Silver Britannia Coin Guide: Value, CGT Exemption & Where to Buy
Everything you need to know about the Royal Mint Silver Britannia. Live melt value, the Capital Gains Tax exemption that makes it unique, VAT strategies, how to spot fakes, and where to buy and sell in the UK.
What Is a Silver Britannia?
The Silver Britannia is a 1 troy ounce (31.1035g) silver bullion coin produced by the Royal Mint. First issued in 1997, it carries a face value of £2 and features the iconic Britannia design — a female figure symbolising Britain.
Since 2013, Silver Britannias have been struck in 999 fine silver (99.9% pure). Earlier issues (1997-2012) were struck in 958 Britannia silver (95.8% pure). Both versions contain exactly 1 troy ounce of coin weight.
Weight
31.1035g
1 troy ounce
Purity (2013+)
999 Fine
99.9% pure silver
Diameter
38.61mm
2.7mm thick
Silver Britannia Value Today
Silver Spot (per oz)
£53.62
Britannia Melt Value (999)
£53.44
Pre-2013 Melt Value (958)
£51.25
Live prices from LBMA market data. Last updated: 18/02/2026
Melt Value vs Market Value
The melt value (£53.44) is what the silver content alone is worth. Dealers typically sell Silver Britannias at a 15-30% premium above melt value to cover manufacturing, distribution, and their margin. When selling back, expect to receive close to spot price or slightly above.
How Much Is a Silver Britannia Worth Per Gram?
A post-2013 Silver Britannia contains 31.1035 grams of 999 fine silver, giving it a melt value of £1.72 per gram at today's spot price. Pre-2013 Britannias (958 purity) are worth £1.65 per gram of coin weight due to lower silver content.
| Silver Britannia Type | Per Gram | Per Coin (31.1g) | Typical Buy Price |
|---|---|---|---|
| Post-2013 (999 fine) | £1.72 | £53.44 | £74.82 |
| Pre-2013 (958 Britannia) | £1.65 | £51.25 | £69.19 |
“Typical Buy Price” includes 20% VAT and an estimated dealer premium. Selling prices are typically close to the per-coin melt value. See our silver price per gram page for detailed purity breakdowns.
CGT Exemption Explained
Silver Britannias Are Capital Gains Tax Exempt
Because Silver Britannias are UK legal tender (with a £2 face value), any profit you make when selling them is exempt from Capital Gains Tax under HMRC rules. This is one of the most significant advantages of buying Britannias over generic silver bars, rounds, or foreign coins.
- ✓Silver Britannia coins
- ✓Gold Britannia coins
- ✓Gold Sovereign coins
- ✓Any UK legal tender coin
- ✗Generic silver bars
- ✗Silver rounds (non-legal tender)
- ✗Foreign silver coins (Maple Leafs, Eagles)
- ✗Silver ETFs and funds
Note: CGT exemption applies because Silver Britannias are UK legal tender. The annual CGT allowance (£3,000 in 2026/27) still applies to non-exempt silver investments. Always consult a tax adviser for your specific circumstances.
VAT on Silver Britannias
Important: Unlike gold Britannias (which are VAT-free as investment gold), Silver Britannias are subject to 20% VAT when purchased new in the UK. This means you need the silver price to rise by at least 20% just to break even on a new purchase.
Strategies to Reduce the VAT Impact
Some dealers sell second-hand Silver Britannias under the VAT margin scheme, where VAT is charged only on the dealer's profit margin — not the full coin value. This can save 10-15% compared to buying new.
Some dealers offer storage in bonded warehouses where silver is held VAT-free. You only pay VAT if you take physical delivery. Ideal for investors who don't need to hold the coins at home.
Some Channel Islands dealers can sell VAT-free for storage outside the UK. Be aware: importing to the UK triggers VAT at the border. Only beneficial if storing overseas.
