Thursday, February 21, 2013

2013 Silver Bullion Coins From Around the World

Posted by | Filed Under: Silver Bullion Coins

In response to some reader requests, I wanted to provide a post which showcases and reviews the various 2013-dated Silver Bullion Coin offerings from around the world.

Many mints from around the world produce high quality bullion priced coins which often feature rotating designs and carry limited mintages. In most cases, these are available for a modest premium above the spot price of silver during the year of release. While not generally the lowest premium method for acquiring silver bullion, these coins provide a showcase of the variety and artistry available from the mints, which should be pleasing to coin collectors and bullion investors alike.

To prepare this post, I recently purchased one example each of some of the most popular one ounce silver bullion coins from various world mints. This article will provide an image of each coin, the cost, a brief description of the design, some comments on the finish and quality, and any pertinent information on mintage. The coins are presented in no particular order.

Please keep in mind that the comments on quality refer to the single coin purchased, and will obviously vary from coin to coin. Also, the pricing is from a single dealer, at a single point in time, and for buying just a single coin. Always shop around for the best prices by checking a variety of sources and expect lower prices for buying in volume or paying by check/wire. Click on any image for a larger version.

Mexico: 2013 Silver Libertad

Cost: Spot + $5.57

The obverse design features the Winged Victory statue with the volcanoes Popocatepetl and Iztaccihuatl in the background. The reverse contains the Mexican National Seal featuring an eagle with a snake in its mouth surrounded by historical Mexican coats of arms.

Both sides of the coin feature a uniformly frosted finish, which is distinct from the other world silver bullion coins examined. The quality of this piece is generally good, but there are a few tiny breaks in the frost scattered in the fields.

In recent years, the annual mintage level for the one ounce sized coins seems to have been around 1 million. The mintage levels for some of the fractional sized versions have been extremely small.

Canada: 2013 Silver Maple Leaf

Cost: Spot + $5.16

The obverse design features a portrait of Queen Elizabeth II. The reverse features a Canadian Maple Leaf.

The portrait and leaf have a mirror like finish against a faintly striated background. On this particular coin, the Queen’s cheek has picked up some chatter and displays some pitting. As the highest point of the design with a mirrored surfaces, I would expect this to occur on many coins of the series.

In recent years, annual mintages for this coin have topped 10 million. This was one of the lowest premium coins purchased in this lot, beat out only by the Philharmonic.

Austria: 2013 Silver Philharmonic

Cost: Spot +5.05

The obverse design features a depiction of the Great Pipe Organ found in the Vienna’s Golden Hall. The reverse features musical instruments including a cello, violins, Vienna horn, bassoon, and harp. These coins have a smooth edge, while every other silver bullion coin examined has a reeded edge.

The coins feature a uniformly brilliant finish which suits the detailed design. This particular coin has a milk spot on the reverse and some contact marks at the base of the central violin. This may have just been a bad coin- in prior years I have purchased rolls containing pristine coins.

In recent years, mintages have exceeded 10 million. The Silver Philharmonic was the absolute lowest cost silver bullion coin of those purchased, but currently only by a slim margin. In prior years when premiums for other bullion coins have spiked, I have seen the premium for the Silver Philharmonics remain low.

Canada: Wildlife Silver Bullion Series

Cost: Spot + $5.57

The obverse design features the portrait of Queen Elizabeth II. The reverse designs of this series have featured different animals found in Canada. A total of six designs were released carrying dates 2010, 2011, and 2012. This coin represents the fifth design featuring the Pronghorn Antelope. View the other five designs here.

Similar to the Maple Leaf, the portrait and animal design are mirrored against a lightly striated background. This particular coin is in poor condition with some ugly slide marks on the Queen’s check and brow and a contact mark in the left obverse field. The reverse of the coin is problem free. This coin may have just been mishandled. I have purchase other coins of this series in rolls and the quality has been much better.

The mintage for each of the six designs of the series is limited to 1 million, which has served to create a premium for some of the earlier sold out issues. The cost is slightly higher than the typical silver bullion coin.

