Key Takeaways
- For most UK investors, the 1 oz silver Britannia is the best place to start: it is widely traded, easy to verify and, as UK legal tender, free of Capital Gains Tax.
- All silver bullion carries VAT at 20% in the UK: unlike investment gold, no silver coin is VAT free, including the Britannia.
- Only UK legal tender coins are CGT free: Britannias, Queen’s Beasts and Tudor Beasts qualify; Maple Leafs, Eagles and Philharmonics do not.
- Premiums vary a lot: on 3 October 2026, 1 oz bullion coins cost between 24% and 45% above spot including VAT at the UK dealers we track, and a Lunar coin 86%.
- Selling back costs you too: dealers paid between £41.40 and £47.89 for a 1 oz coin they sold for £56.88 to £66.26.
Silver is the cheaper entry into precious metals, and coins are the most popular way to buy it. But which silver coins should a UK investor choose? The answer here is different from the US or Europe, because two British taxes decide most of the maths: VAT on the way in and Capital Gains Tax on the way out.
In this guide, we compare the best silver coins to buy in the UK: the Britannia, the Royal Mint’s beast series, the Maple Leaf, the American Eagle, the Philharmonic, the Krugerrand, the Kangaroo and the Lunar series. We show what each cost at UK dealers on 3 October 2026, how much dealers paid to buy them back, and how VAT and CGT work for each.
Why Buy Silver Coins?
A silver bullion coin is a coin made mainly for its metal value, usually one troy ounce (31.1035 g) of 999 or 9999 fine silver. It is issued by a national mint and carries a face value, but it trades at the price of its silver plus a premium.
Why coins rather than bars? Coins have a few practical advantages:
- Recognition: dealers know them, so they are quick to sell,
- Small units: you can sell one coin at a time,
- Security features: modern bullion coins carry anti-counterfeit marks,
- Tax: in the UK, some coins are free of Capital Gains Tax; bars are not.
Coins are also where much of the recent investor interest has gone. The Silver Institute summed up 2025 like this:
“After two consecutive years of decline, coin and net bar demand rose by 14 percent in 2025. Strong gains were recorded across most regions, except in the US. India led with a 33 percent increase, while Europe posted its first rise in three years.”
The Silver Institute, World Silver Survey 2026 press release (research by Metals Focus), April 2026
The price of silver also moves a lot. Over the past year, our data shows silver in GBP ranging from £35.15 to £84.70 per ounce:
What does that mean for you? Silver can rise or fall by a third in a few months, so coins suit money you can leave invested for years. Follow today’s price on our silver price chart.
How Silver Coins Are Taxed in the UK
Before comparing coins, get the tax right. The old version of this guide claimed the Britannia was VAT free. It is not.
VAT: 20% on all silver bullion
According to The Royal Mint, physical silver bullion, regardless of the country of issue, is subject to VAT at the current rate of 20%. Investment gold is VAT exempt; silver is not. So a silver coin starts at least 20% above the spot price before the dealer adds any margin.
Capital Gains Tax: why legal tender matters
HMRC’s Capital Gains Manual states that coins and bank notes which are sterling currency are not chargeable assets. UK legal tender coins, such as the silver Britannia, the Queen’s Beasts and the Royal Tudor Beasts, therefore fall outside CGT. The Royal Mint describes its beast bullion coins as exempt from capital gains tax for UK residents.
Foreign coins are different. HMRC treats currency other than sterling as a chargeable asset, so gains on a Maple Leaf, Eagle or Philharmonic can be taxable. For individuals, the annual tax-free allowance is £3,000, and gains above it are taxed at 18% or 24% depending on your income band, according to GOV.UK. Rules on chattels and sets can also apply, so check your own case with HMRC or an accountant.
| Coin | VAT on purchase | UK CGT on gains |
|---|---|---|
| Silver Britannia | 20% | Exempt (UK legal tender) |
| Queen’s Beasts, Royal Tudor Beasts | 20% | Exempt (UK legal tender) |
| Maple Leaf, American Eagle, Philharmonic, Krugerrand, Kangaroo, Panda | 20% | May be chargeable (non-sterling) |
| Silver bars | 20% | May be chargeable |
The Best Silver Coins to Buy in the UK
Here is how the main 1 oz silver bullion coins compare on price at UK dealers we track:
| Coin | Dealer | Price incl. VAT (1 coin) | Above spot | Dealer buy-back |
|---|---|---|---|---|
| Silver Britannia (previous years) | Tavex UK | £56.88 | 24.1% | £47.89 |
| Silver Britannia (mixed years) | Hatton Garden Metals | £65.72 | 43.4% | n/a |
| Silver Maple Leaf | Tavex UK | £59.94 | 30.8% | £43.33 |
| Silver Maple Leaf (mixed years) | Hatton Garden Metals | £62.44 | 36.3% | £41.40 |
| Silver Krugerrand | Tavex UK | £59.94 | 30.8% | £43.33 |
| Silver Kangaroo (2024) | Tavex UK | £60.66 | 32.4% | £43.33 |
| American Silver Eagle (mixed years) | Hatton Garden Metals | £62.44 | 36.3% | £41.40 |
| Silver Philharmonic (mixed years) | Hatton Garden Metals | £66.26 | 44.6% | £41.40 |
| Lunar Year of the Dragon 2024 | Tavex UK | £85.45 | 86.5% | n/a |
So what do the numbers tell you? Two things. The same coin can cost very different amounts at different dealers, and a collectible design such as a Lunar coin costs far more per ounce than a plain bullion coin. Compare live offers in our silver coin price comparison before you buy.
