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Britannia silver coins
Number of products: 4The silver Britannia is legal tender in the United Kingdom, and that is why it is exempt from Capital Gains Tax for UK residents — the exemption follows from the coin being sterling currency, not from it being silver.
It has been struck since 1997, but the coin changed twice. Fineness moved from .958 to 999 with the 2013 issue, and four security features were added from 2021. We stock 1 oz, 1/4 oz and 1/10 oz, plus mixed-year 1 oz. Check the live silver price before you order.
Two coins under one name
A 1997–2012 silver Britannia and a 2013-onwards silver Britannia are not the same object. The older coin is Britannia silver at .958, weighs 32.45 g and measures 40.00 mm. The current coin is 999 fine, weighs about 31.21 g and measures 38.61 mm. Both contain exactly one troy ounce of fine silver — the older one is heavier and visibly wider because the remaining 4.2% is copper.
This matters when you buy a mixed-year listing: you may receive either version, and they will not stack in the same tube. The silver content, and therefore the value, is identical.
Specification
| Parameter | 1997–2012 | 2013 onwards |
|---|---|---|
| Fineness | .958 Britannia silver | 999 |
| Fine silver | 31.10 g — one troy ounce | 31.10 g — one troy ounce |
| Gross weight | 32.45 g | 31.21 g |
| Diameter | 40.00 mm | 38.61 mm |
| Face value | £2 | £2 |
| Reverse | Philip Nathan's Britannia, first used 1987 | Philip Nathan's Britannia |
| VAT | Standard rate — silver is not exempt | Standard rate — silver is not exempt |
The Royal Mint publishes the fine metal content rather than a gross weight or a thickness, so those figures come from dealer specifications and we do not treat them as official.
Fractions and face values
Each size carries its own denomination: 20p on the 1/10 oz at 16.50 mm, 50p on the 1/4 oz at 22.00 mm, £1 on the 1/2 oz at 27.00 mm, £2 on the 1 oz at 38.61 mm, and £500 on the kilo coin at 100.00 mm. All of them are legal tender, so the CGT position is the same across the range. Smaller coins carry a higher premium per gram, because striking and packaging cost roughly the same regardless of size.
Royal Mint tubes hold 25 coins for 1 oz and 1/2 oz, 19 for the 1/4 oz and 16 for the 1/10 oz. A monster box holds 500 one-ounce coins.
The four security features, added from 2021
The Royal Mint cut these with picosecond lasers, at a scale it describes as around 200 times narrower than a human hair. They are worth knowing because they are checkable by eye, without equipment:
- Latent image — tilt the coin and a padlock changes into Britannia's trident.
- Micro-text — the words DECUS ET TUTAMEN, "an ornament and a safeguard", run around the figure.
- Surface animation — micro-detail makes waves appear to move behind Britannia as the coin turns.
- Tincture lines — the heraldic hatching that denotes colour, applied to the Union flag on the shield.
Coins dated 2020 and earlier do not have them. That is not a defect, and it does not affect the silver.
Which monarch, which year
The 2023 issue exists with both effigies. Elizabeth II appears in Jody Clark's fifth definitive portrait, used on UK coins from 2015 until 2022. Charles III appears in the portrait by Martin Jennings, the official effigy approved by the King, on bullion Britannias from 2023 and exclusively from 2024. If a specific effigy matters to you, the year alone does not settle it for 2023.
What you actually pay
Silver carries a much higher percentage premium over spot than gold. Fabrication, packaging and shipping cost about the same per coin whichever metal is inside, so on a one-ounce silver coin those fixed costs are a visible share of the price rather than a rounding error.
The Royal Mint does not publish mintages for bullion Britannias — they are struck to demand. There is no scarcity premium to wait for on the bullion version.
Tax position
Capital Gains Tax: The Royal Mint states that Gold and Silver Britannia bullion coins "are exempt from UK capital gains tax for UK residents only, due to being legal tender". The underlying rule is in HMRC's Capital Gains Manual at CG76881 — sterling currency is not a chargeable asset — with TCGA 1992 s.262 behind it. This applies to UK residents only, and it is general information rather than tax advice.
VAT is a separate question and the answer is different. The exemption for investment gold, set out in VAT Notice 701/21 and the coin list in 701/21A, covers gold only. There is no silver equivalent. Silver coins are sold at the standard rate — 20% in the UK, 23% in Poland.
What to check before you order
Bullion Britannias ship loose in tubes, not in capsules, so handling marks are normal. Light toning on 999 silver is also normal and does not affect content or resale value, which follow weight and fineness. If you are buying a mixed-year lot, expect a mix of the 40 mm and 38.61 mm coins.
Questions buyers ask
Is the silver Britannia CGT-free?
For UK residents, yes — because it is legal tender in sterling, not because it is silver. HMRC's rule is at CG76881. A Krugerrand or a Maple Leaf does not qualify on that basis.
Is it exempt from VAT as well?
No. VAT exemption applies to investment gold only. Silver coins carry the standard VAT rate.
Why are older Britannias bigger?
Coins dated up to 2012 are .958 fine, so the same ounce of silver sits inside a heavier 32.45 g, 40.00 mm coin. From 2013 the alloy changed to 999 and the coin became smaller.
Which coins have the security features?
Bullion Britannias dated 2021 and later. Earlier coins do not have the latent image, micro-text, surface animation or tincture lines.
Will you buy a silver Britannia back?
Yes, against the current market price. See the buyback page for how the valuation works.
Other silver coin series
Krugerrand · Maple Leaf · Vienna Philharmonic · Australian Kangaroo · Chinese Panda · American Eagle · Somali Elephant
All series are listed on the silver coins page. For bar formats see silver bars, and for the gold version of this coin see Britannia gold coins.