United States: 2013 American Silver Eagle

Cost: Spot + $5.36

Included for completeness is the one ounce silver bullion offering from the United States. The obverse design features Adolph A. Weinman’s classic rendition of Walking Liberty, and the reverse features a heraldic eagle designed by John Mercanti.

The coins feature a uniformly satin-like finish. This particular coin has some contact marks on Liberty’s extended arm. Besides this, the coin is of generally pleasing quality. Every year, the major grading services certify tens of thousands of these coins in MS70 holders.

These coins are minted to demand, although sometimes subject to suspensions and rationing. Recently, sales have exceeded 30 million per year. The premium charged for this coin was slightly above average. During times of suspension or heavy demand, the premium levels tend to expand quickly.

United Kingdom: 2013 Silver Britannia

Cost: Spot +$7.11

The obverse features the Ian Rank-Broadley effigy of Queen Elizabeth II. The reverse features a rendition of Britannia by Philip Nathan. Starting this year, the Royal Mint changed the composition of the coins from the traditional Britannia Silver (95.8% purity) to the more standard 99.9% purity. The diameter of the new coins is also slightly smaller.

The coin features uniformly mirror like surfaces. For this coin, both the obverse and reverse have picked up tiny hair line scratches at the higher points. The obverse carries an unattractive hazy splotch over most of the portrait. Collectors have voiced numerous complaints about the quality of the coins this year.

Besides the quality issues, the execution of the design has also changed. Shown above is a side by side image the 2013-dated coin next to a 2012-dated coin. Much less detail is visible throughout, particularly apparent in the folds of the gown and the shield.

In previous years, the Silver Britannia coins had been limited to a mintage of 100,000. Starting in 2013, they are minted to demand with current production already exceeding last year’s total. The premium for this coin is among the highest for those examined, which is does not seem justified given the quality issues and uncapped mintage. In previous years, I bought Silver Britannias in quantity since I found the designs and limited mintages appealing. This year, it looks like I will just buy one.

China: 2013 Silver Panda

Cost: Spot +$10.21

The obverse design features the Hall of Prayer for Good Harvests (The Temple of Heaven). The reverse features a trio of pandas drinking at a stream with bamboo stalks in the background. The panda design for the coin is changed annually.

The coins use a mixture of mirrored and frosted surfaces to nicely bring out the design. The quality of the coin is excellent, basically near proof. On this particular coin, there is a tiny mark in the obverse field which keeps the coin from being flawless.

For 2013, the one ounce silver coin has a maximum mintage of 8 million. Over the past several years, the maximum mintage level has climbed steadily. As recently as 2010, the mintage limit for this size was only 600,000. The price is the highest of all the coins purchased. The coins come housed in individual capsules.

Perth Mint Australia: 2013 Silver Kookaburra

Cost: Spot + $7.13

The obverse features a portrait of Queen Elizabeth II. The reverse features a depiction of two juvenile kookaburras sitting on a tree branch amid some flowers. The series has featured a new depiction of the iconic birds annually.

The coins feature mixture of proof like and frosted surfaces to compliment the design. This particular coin has a hazy print and some very light hair lines on the obverse. The reverse is excellent.

For 2013, the one ounce size carries a mintage limit of 1 million. As with the Panda, the mintage limit has climbed higher over the past few years. As recently as 2010, the limit was only 300,000. These coins are among the higher cost silver bullion options. Coins come in individual capsules.

Perth Mint Australia: 2013 Silver Koala

Cost: Spot + $6.08

The obverse design once again features the portrait of Queen Elizabeth II. The reverse features an adult koala sitting in the fork of a tree. This series was recently launched in 2007 and has featured a different depiction of the koala annually.

Similar to the previous coin, a mixture of mirrored and frosted surfaces are used throughout. The quality of this coin is excellent and it appears flawless to my examination.

