2 oz Libertad Silver Coin

The 2 oz Silver Libertad from Casa de Moneda de Mexico

The 2 oz Silver Libertad is one of the most unusual coins in the bullion market. Produced by Casa de Moneda de Mexico, the oldest operating mint in the Americas (founded in 1535), it is the only major sovereign bullion coin series that carries no face value denomination. The coin's legal tender status in Mexico is guaranteed by Banco de Mexico based on the market value of its silver content, making its face value float with the spot price rather than being fixed.

Struck in .999 fine silver, the 2 oz Libertad weighs 62.2g with a diameter of 48 mm. It is part of a range that spans eight sizes, from 1/20 oz to 1 kg, giving the Libertad one of the widest size selections of any sovereign silver series. The 2 oz format is less common globally than the standard 1 oz silver coin format, but the Libertad's consistent production at this weight has helped establish it as a recognised option for buyers seeking a larger-format coin.

Libertad mintages are consistently among the lowest of any major sovereign bullion series. The 2025 1 oz BU Silver Libertad had approximately 300 coins struck, the lowest in series history. The 2 oz version also sees tight production numbers, though specific mintage figures for each year and size are not always published. This scarcity is the primary driver of the Libertad's premiums, which routinely exceed those of the Silver Maple Leaf, Silver Britannia, and Silver Philharmonic by a significant margin.

Since 2018, the 1 oz, 2 oz, and 5 oz Libertads have also been available in an antiqued finish in limited numbers, adding another variant for collectors seeking visual and textural variety beyond the standard brilliant uncirculated strike.

2 oz Silver Libertad Dimensions and Details

The reverse depicts the Angel of Independence (El Angel), the Winged Victory statue atop the Monumento a la Independencia on Paseo de la Reforma in Mexico City. Behind her, the volcanoes Popocatepetl and Iztaccihuatl appear on the horizon. The design has been updated twice: first in 1996 with a refined Angel design, then in 2000 when the obverse gained a ring of 10 historical Mexican coats of arms surrounding the central eagle.

The absence of a face value is stamped directly into the coin's identity. Where other sovereign coins carry denominations (A$1, C$5, GBP 2), the Libertad displays only "MEXICO," the weight, and the purity. This makes it instantly recognisable and distinct from every other sovereign bullion product.

Full Libertad Silver Range

Libertad Tax Treatment by Country

The Libertad's lack of a face value creates some ambiguity in jurisdictions where tax rules distinguish between "coins" and "rounds" based on denomination. In practice, most countries treat it as a sovereign legal tender coin because it is produced by a government mint under central bank authority.

• Mexico: Legal tender at market metal value, guaranteed by Banco de Mexico. No VAT on gold Libertads. Silver may be subject to IVA (16%) when not classified as investment-grade. Capital gains treatment follows standard Mexican tax rules.
• United States: Gold Libertads are not specifically listed in IRS Section 408(m)(3)(A) as named IRA-eligible coins (unlike Eagles, Maple Leafs, and Britannias). However, .999 gold and silver coins meeting the generic fineness requirement may qualify under the broader bullion provision; this depends on custodian interpretation. Exempt from 1099-B reporting requirements for silver. Capital gains taxed at the 28% collectibles rate. Sales tax varies by state.
• United Kingdom: Gold Libertads are VAT-exempt as investment gold under EU/UK rules. Silver Libertads are subject to 20% VAT. Not CGT-exempt (not UK legal tender). The margin scheme applies to pre-owned examples.
• Canada: Gold exempt from GST/HST at .995+ purity. Silver subject to GST/HST. Not RRSP-eligible through most custodians.
• European Union: Gold Libertads typically appear on the annual EU investment gold coin list, providing VAT exemption. Silver subject to local VAT rates. Margin scheme available in Germany and the Netherlands.
• Australia: .999 silver meets the 99.9% purity threshold for GST-free treatment. Capital gains tax applies.
• Singapore: GST-exempt as an Investment Precious Metal at .999+ purity. No capital gains tax.
• Hong Kong: No sales tax, no import duty, no capital gains tax.

Five Centuries of Mexican Minting

Casa de Moneda de Mexico was founded in 1535, making it the oldest continuously operating mint in the Western Hemisphere. The silver Libertad series launched in 1982, one year after the gold version in 1981. The name "Libertad" (Liberty) and the Angel of Independence design reference Mexico's independence from Spain, connecting the coin to the country's foundational national narrative.

The Libertad series succeeded the Mexican Onza, a 1 oz silver coin produced from 1949 to 1979. Gold purity changed from .900 (1981-1990) to .999 (1991 onward), while silver has been .999 since inception. In 1989, 3,500 quarter-ounce platinum Libertad coins were produced, the only platinum issue in the series and one of the rarest modern bullion coins.

The 2000 redesign was the most significant visual change in the silver series. The obverse gained a ring of 10 historical versions of the Mexican coat of arms, each representing a different era of Mexican governance. The central eagle-on-cactus motif remained, but the surrounding historical context added depth and a sense of continuity across Mexican history.

The series is related to, but distinct from, the Mexican Centenario (50 Pesos gold coin), first minted in 1921 to celebrate the centennial of Mexican independence. The Centenario contains 1.2057 oz of gold at .900 fine and is frequently confused with the Libertad, but it is a separate product with its own distinct heritage.

2 oz Libertad vs Other 2 oz and Premium Silver Coins

The 2 oz silver coin format is less common than 1 oz, with the Royal Mint's Tudor Beasts and Queen's Beasts series being the primary alternatives. Those coins are struck at .9999 purity, offer CGT exemption for UK buyers, and feature annually changing heraldic designs. The Libertad matches them on design artistry and exceeds them on scarcity, but at .999 purity and without CGT exemption.

Against the standard 1 oz sovereign coins, the 2 oz Libertad does not offer meaningful premium savings on a per-ounce basis. The appeal is the larger canvas for the Angel of Independence design, the scarcity-driven premium, and the unique no-denomination status. Buyers seeking the most silver for their money should consider 10 oz products or bars instead.

Against the 1 oz Somalia Elephant, which occupies a similar collector-bullion crossover niche, the Libertad has clear legal tender status (via Banco de Mexico), a 500-year mint history, and consistently lower mintages. The Somalia Elephant has the advantage of lower premiums and annual design changes. The Libertad's design changes are infrequent, with the same Angel of Independence reverse used for decades.

The Libertad's core proposition is scarcity within the sovereign mint ecosystem. No other government-issued bullion series combines such low mintages with a globally recognised design and central bank backing. For buyers who treat bullion as a long-term hold and value the potential for secondary market appreciation, the 2 oz Libertad offers a combination of silver content and collectible premium that few competitors can match.