1.5 oz Snowy Owl Silver Coin

RCM's 1.5 oz Arctic Bullion Format

The 1.5 oz Snowy Owl is a single-year release from the Royal Canadian Mint's distinctive 1.5 troy ounce silver bullion programme. Struck in 2018 as the seventh and final design in the series, it contains 50% more silver than a standard 1 oz coin at .9999 fine purity, the highest standard available from any sovereign mint.

The 1.5 oz weight class is unique to the Royal Canadian Mint. No other major mint produces bullion at this denomination, which was conceived as a way to offer more metal per coin than the standard 1 oz Silver Maple Leaf without jumping to the significantly more expensive 2 oz or 5 oz sizes. The format delivers convenience: fewer coins to handle and store for the same total silver content, fitting standard 38 mm capsules despite carrying 46.66 grams of silver.

The Snowy Owl carries an $8 CAD face value, backed by the Government of Canada, and includes the RCM's laser-engraved maple leaf privy mark. This security feature, a micro-engraved maple leaf containing the two-digit year visible only under magnification, was a notable upgrade over earlier coins in the 1.5 oz programme. The first six designs in the series (Polar Bear through Grizzly Bear, issued 2013 to 2017) lacked this additional authentication layer.

As a 2018-only issue, remaining dealer stock is finite. The coin targets buyers who want a government-backed, four-nines-pure silver coin in a non-standard weight that carries slightly more silver per transaction than the ubiquitous 1 oz format.

Snowy Owl Coin Specifications

The 38 mm diameter matches the standard 1 oz Silver Maple Leaf, but the Snowy Owl is noticeably thicker at 4.5 mm versus approximately 3.15 mm. This extra thickness accounts for the additional half-ounce of silver while maintaining capsule compatibility. Tubes of 15 coins hold 22.5 troy ounces, an unusual quantity that does not map to the standard 20 oz or 25 oz tube totals from other mints.

The obverse features Susanna Blunt's uncrowned portrait of Queen Elizabeth II, the first effigy since the 1930s to depict the monarch without a crown. The reverse shows a snowy owl in flight with wings fully extended and talons tucked, surrounded by radial lines on the outer design border. The laser-engraved maple leaf privy mark is incorporated into the reverse design.

Tax Position for Silver Snowy Owl Coins

The Snowy Owl's tax treatment varies significantly by jurisdiction, driven by silver's different classification from gold in most countries and the coin's .9999 purity exceeding all common investment-grade thresholds.

Canada

As a Royal Canadian Mint coin with .9999 purity, the Snowy Owl is exempt from GST/HST. Canada's Excise Tax Act exempts precious metal bars, ingots, coins, and wafers refined to 99.9% purity or higher, and the Snowy Owl exceeds this comfortably. Capital gains on disposal are taxed at a 50% inclusion rate (50% of the gain added to taxable income at the holder's marginal rate).

United States

The Snowy Owl is IRA-eligible. Its .9999 purity exceeds the IRS Section 408(m) requirement of 99.9% minimum for silver in a precious metals IRA. It must be held by an approved custodian. Sales tax treatment varies by state, with approximately 35 states exempting investment bullion. Capital gains are taxed at the collectibles rate of up to 28% for long-term holdings.

United Kingdom

Silver bullion is subject to 20% VAT on purchase in the UK. The Snowy Owl receives no exemption from this, as only gold qualifies for the investment gold VAT exemption under retained EU law. The coin is not CGT-exempt in the UK because it is not UK legal tender. UK buyers seeking CGT exemption on silver should consider the Silver Britannia, which carries that benefit as British legal tender.

Australia

Investment-grade silver at 99.9% purity or above is GST-free in Australia. The Snowy Owl's .9999 fineness qualifies. Capital gains tax applies on disposal, with a 50% discount available for individuals who hold for more than 12 months.

Other Jurisdictions

• New Zealand: GST-exempt for silver at 99.9% purity or higher. No capital gains tax.
• Singapore: GST-exempt as an Investment Precious Metal (silver coins at 99.9% purity from qualifying mints).
• Hong Kong: No sales tax, import duty, or capital gains tax on silver.

Snowy Owl vs Other Silver Coins at Non-Standard Weights

The 1.5 oz format places the Snowy Owl in a unique position. There is no direct competitor at this weight from any other mint, so the comparison pivots to alternatives that serve similar buyer objectives: getting more silver per coin than 1 oz, or choosing between the Snowy Owl and multiple 1 oz coins for the same total metal.

vs 1 oz Silver Maple Leaf (RCM)

The standard 1 oz Maple Leaf shares the Snowy Owl's .9999 purity and RCM security features, including the laser-engraved privy mark. Two Maple Leafs contain 2 oz (more silver) with broader market recognition and deeper liquidity. The Snowy Owl's advantage is the distinctive design and 50% more silver per coin. Per-ounce premiums are comparable for both. The Maple Leaf is continuously minted, so supply is never constrained in the way the discontinued Snowy Owl may become.

vs 2 oz Silver Coins

Buyers wanting more than 1 oz per coin might also consider 2 oz options from the Royal Mint (Queen's Beasts, Tudor Beasts proofs) or other mints. These carry higher premiums due to their collector-oriented positioning. The Snowy Owl sits below the 2 oz price point while delivering 50% more silver than a 1 oz coin, making it a practical middle ground for bulk accumulation.

vs Austrian Silver Philharmonic

The 1 oz Philharmonic at .999 purity is one of the lowest-premium sovereign silver coins available. Three Philharmonics cost roughly the same as two Snowy Owls (3 oz vs 3 oz), but the Philharmonic's lower per-ounce premium may deliver more metal for the money. The Snowy Owl counters with higher purity and the discontinued-series factor.

vs Perth Mint Kookaburra

The Kookaburra is a bird-themed silver coin with annual design changes, appealing to both bullion buyers and wildlife coin collectors. It is .9999 fine and has limited annual mintages, creating secondary market premiums. The Snowy Owl shares the wildlife and purity appeal but offers 50% more silver per coin. Both are single-design issues, though the Kookaburra releases a new design each year.