These coins do not carry a mintage limit, with production to close at the end of the year. The premium is at the higher end, but below the Kookaburra coins. Each coin comes in a capsule.

Perth Mint Australia: 2013 Year of the Snake Silver Lunar

Cost: N/A

The final coin included in this post is the 2013 Year of the Snake Silver Coin from the Australian Lunar Series II. Unlike the others, I did not purchase it recently, but received it last year within the Type Set Collection.

The obverse features a portrait of Queen Elizabeth II. The reverse feature a snake curling around a tree branch. Each year a new design is created featuring the next animal in the 12-year cycle of the Chinese zodiac. The diameter of the coin is larger compared to other silver bullion coins at 45.6 mm.

The coin features frosted background fields with mirrored design elements, which provides a reverse proof appearance. This example appears flawless, the scan just had some dust on it.

Each year, the one ounce sized coins have been offered with a maximum mintage of 300,000. In recent years, this amount has quickly sold out and the coins have taken on premiums. For the Year of the Dragon design, the one ounce coins were immediately selling for more than $100 each.

Rather than chasing the one ounce coins, I have purchased the 1/2 oz, 2 oz, 5 oz, and even the 1 kilo sized coins. These sizes are offered without a mintage limit, which keeps premiums reasonable.

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Thursday, June 14, 2012

Britannia Silver Bullion Coins

Posted by | Filed Under: Royal British Mint, Silver Bullion Coins

The Royal British Mint issued the first Silver Britannia coins in proof format in 1997. This was followed by the issuance of 1 oz. silver bullion coins in 1998 and each subsequent year. While these coins have typically carried a lower profile than other world silver bullion coins, this status may be changing.

For each year of issue, the obverse design of the coin has featured the Ian Rank Broadley effigy of Queen Elizabeth II. The reverse has carried an image of Britannia, which at first alternated between standing Britannia designed by Philip Nathan and a new version created for odd numbered years. This pattern changed after 2006. Eventually, the standing Britannia design was brought back for the 25th anniversary of the Britannia series in 2012.

The 1 oz. silver bullion coins carry a legal tender face value of £2. The composition is “Britannia Silver” or 95.8% purity. Each coin has a weight of 32.454 grams (including 1 troy ounce of pure silver) and a diameter of 40 mm.

A summary of the design and mintage for each year of release for the silver bullion coins is included below.

1998-2012 Britannia Silver Bullion Coins

Date Design Mintage
1998 Standing Britannia 88,909
1999 Chariot 69,394
2000 Standing Britannia 81,301
2001 Una and the Lion 44,816
2002 Standing Britannia 48,215
2003 Britannia’s Helmet 73,721
2004 Standing Britannia 100,000*
2005 Seated Britannia 100,000*
2006 Standing Britannia 100,000*
2007 Seated Britannia and Lion 100,000*
2008 Britannia on Beach 100,000*
2009 Chariot 100,000*
2010 Corinthian Helmet 100,000*
2011 Billowing Union Flag 100,000*
2012 Standing Britannia 100,000*
*number authorized

In recent years, the bullion coins have been limited to an annual issuance of 100,000 coins, which is extremely low compared to the multiple millions of silver bullion coins issued each year by some other countries. The Silver Britannia coins have also typically been priced at a higher premium.

The limited mintage, pricing, and alternating designs seemed to target the coins at a different segment of the market than bulk bullion purchasers. Based on announcements made earlier this year, the Royal Mint is seeking to change this status and expand into their presence in the world bullion market.

Starting with the 2013-dated coins to be issued in November 2012, the composition will be changed to 99.9% purity, which is used for most other world silver bullion coins. The style of packaging will be changed to more of a bulk format. Finally, the coins will no longer be subject to the 100,000 limited mintage, but will be minted to order.

If the expansion is successful and the Silver Britannia coins gain a greater penetration within the market, this seems like it would have a favorable impact on earlier bullion issues. From a collector standpoint, the series has some points of interest such as the diversity of designs and what may prove to be extremely lower mintages for the issues of 1998 to 2012 compared to the subsequent issues. This may be a bullion series to watch in the coming years.

