1.25 oz Bison Silver Coin

The 1.25 oz RCM Bison Silver Coin

The Canadian Bison is a silver bullion coin from the Royal Canadian Mint in an unconventional weight: 1.25 troy ounces (1 1/4 oz) of .9999 fine silver. First issued in 2015, it was the RCM's first coin in this non-standard format and remains the only major sovereign bullion coin produced at this weight. The face value is $8 CAD.

The 1.25 oz format is the coin's defining feature. It provides 25% more silver than a standard 1 oz coin while sharing the same 38 mm diameter as the Silver Maple Leaf. The extra metal is accommodated by increasing the thickness to approximately 4 mm (compared to 3.29 mm for the Maple Leaf). The coin fits standard 38 mm capsules and storage accessories, maintaining compatibility with existing coin storage systems.

Each year features a different bison reverse design. The 2015 debut showed a bison charging across grasslands; subsequent years have depicted bison drinking at a lake, a wood bison in profile, and close-up head portraits. The series is minted to order with no pre-set mintage ceiling, following the same production model as the Maple Leaf. This makes it a true bullion product rather than a limited collector issue.

From 2016 onwards, the Bison incorporates the same security features as the Maple Leaf: radial finish lines that create a light-diffracting pattern and a micro-laser engraved maple leaf privy mark containing the last two digits of the year. The 2015 inaugural issue predates these features.

The per-ounce premium on the Bison is generally competitive with the Maple Leaf, making the extra quarter-ounce an efficient way to accumulate additional silver without paying a disproportionate premium. Over a significant number of coins, the 25% additional silver per coin adds up meaningfully.

1.25 oz Bison Silver Specifications

The obverse features the reigning monarch's effigy: Susanna Blunt's portrait of Queen Elizabeth II through 2022, and Steven Rosati's King Charles III from 2023. The $8 CAD face value was created specifically for this format, scaling roughly proportionally from the $5 face value of the 1 oz Maple Leaf.

The bison (Bison bison) depicted in the annual designs includes both the plains bison and the wood bison (Bison bison athabascae), a subspecies native to Canada's boreal forests classified as "threatened" under Canada's Species at Risk Act. Canada's Wood Buffalo National Park, spanning Alberta and the Northwest Territories, hosts the world's largest free-roaming wood bison population.

Tax Treatment of the 1.25 oz Silver Bison

The Bison's tax treatment follows standard rules for RCM legal tender silver bullion. The .9999 purity exceeds investment-grade thresholds in every major jurisdiction.

• Canada: GST/HST exempt as RCM legal tender silver at 99.9%+ purity. The $8 CAD face value confirms Canadian legal tender status.
• United States: IRA-eligible. The .9999 purity exceeds the IRS .999 minimum. The non-standard 1.25 oz weight does not affect IRA eligibility, which is based on purity, not weight. Most states exempt investment bullion from sales tax. Capital gains at the 28% collectibles rate.
• United Kingdom: 20% VAT applies on purchase. Not CGT-exempt (not UK legal tender). Pre-owned coins may be available under the margin scheme from some dealers.
• Australia: GST-free for investment-grade silver at 99.9%+ purity.
• New Zealand: GST-exempt at 99.9%+ purity. No capital gains tax.
• Singapore: GST-exempt under IPM for qualifying silver coins at 99.9%+ purity from recognised mints.
• Hong Kong: No sales tax, import duty, or capital gains tax.
• European Union: Standard VAT rates apply to silver. Margin scheme available in some countries for pre-owned coins.

1.25 oz Bison vs Standard 1 oz Silver Coins

The Bison's natural comparison is with the RCM's own 1 oz Silver Maple Leaf. Both coins share .9999 purity, the same 38 mm diameter, identical security features (from 2016), and Canadian legal tender status. The Maple Leaf is the established global standard; the Bison is the specialty offering. The Maple Leaf has greater liquidity and wider dealer recognition, but the Bison provides 25% more silver per coin at a competitive per-ounce premium. For Canadian buyers building a large position, the extra quarter-ounce per coin accumulates efficiently.

Against the 1 oz American Silver Eagle, the Bison offers more silver (.9999 vs .999 purity, 1.25 vs 1.0 oz content) at a typically lower per-ounce premium. The Eagle's advantages are name recognition, US domestic demand, and the broadest dealer network in North America. The Eagle commands the highest premiums of any standard sovereign silver coin.

The non-standard weight creates a minor resale consideration. Dealers buy Bison coins readily and price them at 1.25 x spot plus premium, but the calculation is less intuitive for casual buyers than a straightforward 1 oz coin. Major North American dealers stock the Bison and offer standard buyback terms.

For investors who want to go larger, the RCM also produces 1.5 oz silver coins in various wildlife series, providing even more silver per coin in the same 38 mm format. The Bison's 1.25 oz sits between the standard 1 oz market and these larger-format offerings.