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Silver Maple Leaf coins
Number of products: 4The Silver Maple Leaf is 9999 fine — four nines, not three. It has been struck that way since it launched in 1988, and the fineness has never changed, which makes it the odd one out among the major silver bullion series.
It is a 1 oz coin, 38 mm across, with a face value of 5 Canadian dollars. Since 2014 every coin carries a laser micro-engraved maple leaf with the last two digits of the year inside it. Check the live silver price before you order.
Four nines from the start
Most silver bullion coins are 999. The Silver Maple Leaf is 9999, and it was 9999 on day one in 1988 — there is no earlier, lower-purity era to watch out for, unlike the silver Britannia, which was .958 until 2012.
In practice the extra nine changes almost nothing about value: a one-ounce coin contains one ounce of silver whether it is 999 or 9999, and both are priced by fine weight. What the higher purity does affect is how the surface behaves. Very pure silver is soft and marks easily, which is part of why the Royal Canadian Mint has spent more effort on surface engineering than any other mint in this segment.
Specification
| Parameter | Value |
|---|---|
| Fine silver | 31.11 g — one troy ounce |
| Fineness | 9999 — 99.99% silver |
| Diameter | 38 mm |
| Edge | Serrated |
| Face value | 5 CAD |
| Obverse | King Charles III by Steven Rosati, from 2024 |
| Reverse | Sugar maple leaf, unchanged since 1988 |
| Mintage | No fixed mintage — struck to demand |
| VAT | Standard rate — silver is not exempt |
The Royal Canadian Mint publishes diameter and weight but not thickness, so we do not quote a figure for it.
Four surface technologies, four different dates
These are often lumped together as "security features". They are separate, they arrived in different years, and only some of them are anti-counterfeit measures:
- Radial lines, from 2014 — precision-machined lines radiating across both faces, cut to micron tolerances. Hard to reproduce, and they make the coin catch light in a distinctive way.
- Micro-engraved maple leaf, from 2014 — a tiny laser-cut leaf containing the last two digits of the year. A 2026 coin shows "26". Visible under magnification.
- Bullion DNA, on silver from 2015 — the micro-engraving is photographed at high resolution and the image stored in a secure Mint database. The technology was developed with EDGYN and uses the patented Signoptic process.
- MINTSHIELD, from 2018 — not a security feature at all. It is a surface treatment that reduces milk spotting, the white blemishes that can appear on high-purity silver over time.
Bullion DNA can only be verified by an authorised dealer on a dedicated device: the coin goes in, it is photographed, and the image is matched against the Mint's record. You cannot check it yourself at home, and no certificate accompanies the coin.
Which effigy, which year
The Canadian effigy of King Charles III was unveiled in November 2023 and appears on bullion coins from December that year; the first bullion Silver Maple Leaf to carry it is dated 2024. It was designed by Steven Rosati, a Montreal artist — the Canadian portrait, not the one used by the Royal Mint. Coins dated 2023 and earlier carry Elizabeth II.
One size only
The bullion Silver Maple Leaf exists in 1 oz and nothing else. Larger silver coins from the same mint are sold under separate names rather than as Maple Leaf fractions, and the fractional silver sets the Mint has issued — such as the five-coin set for the series' 35th anniversary — are collector products in reverse proof with a fixed edition, not bullion.
What you actually pay
Silver carries a much higher percentage premium over spot than gold, because fabrication, packaging and shipping cost about the same per coin regardless of what the metal inside is worth. On a one-ounce silver coin those fixed costs are a visible share of the price.
The Mint states plainly that the bullion coin has no fixed mintage — it is struck to demand. There is no scarcity premium to wait for.
Tax position
VAT: silver is not investment gold. The exemption in Article 344 of Directive 2006/112/EC covers gold bars and gold coins only, and there is no equivalent list for silver, so silver coins are sold at the standard rate — 23% in Poland, 20% in the UK.
Capital Gains Tax in the UK: the Silver Maple Leaf is not exempt. The exemption applies to sterling currency, per HMRC's Capital Gains Manual at CG76881, and this coin is denominated in Canadian dollars. The silver Britannia qualifies on that basis; the Maple Leaf does not. General information, not tax advice.
What to check before you order
Coins ship loose in tubes of 25, or in a sealed monster box of 500. At 9999 the surface is soft, so handling marks are normal and milk spots can appear on coins predating the 2018 MINTSHIELD treatment. Neither affects silver content or resale value, which follow weight and fineness.
Questions buyers ask
Is the Silver Maple Leaf really 9999?
Yes, and it has been since 1988. It is the only major silver bullion series that started at four nines and never changed.
What is Bullion DNA and can I check it myself?
It is a micro-engraving photographed and recorded in the Mint's database. Verification requires a dedicated device at an authorised dealer, so no, you cannot check it at home.
Is it CGT-free in the UK?
No. The UK exemption covers sterling currency; this coin is denominated in Canadian dollars. Only Royal Mint coins such as the Britannia and the Sovereign qualify.
What are milk spots and does MINTSHIELD stop them?
Milk spots are white blemishes that can appear on high-purity silver. MINTSHIELD, applied from 2018, reduces them. It does not affect the silver content of the coin either way.
Will you buy a Silver Maple Leaf back?
Yes, against the current market price. See the buyback page for how the valuation works.
Other silver coin series
Krugerrand · Britannia · 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 Maple Leaf gold coins.