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Thursday, May 10, 2012

Australian Lunar Silver Bullion Coins

Posted by | Filed Under: Perth Mint, Silver Bullion Coins

A world silver bullion coin series that has received a lot of attention this year is the Australian Lunar series. These coins are produced by the Perth Mint and feature the 12 animals of the ancient Chinese Lunar Calendar. Each animal is believed to influence people born under its rule, leading to prominence of certain personality traits.

The Lunar Series I ran from 1999 to 2010, followed by the Lunar Series II, which began in 2008 and will run until 2019.

The releases for the current series will be as follows:

  • 2008 Mouse
  • 2009 Ox
  • 2010 Tiger
  • 2011 Rabbit
  • 2012 Dragon
  • 2013 Snake
  • 2014 Horse
  • 2015 Goat
  • 2016 Monkey
  • 2017 Rooster
  • 2018 Dog
  • 2019 Pig

The silver bullion coins are struck in .999 purity and currently come in seven different sizes ranging from 1/2 ounce to 10 kilo. For the 2012 releases featuring the Year of the Dragon, maximum mintages were established for the one ounce size at 300,000 and the 10 kilo size at 500.

Specifications for each of the silver bullion coins available are shown below.

Lunar Series II Silver Bullion Coins

Size Silver Content Denom Weight Diameter Thickness
10 kilo 321.510 oz 300 AUD 10,010 g 221 mm 33 mm
1 kilo 32.151 oz 30 AUD 1,001.002 g 100.6 mm 14.6 mm
10 oz 10 oz 10 AUD 311.347 g 85.6 mm 6.6 mm
5 oz 5 oz 8 AUD 155.673 g 65.6 mm 5.8 mm
2 oz 2 oz 2 AUD 62.270 g 55.6 mm 3.6 mm
1 oz 1 oz 1 AUD 31.135 g 45.6 mm 2.6 mm
1/2 oz 0.5 oz 0.50 AUD 15.591 g 36.6 mm 2.3 mm

The Perth Mint’s silver bullion coins carry a higher quality finish than typically used for bullion. The coins feature a frosted table, which includes the fields and some lettering, with mirrored design elements. This makes for a stunning presentation of the design, which is resembles a reverse proof finish.

The Year of the Dragon has been a particularly popular release of the series. The silver bullion coins were first released on September 1, 2011. Within about a month, the entire maximum mintage for the one ounce sized coins had been produced and sold. The relatively limited mintage and high demand resulted in immediate higher prices for the coins, which were initially priced by some bullion dealers at more than $100 each.

Also within the opening month, the Perth Mint suspended taking new orders for 1/2 oz, 2 oz, and 5 oz silver bullion coins in response to “unprecedented levels of demand, which was stretching production capacity to the limit.” The Perth Mint resumed accepting orders for these sizes, which are not subject to a maximum mintage but will have an unlimited mintage until the close of production at the end of 2012.

For anyone interested in the final sales figures for prior year Australian Lunar Series silver bullion coins, you can find that information here.

The Lunar series silver coins have also been offered in a wide array of numismatic versions with limited mintages. This year’s collector coins and products featuring the Year of the Dragon have all been quickly scooped up by collectors. These releases have included numerous colored versions, gilded versions, proof coins, a gem stone edition, and high relief.

Looking ahead in the Perth Mint’s product schedule, a five ounce silver proof version of the is scheduled for release on June 5.

This post continues an exploration of the different silver bullion coins from world mints.

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Thursday, April 19, 2012

Mexican Silver Libertad Bullion and Proof Coins

Posted by | Filed Under: Casa de Moneda de Mexico, Silver Bullion Coins

Of all the world bullion coins, arguably the most beautiful is the Mexican Libertad.  Minted since 1982, in the oldest mint in North America, the Casa de Moneda de Mexico (literally the House of Mexican Money, founded in 1535 by the Spanish as a way of minting coins with the gold plundered in conquest) the .999 silver bullion coins first featured  a winged Victory of Mexican Independence on one side, and behind her is the volcanoes with the story of Popocatepetl and Iztacchihuatl.