The 2013 Purity Change
| Feature | Pre-2013 (1997-2012) | Post-2013 (2013+) |
|---|---|---|
| Purity | 958 (Britannia silver) | 999 (Fine silver) |
| Total weight | 31.1035g | 31.1035g |
| Pure silver content | 29.81g | 31.07g |
| Melt value today | £51.25 | £53.44 |
| CGT exempt? | Yes | Yes |
How to Spot Fake Silver Britannias
Counterfeit silver coins are becoming more common. Here are the key checks:
Physical Checks
- 1.Weight
Must be exactly 31.1035g. Fakes are often 1-3g off. Use a digital scale accurate to 0.1g.
- 2.Diameter
Must be 38.61mm. Measure with callipers — cheap fakes are often slightly off.
- 3.Thickness
Should be 2.7mm. If the weight is right but thickness is wrong, the density is wrong.
Authenticity Tests
- 4.Magnet Test
Silver is not magnetic. If a neodymium magnet sticks or slides slowly, it's fake.
- 5.Ping Test
Balance the coin on your fingertip and tap it. Genuine silver rings for 1-2 seconds. Base metals produce a dull thud.
- 6.Visual Inspection
Compare design details against Royal Mint images. Look for mushy details, incorrect lettering, or poor edge reeding.
Best Protection: Buy from Reputable Dealers
The most reliable way to avoid fakes is to buy from established dealers with good reputations. Check our verified dealer directory for trusted UK sellers.
Where to Buy & Sell Silver Britannias
- 1.Royal Mint
Direct source, guaranteed authentic. Highest premiums but peace of mind.
- 2.Online Bullion Dealers
Lower premiums than the Royal Mint. Compare prices across 3-4 dealers.
- 3.Local Coin Dealers
In-person purchase, no shipping. May have pre-owned coins at lower premiums.
- 1.Bullion Dealers
Best rates — typically pay spot price or slightly above for Britannias.
- 2.Coin Dealers
May pay a premium for older or rare year Britannias.
- 3.Private Sale
Forums and collector communities. Best prices but more effort and risk.
Silver Britannia vs Gold Britannia
| Feature | Silver Britannia | Gold Britannia |
|---|---|---|
| Weight | 1oz (31.1g) | 1oz (31.1g) |
| Purity | 999 fine | 999.9 fine |
| Face Value | £2 | £100 |
| Approximate Value | £53.50 | £2,000+ |
| CGT Exempt? | Yes | Yes |
| VAT? | 20% VAT | VAT Free |
| Entry Price | ~£30-40 | ~£2,000+ |
Key Difference: VAT
The biggest practical difference is VAT. Gold Britannias are VAT-free as investment gold, while Silver Britannias carry 20% VAT. Both are CGT exempt. This makes gold Britannias more tax-efficient for investment, while silver Britannias offer a much lower entry price — ideal for smaller or regular purchases.
Is a Silver Britannia a Good Investment?
Silver Britannias are one of the strongest choices for UK silver investors because they combine CGT exemption, Royal Mint quality, and high liquidity. The main drawback is 20% VAT on purchase, which means silver must appreciate significantly before you profit. For long-term holders, the tax advantages can outweigh the upfront VAT cost.
- +CGT exempt — no tax on profits, unlike bars or ETFs
- +Low entry price — ~£75 per coin vs £2,000+ for a Gold Britannia
- +Highly liquid — every UK bullion dealer buys Britannias
- +Royal Mint backed — universally trusted, easy to verify
- ~20% VAT on purchase — need ~25% price rise to break even
- ~Storage needed — physical coins require secure storage
- ~Silver is more volatile — larger price swings than gold
- ~Higher premiums per oz — coins cost more per gram than bars
Bottom line: If you plan to hold silver long-term and want to avoid CGT on profits, Silver Britannias are the most tax-efficient option available to UK investors. For shorter-term trades or lower premiums, consider comparing silver with gold investment or using VAT-free storage to reduce upfront costs.
