1 oz Myths and Legends Silver Coin

CGT-Exempt Silver from British Folklore

The 1 oz Myths and Legends silver coin contains 31.1 grams of .9999 fine silver, struck by The Royal Mint as UK legal tender with a face value of GBP 2. Launched in 2021, the series draws on British folklore and mythology, structured as three-coin collections that each explore a different legend: Robin Hood (2021-2022), King Arthur (2023-2024), and Beowulf (2024-2025). Each collection tells a story arc across its three coins.

As UK legal tender denominated in sterling, every coin in the series is exempt from Capital Gains Tax for UK residents, the same advantage held by the 1oz Silver Britannia. This makes the Myths and Legends series one of only two current Royal Mint silver bullion ranges that provide UK CGT exemption, sharing that benefit with the Britannia. For UK buyers, the CGT exemption can outweigh the 20% VAT paid on purchase, particularly for larger positions held over the long term.

The series uses .9999 fineness, matching the standard of the silver Britannia and the 1oz Silver Maple Leaf. The coin's 38.61 mm diameter and 32.69 mm gold equivalent match Britannia dimensions exactly, as expected for a Royal Mint bullion coin sharing the same production infrastructure.

The obverse transitioned from Queen Elizabeth II (Jody Clark effigy) to King Charles III (Martin Jennings effigy) during the King Arthur collection: King Arthur and Merlin coins carry Elizabeth II, Morgan Le Fay and the entire Beowulf collection carry Charles III. This makes the early coins (Robin Hood, Little John, Maid Marian, King Arthur, Merlin) the only Myths and Legends issues with the late Queen's portrait, which adds a layer of numismatic interest for collectors of both monarch portrait transitions.

Myths and Legends Silver Coin Specifications

Complete Coin List

Proof Editions

Limited proof versions are produced alongside the bullion coins, with significantly lower mintages. Published proof limits range from 1,510 to 2,510 per coin for 1 oz silver proofs, and 500-510 per coin for 2 oz silver proofs. The three-coin King Arthur proof set was limited to 510 sets. A 10 oz silver bullion version exists for some designs, targeting larger investors.

Myths and Legends Tax Treatment by Country

United Kingdom

The Myths and Legends series' key selling point for UK buyers is its CGT exemption. As UK legal tender denominated in sterling, these coins are not chargeable assets for Capital Gains Tax purposes. Any profit on sale, regardless of size, is entirely untaxed. This is the same exemption that applies to the 1oz Silver Britannia and gold Sovereigns.

On the purchase side, silver bullion carries 20% VAT in the UK, and the Myths and Legends series is no exception. Gold versions of the series are VAT-free under the investment gold directive. The tax calculation for UK silver buyers remains the same as for the Britannia: the 20% upfront VAT is a cost, but the CGT exemption on the back end can offset it for positions with substantial gains. With the annual CGT allowance currently at GBP 3,000, even modest silver portfolios can generate taxable gains that the exemption eliminates.

The coin is eligible for inclusion in a UK Self-Invested Personal Pension (SIPP), providing additional tax relief at the investor's marginal income tax rate.

United States

The Myths and Legends coin is not specifically listed as IRA-eligible, but its .9999 silver fineness meets the generic IRS bullion provision requiring 99.9% purity. IRA eligibility should be confirmed with the specific custodian. Capital gains are taxed at the collectibles rate of up to 28%.

European Union

Gold versions likely qualify under the EU investment gold exemption as legal tender coins meeting the fineness threshold. Silver is subject to VAT at local rates across EU member states.

Canada and Australia

Silver at 99.9% purity or above from recognised mints is exempt from GST/HST in Canada and GST in Australia. The Myths and Legends series qualifies at .9999. Limited dealer availability in both markets may affect accessibility.

Myths and Legends vs Britannia, Queen's Beasts, and Tudor Beasts

The Myths and Legends series sits within the Royal Mint's expanding portfolio of themed bullion collections, competing for the attention of buyers who want UK legal tender silver with collector appeal beyond the core 1oz Silver Britannia.

Against the Britannia itself, the comparison is straightforward. Both are .9999 fine silver, both have GBP 2 face values, and both are CGT-exempt. The Britannia has vastly superior liquidity as the Royal Mint's flagship bullion product, with unlimited mintage, wider global dealer recognition, and four advanced security features (latent image, surface animation, micro-text, tincture lines). The Myths and Legends coins lack these security features and have more limited dealer distribution. The Myths and Legends advantage is thematic appeal: buyers who want to collect a complete Robin Hood or Beowulf set are buying something the Britannia cannot offer. For pure bullion investment with maximum resale flexibility, the Britannia is the safer choice. For CGT-exempt silver with collecting interest, Myths and Legends is an alternative that shares the same tax benefits.

The Queen's Beasts series (2016-2021) was the Myths and Legends' direct predecessor in the Royal Mint's themed bullion lineup. The Queen's Beasts ran for 10 designs featuring heraldic animals and was available in 1 oz and 2 oz silver and gold. Myths and Legends continues the same market positioning: CGT-exempt themed bullion coins with limited proof editions, released in groups that encourage collecting the full set. Completed Queen's Beasts sets now trade at premiums above individual coin values, which suggests the same may apply to completed Myths and Legends collections in time.

The Tudor Beasts series (2023 onward) runs concurrently with Myths and Legends, offering another CGT-exempt Royal Mint theme focused on heraldic creatures from Tudor-era history. Buyers choosing between the two are selecting a theme preference rather than a structural difference, since both share the same purity, face value, and tax treatment. The existence of multiple concurrent themed series from the Royal Mint means UK CGT-exempt silver buyers now have more variety than at any previous point, though the core Britannia remains the most liquid option in the range.

For buyers outside the UK, the Myths and Legends series loses its primary advantage. Without CGT exemption, it competes on design and collectibility against coins with lower premiums and better liquidity, such as the 1oz Silver Maple Leaf or 1oz Silver Philharmonic. The series is best suited to UK residents who want tax-efficient silver with thematic collecting appeal.