1. Silver Britannia (The Royal Mint)
The Britannia is the UK’s own silver bullion coin. The Royal Mint first issued it in silver in 1997, in Britannia silver (958). Since 2013 it has been struck in 999 fine silver. The current 1 oz coin has a face value of £2 and a diameter of 38.61 mm, according to The Royal Mint.
Modern Britannias carry four security features: a latent image that switches between a padlock and a trident, surface animation in the waves, micro-text and tincture lines on the shield. The 2026 coin carries the portrait of King Charles III.
The Royal Mint’s chief engraver explained the aim of these features when they were introduced:
“Britannia is one of our most iconic and enduring designs, so it was vital we retained the beauty of the coin whilst adding sophisticated new anti-counterfeit measures.”
Gordon Summers, Chief Engraver, The Royal Mint, press release on the Britannia’s new security features, September 2020
- Best for: UK investors who want CGT-free silver with high liquidity,
- Watch out for: different prices for current-year and “previous years” coins.
Compare offers for the silver Britannia, and read our page on The Royal Mint.
2. Queen’s Beasts and Royal Tudor Beasts (The Royal Mint)
These are the Royal Mint’s 2 oz silver bullion series. The Queen’s Beasts began in 2016 with the Lion of England, the first of ten heraldic designs. The Royal Mint describes the 2016 coin as its first official UK two-ounce silver bullion coin, with a face value of £5. The Royal Tudor Beasts followed in 2022, inspired by the stone beasts of Hampton Court Palace.
Like the Britannia, they are UK legal tender, so gains are free of CGT. Collectors like completing the sets, which can support demand, but you usually pay a higher premium per ounce than for a Britannia.
3. Silver Maple Leaf (Royal Canadian Mint)
The Maple Leaf has been issued since 1988 and is struck in 9999 fine silver, one of the purest bullion coins on the market. It has a face value of 5 Canadian dollars and a diameter of 38 mm. Security features include fine radial lines and a micro-engraved security mark.
It is one of the most traded silver coins worldwide, so selling is easy. For a UK investor, the downside is tax: gains may be subject to CGT. Compare Silver Maple Leaf prices or read about the Royal Canadian Mint.
4. American Silver Eagle (United States Mint)
The Silver Eagle has been issued since 1986. It contains one troy ounce of 999 silver, measures 40.60 mm and has a face value of 1 US dollar. The obverse is based on Adolph Weinman’s Walking Liberty design. In 2021, the US Mint introduced a new reverse showing an eagle landing with an oak branch, known as Type 2.
At Hatton Garden Metals, mixed-year Eagles cost the same as mixed-year Maple Leafs on 3 October 2026. See American Silver Eagle prices.
5. Silver Vienna Philharmonic (Austrian Mint)
The silver Philharmonic was introduced in 2008. It contains one troy ounce of 999 silver, has a face value of 1.50 euros and a diameter of 37 mm. Its designs show the Great Organ of Vienna’s Musikverein and a group of orchestral instruments.
One correction: the old version of this article said the Philharmonic was exempt from UK CGT. It is not UK legal tender, so it does not get the sterling exemption. Compare Silver Philharmonic prices.
6. Silver Krugerrand (South African Mint)
The silver Krugerrand was first minted in 2017, 50 years after the gold version. It is 999 fine silver with a nominal value of 1 rand and carries the familiar springbok design. On 3 October 2026, it cost the same as a Maple Leaf at Tavex UK. See Silver Krugerrand prices.
7. Silver Kangaroo (The Perth Mint)
The Perth Mint’s silver Kangaroo bullion coin has been issued since 2016. It is struck in 9999 fine silver, measures 40.6 mm and has a face value of 1 Australian dollar. Recent coins carry a micro-engraved security mark. Compare Silver Kangaroo prices.
8. Australian Lunar Series (The Perth Mint)
The Perth Mint’s Lunar coins show the animals of the Chinese zodiac, one per year. Lunar Series III began in 2020 with the Year of the Mouse. The designs change every year and each has its own mintage, which attracts collectors.
Are they a good investment? They can be, but you pay for the design. On 3 October 2026, the 1 oz Year of the Dragon 2024 coin cost 86.5% above spot at Tavex UK, more than twice the premium of a Britannia. If you want the most silver for your money, plain bullion coins are the better choice. Compare Lunar Series III silver prices.
9. China Silver Panda
Since 2016, the silver Panda has been struck in metric weights: the main bullion coin weighs 30 g of 999 silver, slightly less than a troy ounce, with a new panda design each year. Compare prices per gram, not per coin. On 3 October 2026, Hatton Garden Metals listed it at £55.47 excluding VAT, or £66.56 with VAT, about 51% above the spot value of 30 g. See Silver Panda prices.
