Royal Mint Lunar series: specifications, value and where to buy
The Royal Mint's Lunar coins, called the Shengxiao Collection, have marked the Chinese zodiac since 2014. The 1oz gold coin is 999.9 fine, weighs 31.21 g, measures 32.69 mm and is £100 UK legal tender, so UK residents pay no CGT on it. Today's range is sold mainly as limited-edition proofs.
This is Britain's own zodiac coin, made in Llantrisant and carrying the King's portrait. That makes it unusual among Lunar coins: it is sterling legal tender, with the UK tax treatment that brings. It is also, at the moment, mostly a collector product rather than a bullion one, which changes how you should value it.
What are the specifications of the Royal Mint Lunar gold coin?
The Royal Mint publishes full specifications for its current gold Lunar coins. The table uses the 1oz 2026 Year of the Horse coin, the latest with a complete specification sheet.
| Issuer | The Royal Mint, United Kingdom |
|---|---|
| Face value | £100 (UK legal tender) |
| Purity | 999.9 fine gold (24 carat) |
| Weight | 31.21 g |
| Fine gold | about 31.21 g (1.003 troy oz) |
| Diameter | 32.69 mm |
| Edge | Milled |
| Reverse | Horse beneath a clock striking 12, by William Webb |
| Obverse | King Charles III, by Martin Jennings |
| Quality | Proof, limited edition |
Source: The Royal Mint product specification, checked 11 October 2026. Fine gold is our calculation: 31.21 g × 0.9999. One troy ounce is 31.1035 g.
The 32.69 mm diameter and £100 face value match The Royal Mint's other 1oz gold coins, such as the Queen's Beasts and Tudor Beasts. Gold Lunar coins are also offered in 1/40oz, 1/4oz and 5oz sizes, and the 2025 Snake had a 1kg gold proof.
What is a Royal Mint Lunar coin worth today?
Melt value is the gold content multiplied by the live spot price. For a proof coin, melt value is the floor, not the price: it is roughly what a bullion dealer would pay if nobody wanted the coin as a collectable.
| Size | Fine gold (troy oz) | GBP | USD | AUD |
|---|---|---|---|---|
| 5 oz | 5.00 | ... | ... | ... |
| 1 oz | 1.00 | ... | ... | ... |
| 1/4 oz | 0.25 | ... | ... | ... |
| 1/40 oz | 0.025 | ... | ... | ... |
Spot-based melt values, not dealer prices. Last updated: Loading. Try our coin melt value calculator for any other weight.
What does The Royal Mint charge for Lunar gold coins?
We captured The Royal Mint's own listed prices with an automated check at 11:05 UTC on 11 October 2026, when gold spot was £3,171.45 per ounce (gold-api.com). The premium column shows how far each price sits above the value of the coin's nominal gold weight.
| Coin | Limited edition | Price | Gold value at spot | Price as % of gold value |
|---|---|---|---|---|
| 2027 Sheep 1/40oz proof | 1,288 | £145.00 | £79.29 | 183% |
| 2026 Horse 1/4oz proof | 328 | £1,275.00 | £792.86 | 161% |
| 2026 Horse 1oz proof | 688 | £4,905.00 | £3,171.45 | 155% |
| 2026 Horse 5oz proof | 88 | £23,715.00 | £15,857.25 | 150% |
Single-coin prices on The Royal Mint's All Lunar Coins page. Gold value uses nominal weight (1 oz = 1.000 troy oz) for comparability. The 2027 Sheep 1/4oz and 1oz proofs were listed at the same prices as the 2026 Horse.
Compare that with bullion. A 2026 Tudor Beasts 1oz gold bullion coin, with the same diameter, purity and face value, was £3,404.16 at The Royal Mint at the same time, about 7.3% above spot. If your goal is gold at the lowest cost, a Lunar proof is the expensive way to get it; you are paying for the finish, the box and the limited edition. Read bullion vs numismatic coins before paying a collector premium.
How are Royal Mint Lunar coins taxed?
| Country | Tax when you buy | Tax when you sell at a gain |
|---|---|---|
| United Kingdom | Usually no VAT VAT free as investment gold only if sold for 180% of gold value or less (Notice 701/21A) | No CGT Sterling legal tender is currency (CG78305) |
| United States | State sales tax varies | Taxed as a collectible at up to 28% federally if held over a year (IRS Topic 409) |
| Canada | Gold of 99.5%+ purity is normally GST/HST free (CRA 17.1) | Gains generally taxable |
| Australia | Investment gold of 99.5%+ is GST free, but the ATO definition is aimed at bullion, so check how a proof is sold (GSTR 2003/10) | Generally subject to CGT |
Two points for UK buyers. First, the 180% test: HMRC's investment gold coin definition requires a coin to be sold for no more than 180% of the open market value of its gold. On our 11 October figures the 1/40oz proof was about 183%, so it would fall outside that definition; check the VAT position with the seller. Second, the CGT exemption comes from the coin being sterling currency, not from its purity, which is why this coin beats Perth's Australian Lunar coin on UK CGT.