These are sometimes called the type 1 Libertads, and were minted from 1982 to 1995.  The story is that Popocateptl fell in love with the princess Izataccihuatl, and like Romeo and Juliet they were from different tribes and couldn’t be together so while Popocateptl was in battle, one of his enemies spread a rumor that he was dead, and the princess died of a broken heart.  When he returned, he laid her body on a mountain, that takes her name to this day, and the peak that has his name is in tribute of him watching over her remains.

The view of the winged victory was changed in 1996 and the reverse of the familiar eagle with a snake in his mouth over a cactus was shrunk to include room for the Mexican province symbols.  Similar to the American Eagle, the basis of the Libertad was a 50 peso (gold) coin used from 1921-1947.

The Libertads minted only 1 ounce BU coins from 1982 to 1990, and then in 1991 began minting fractional coins: 1/20 ounce of silver, 1/10 ounce of silver, 1/4, 1/2, 1 ounce silver coins.  In 1996 a 2 ounce and 5 ounce coin was added.  The mintages are difficult to assess for a variety of reasons: tiny mintages in some cases, and many coins were melted down by jewelry makers as silver prices dropped, and melted down by bullion dealers as silver rose.  The lowest mintage of the 1 oz BU libertads is the 1998, with 67,000.  The lowest of the 1/20 ounce is 1998 at 6400.  6400 is also the lowest 1/10,1/4,1/2 B U.  The lowest BU 2 ounce is 2300 (1998) and 5 ounce is 2300 (1998).

The 3 year stretch of 1997, 1998, and 1999 is sometimes referred to as the “Holy Trinity” of Libertads, due to the insane scarcity of coins minted in those years (1997: 100,000, 1998: 67,000, 1999: 95,000).  It gets even crazier in the proof coins (see below).

Average Libertad prices range from around 40$ for a ‘common’ year, to around $240 for the 1998.  The prices don’t seem to be affected too much by spot except the most common years.  There are a few varieties of the Libertad that are recognized, most notably the 1991 has a variety in which the word “onza” is printed with different lettering and sells for a premium of around double the normal 1991.

A giant Kilogram silver coin, with a proof-like finish was added in 2002, and the mintages have gone from 1820 in 2002, to a low of 500 in 2005.  Sometimes these kilos fetch huge premiums sometimes they are a few hundred over melt.  The Libertad market is highly volatile and due to its low mintage, can be a very exciting series to try to stay on top of.

Proof Libertads are among the most difficult and valuable of any modern proof silver coin.  They started with a proof set in 1983 that came as part of a government set, with a mintage of 998.  Then there were no more proofs produced until 1986 (the most common year, with 30,000 minted).  Since 1986, the 1 ounce has been produced every year, and then in 1992, fractional proofs were announced.  From 1992 until 1995, 1/20, 1/10,1/4, 1/2, 1 ounce proofs were produced as sets, usually in holdered pouches by the Mexican mint.

The 1998 1 ounce proof- probably the most well known of the hard to find proofs, regularly fetches around $2,500, and the mintages of some of the proofs are absolutely comical.  The 1 ounce 1998 proof has a mintage of 500, The fractionals are even more scarce- the 1/20 ounce proof (and the 1/4 and 1/10 from 1998, have a mintage of 300).  300!?

When you factor in the coins lost and sold, you can see the Libertad market has maybe 3 changing hands of these mintages per year (or less).

*All mintages are available on for perusal here: http://en.wikipedia.org/wiki/Libertad_(coin)

In 1996, with the new Libertad design, the new proofs also began offering 2 ounce and 5 ounce silver proof coins.  These have always been very low mintages (the 1999 5 ounce has a mintage of 100 and sells for thousands), the 1999 2 ounce proof has a mintage of 280 and is similarly priced.