Buying and Selling: The Spread
The premium is only half of your cost. When you sell, the dealer pays you less than the spot price in many cases, and you do not get the VAT back. The difference between buying and selling prices is called the spread.
| Coin and dealer | You pay (incl. VAT) | Dealer pays you | Spot | Silver price rise needed to break even |
|---|---|---|---|---|
| Britannia, Tavex UK | £56.88 | £47.89 | £45.82 | about 19% |
| Maple Leaf, Tavex UK | £59.94 | £43.33 | £45.82 | about 38% |
| Maple Leaf, Hatton Garden Metals | £62.44 | £41.40 | £45.82 | about 51% |
| Philharmonic, Hatton Garden Metals | £66.26 | £41.40 | £45.82 | about 60% |
Notice the Britannia? On that day, Tavex UK paid more than spot to buy it back. That small detail made it the cheapest coin to hold in our comparison.
Silver Coins or Silver Bars?
Is it better to buy silver coins or bars in the UK? Bars usually have lower premiums in other countries, but VAT changes the picture here. On 3 October 2026, a 1 kg silver bar cost £1,881.20 including VAT at Tavex UK, 27.7% above spot, which is more per ounce than a Britannia at the same dealer. Hatton Garden Metals’ certified 1 kg Metalor bar cost £1,599.59 excluding VAT, or 30.3% above spot once VAT is added.
Choose coins if:
- you want CGT-free gains (Britannias and the Royal Mint beast series),
- you want to sell in small amounts,
- you prefer products with mint security features.
Choose bars if:
- you are buying large amounts and a dealer offers a lower premium per ounce,
- CGT does not affect you, for example because your gains stay within the annual allowance.
Compare silver bar prices to see the current gap. Read also: Gold Bars vs Gold Coins: Pros and Cons.
Tips for First-Time Silver Investors
- Compare the total price: include VAT and delivery, and check whether a dealer quotes prices with or without VAT.
- Check the buy-back price: a low purchase premium is less useful if the dealer pays little to buy back.
- Prefer common bullion coins: Britannias and Maple Leafs are easier to sell than special editions.
- Plan storage: silver is bulky. 100 coins weigh over 3 kg, and insurance may require a safe or a vault.
- Handle coins carefully: silver tarnishes and scratches, and marks can lower resale value of special editions.
- Buy from known dealers: learn how to spot fakes in our guide on real and fake silver.
Want the bigger picture first? Read our article on why you should consider silver investment.
Summary: Best Silver Coins to Buy
| Coin | Fineness | UK CGT | Best for |
|---|---|---|---|
| Silver Britannia | 999 | Exempt | Most UK investors |
| Queen’s Beasts / Tudor Beasts (2 oz) | 999.9 (Queen’s Beasts) | Exempt | Investors who also like collecting |
| Silver Maple Leaf | 9999 | May be chargeable | Global liquidity, high purity |
| American Silver Eagle | 999 | May be chargeable | US-recognised coin |
| Silver Philharmonic | 999 | May be chargeable | European-recognised coin |
| Lunar Series III | 9999 | May be chargeable | Collectors, not lowest cost |
FAQ: Best Silver Coins to Buy
What is the best silver coin to buy in the UK?
For most UK investors, the 1 oz silver Britannia is the best choice. It is easy to sell, carries modern security features and, as UK legal tender, is free of Capital Gains Tax.
Do you pay VAT on silver coins in the UK?
Yes, silver bullion coins carry VAT at 20% in the UK, whatever country issued them. Only investment gold is exempt from VAT.
Are silver Britannia coins CGT free?
Yes, silver Britannias are UK legal tender, and HMRC treats sterling currency as not chargeable for Capital Gains Tax. The same applies to the Royal Mint’s Queen’s Beasts and Royal Tudor Beasts.
Are silver coins a good investment?
Silver coins can suit long-term investors who want physical metal, but VAT and dealer spreads mean silver must rise noticeably before you break even. Prices are also volatile.
Is it better to buy silver coins or bars in the UK?
For many UK investors, coins are better, because Britannias are CGT free and VAT makes bars less of a bargain. For large purchases, compare the price per ounce of both.
Where is the best place to buy silver coins in the UK?
The best place is an established dealer with a clear total price and a published buy-back price. Prices for the same coin differ between dealers, so compare before buying.
Are Lunar silver coins worth buying?
They are worth buying if you value the design and collecting. As an investment in silver itself, they are expensive: on 3 October 2026, a Lunar Dragon coin cost 86.5% above spot.
Compare Silver Coin Prices Before You Buy
The right coin depends on tax and price as much as on design. In the UK, a CGT-free Britannia bought at a fair premium is hard to beat for most investors. Foreign coins can still make sense when they are cheaper per ounce, or when your gains are likely to stay within the annual allowance.
Compare live prices for silver coins at UK dealers, browse dealer profiles such as Tavex and Hatton Garden Metals, and check the silver price per gram before you order.
This article is for information only and is not investment or tax advice.
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