Frequently Asked Questions
How much is a Silver Britannia worth today?
A Silver Britannia (post-2013, 999 fine) has a melt value of £53.44 based on today's silver price of £53.62 per ounce. Dealers typically sell them at 15-30% above melt value and buy them back at or slightly above spot. Use our silver calculator for a live valuation.
Are Silver Britannias exempt from Capital Gains Tax?
Yes. As UK legal tender with a £2 face value, Silver Britannias are CGT exempt. Any profit you make when selling is not subject to Capital Gains Tax. This applies to both pre-2013 (958) and post-2013 (999) coins.
Do you pay VAT on Silver Britannias?
Yes, 20% VAT applies when buying new Silver Britannias in the UK. To reduce the impact, consider buying pre-owned coins under the margin scheme, or using VAT-free bonded storage if offered by your dealer.
How can I tell if a Silver Britannia is fake?
Check the weight (exactly 31.1035g), diameter (38.61mm), and thickness (2.7mm). Use a magnet — real silver is not magnetic. Perform the ping test for a sustained ring. Buy only from established, reputable dealers.
What is the difference between pre-2013 and post-2013 Silver Britannias?
Pre-2013 coins are 958 purity (Britannia silver) with 29.81g pure silver. Post-2013 coins are 999 purity (fine silver) with 31.07g pure silver. Both weigh 31.1035g total and are CGT exempt. Post-2013 coins have a slightly higher melt value due to the higher purity.
How much is a Silver Britannia worth per gram?
A post-2013 Silver Britannia (999 fine) is worth £1.72 per gram at today's silver spot price. The full coin (31.1035g) has a melt value of £53.44. Pre-2013 coins are worth £1.65 per gram due to 958 purity. Visit our silver price per gram page for full purity breakdowns.
Is a Silver Britannia a good investment?
Silver Britannias are one of the strongest silver investment options for UK residents — they are CGT exempt, highly liquid, and Royal Mint backed. The main drawback is 20% VAT on purchase, meaning silver needs to rise ~25% before you profit. For long-term holders, the tax savings often outweigh the VAT. Read our gold vs silver investment comparison for more detail.
Calculate Your Silver's Value
Use our live calculators to value your Silver Britannias and other silver items
Related Guides
How to read UK silver hallmarks, identify purity marks, and tell solid silver from plate.
Read Guide →Comparing gold and silver as investments — returns, volatility, and tax.
Read Guide →How to buy silver bullion in the UK — VAT strategies, dealer comparison, and storage options.
Read Guide →Live silver prices per gram for 925, 958, and 999 with conversion tables.
View Prices →Sources and References
Silver Britannia specifications from the Royal Mint. CGT information from HMRC.
Live silver prices sourced from LBMA market data, updated daily.
Last updated: February 2026
Founder & Market Researcher
Taro has been actively investing in precious metals and financial markets for over 15 years. Frustrated by the lack of transparent, accurate gold pricing information in the UK, he built London Gold Exchange as a data-driven resource for fellow investors. The site combines real-time market data, verified dealer information from 242+ UK businesses, and insights drawn from years of hands-on experience in the gold market.
- ✓15+ years investing in precious metals & equities
- ✓Built verified database of 242+ UK gold dealers
- ✓Daily market data analysis and price tracking
Important Information
This content is for informational and educational purposes only and does not constitute financial advice, a personal recommendation, or an endorsement of any product or service. The value of gold and other investments can fall as well as rise, and you may get back less than you invest. Past performance is not a reliable indicator of future results.
London Gold Exchange is not authorised or regulated by the Financial Conduct Authority (FCA) and does not provide regulated investment advice. Before making any investment decisions, consider seeking advice from an independent financial adviser who is authorised by the FCA.
Tax treatment depends on individual circumstances and may be subject to change. The tax information provided is based on current HMRC guidance and could change in the future. Always verify tax information with HMRC or a qualified tax professional.