Don Bailey is the most reliable source for figures from the Libertads and he states that the 2011 mintages dipped a bit for the 2 ounce proof (only 1000) and the kilo (1000).  The 5 ounce proof came in at only 2000.  The 1/2 ounce proof and 1/4 ounce proof came in at only 5000.  You regularly see ‘wooden box’ libertad proof sets for years come up for sale.  These fetch a substantial premium because all of the wooden box sets were limited to a max of 1000 per year.

Gold Libertads are a separate post, but here’s a nutshell: the gold proofs have been offered since 2005 in 1/20, 1/10, 1/4, 1/2, and 1 ounce proof.  The BU 1 ounce has been offered in 1981, and then from 1991-1994 offered as fractionals, and again in 2000, and then from 2002 to 2011.

Now, enough of the background- here’s the big news!

2012 marks the first year since 1991 that Libertad proofs will not be offered in fractional or 2 and 5 ounce sizes.

Repeat- Don Bailey reports that the ONLY 2012 Libertads that will be produced by the Mexican Mint this year are the 1 ounce BU, the 1 ounce Proof and the 2 and 5 ounce BU.

Here is what his newsletter says: 

In 2012, there will be only one silver proof coin forthcoming: the 1oz silver Libertad proof. There will be no other silver proof coins. There will be no 5pc silver Libertad proof sets.  There will be no 5pc gold Libertad proof sets.

The coins that will be offered for 2012 are as follows:

1 oz BU

2 oz BU

5 oz BU

1/2 oz BU

1/4 oz BU

1/10 oz BU

(Yes, no 1/20 oz coin)

and the 1oz gold Libertad BU.

I understand that many of you are scratching their heads wondering why, and my best answer is budget constraints.  

So- what does this mean for the future of Libertad collectors/collections?  Well, for one, it at the very least makes 2012 a confusing year.  One theory is that since 1992 was the first year of fractional proofs, perhaps there will be a 30th anniversary set (my theory).  The other theory is that they are putting the fractional proofs to bed like the American buffalo fractionals, and now you can make a complete a set from 1982/3 (if you include the 1 ounce proofs) to 2012 with only the 1992-2011 fractional proofs.  At the very least, it makes one of the most beautiful coins in the world that was already incredibly scarce, even more tricky to collect, and provides the kind of spark to keep collectors guessing!

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Friday, April 13, 2012

Austrian Philharmonic Silver Bullion Coins

Posted by | Filed Under: Silver Bullion Coins

The Silver Philharmonic bullion coins have been issued by the Austrian Mint since 2008. The introduction of the series followed the success of the Gold Philharmonic, which had been issued since 1989.

The obverse design for the coins features the Great Pipe Organ found in Vienna’s Golden Hall with the inscriptions “Republik Osterreich”, “1 Unze Feinsilber” (1 ounce pure silver), the date, and the denomination of “1.50 Euro”. The reverse design includes an arrangement of musical instruments including a cello, violins, Vienna horn, bassoon, and harp. The legend reads “Wiener Philharmoniker” (Vienna Philharmonic) with the word “Silber” below. The same design has been used for each year of the series.

Each coin is struck in one troy ounce of .999 fine silver with a plain edge. The series represents the first silver bullion coins that were denominated in Euros.

Sales of the Silver Philharmonic have risen dramatically in recent years. The total sales achieved for 2010 were 11,358,200 coins. For 2011, the amount rose to 17,873,700, representing a gain of 57.36%.

The coins have sometimes sold at premiums that are lower when compared to silver bullion coin offerings from other world mints. Back in 2009, I had purchased Silver Philharmonics in lieu of American Silver Eagles since the cost was about $2 lower per coin.

More recently, the difference in premium has not been as dramatic. A major bullion dealer has 2012-dated Silver Philharmonics as low as $2.29 per coin over spot, which is the same premium as the most recent dated Silver Maple Leafs and Silver Libertads, and only slightly lower than the $2.59 per coin over spot for Silver Eagles.

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