2020) runs concurrently with the RAM Lunar, meaning both mints release the same zodiac animal each year. The differences are meaningful for buyers deciding between them.

Perth Mint silver uses .9999 fineness compared to RAM's .999, a minor but real purity difference. Perth offers a much wider weight range, from 1/2 oz to 10 kg, while RAM produces only 1 oz silver. Perth's bullion mintages are typically unlimited, giving it deeper market availability, whereas RAM's 50,000-piece cap creates relative scarcity. On the secondary market, Perth Mint Lunar coins are more widely recognised and easier to resell at a premium, particularly outside Australia.

Where the RAM Lunar holds an advantage is on primary market pricing. RAM coins typically trade at lower premiums than Perth Mint equivalents, partly because of the brand recognition gap. For buyers focused on acquiring silver ounces at the lowest cost above spot, this can make the RAM version more attractive. The design aesthetic also differs: RAM uses contemporary Australian artistic styles, while Perth Mint favours traditional Chinese-influenced motifs that resonate strongly with Asian collectors.

Against the Royal Mint Lunar (Shengxiao Collection), the RAM Lunar offers a lower entry price but lacks the UK CGT exemption that makes the Royal Mint version attractive to British buyers. The Royal Mint also discontinued bullion-grade lunar coins after 2020, switching to proof and BU finishes only, which leaves the RAM Lunar as one of the few active bullion-grade lunar programmes alongside Perth Mint.

The RAM Lunar silver coin sits in a practical middle ground: lower cost than Perth Mint, more accessible than the Royal Mint proof-only format, and backed by a sovereign national mint. Buyers who value the zodiac theme but are primarily stacking silver for metal content rather than collector premium will find it competitive.