In the US, gold of 99.5% fineness or more can be held in an IRA under section 408(m), but IRA custodians generally want bullion-grade products at close to metal value. A boxed proof at 1.5 times its gold value is a poor fit even where a custodian would technically accept it.
Which years and designs are in the series?
The Royal Mint started the Shengxiao Collection in 2014, calling it the first official UK Lunar coins. The twelfth coin, the 2025 Year of the Snake, completed the cycle, and the Royal Mint says the collection "starts afresh" with the 2026 Year of the Horse. The 2027 Year of the Sheep is now on sale.
| Year | Animal | Note |
|---|---|---|
| 2025 | Snake | Twelfth and final coin of the first cycle |
| 2026 | Horse | New cycle; reverse by William Webb |
| 2027 | Sheep | Current release; gold proofs from 1/40oz to 5oz |
The Royal Mint's Lunar bullion range page now redirects to the proof collection, and its gold bullion listing on 11 October 2026 did not include a Lunar coin, so we could not confirm a current bullion Lunar issue.
How do you spot a fake?
- Check weight and size against the specification: 31.21 g and 32.69 mm for the 1oz.
- Proofs should have mirror fields and frosted designs. A dull or grainy surface on a "proof" is a red flag.
- Ask for the box and certificate. Limited-edition proofs come with them, and they matter for resale.
- Buy from The Royal Mint or a known dealer, and be wary of prices close to melt value for a recent proof.
More tests are in our guide to how to tell if gold is real.
Where can you buy Royal Mint Lunar coins?
Current proofs are sold direct by The Royal Mint, and UK dealers such as BullionByPost list past and current Royal Mint Lunar proofs. If you want UK legal tender gold at bullion prices instead, Britannias and Sovereigns are the usual choice; our gold coins vs gold bars guide explains the trade-offs, and all gold coin guides lists every coin we cover. Our Perth Mint guide covers the Australian Lunar bullion coin, which trades much closer to spot.
Pros and cons
Pros
- Free of UK CGT for UK residents
- 999.9 fine gold from The Royal Mint
- Small limited editions
Cons
- Proof prices were 1.5 to 1.8 times gold value on 11 October 2026
- Small sizes can fail the 180% VAT test
- Resale depends on collector demand, not just gold
Frequently asked questions
Is the Royal Mint Lunar gold coin free of Capital Gains Tax?
For UK residents, yes in principle. The coins are UK legal tender with a sterling face value (£100 for the 1oz), and HMRC treats sterling legal tender coins as currency, which is exempt from CGT. Keep your receipt and packaging, because they help show what you bought and when.
What animal is on the 2027 Royal Mint Lunar coin?
The sheep. The Royal Mint's 2027 Shengxiao release celebrates the Year of the Sheep. The 2026 coin, the Year of the Horse, restarted the twelve-animal cycle after the 2025 Year of the Snake completed the first one, which began in 2014.
Why does a Royal Mint Lunar proof cost so much more than its gold?
Proof coins are struck several times with polished dies, issued in small limited editions and sold in presentation boxes. On 11 October 2026 the 1oz Year of the Horse proof cost £4,905 at The Royal Mint, roughly 1.5 times the value of its gold at spot.
Is there VAT on Royal Mint Lunar gold coins?
UK investment gold coins are VAT free if they meet HMRC's tests, including being sold for no more than 180% of the value of their gold. Most sizes we checked were below that line, but the 1/40oz proof was priced at about 183% of its gold value on 11 October 2026.
Are Royal Mint Lunar coins good for a beginner?
If your aim is to own gold at the lowest cost, usually not, because the current range is sold as limited-edition proofs. Britannias and Sovereigns carry the same UK tax advantages at far lower premiums. See our best gold coins for beginners.
Sources
We checked these primary and official sources when writing and fact-checking this page.
- The Royal Mint: Lunar coin series (The Shengxiao Collection since 2014)
- The Royal Mint: Lunar Year of the Horse 2026 UK 1oz gold proof coin (specification)
- The Royal Mint: All Lunar coins (limited editions and prices, checked 11 Oct 2026)
- HMRC VAT Notice 701/21A: Investment gold coins (180% test)
- HMRC Capital Gains Manual CG78305: sterling coins as currency
- IRS Topic 409: Capital gains and losses (collectibles rate)
- 26 US Code 408(m): IRA collectibles rule and bullion exception
- Canada Revenue Agency: GST/HST Memorandum 17-1, precious metals
- Australian Taxation Office: GSTR 2003/10, precious metal for GST
Not financial advice. GoldVetted provides general information to help you compare options. It is not personal financial, tax or legal advice. Gold prices go down as well as up, and you may get back less than you pay. Check tax rules with the official source or a qualified adviser before you act.