Swiss silver coins and investment

The market for investment silver coins in Switzerland focuses on a few near-universal references: the Silver Maple Leaf (Canada, 999‰, 1 oz), the Silver Vienna Philharmoniker (Austria, 999‰, 1 oz) and the Britannia (UK, 999‰, 1 oz).

Current Premiums: In 2025, the Silver Maple Leaf typically trades at CHF 37–42 for a spot at CHF 29.4/oz (26–43% premium). The high premium is due to the 7.7% Swiss VAT integrated into dealers' purchase prices. When reselling to a melter, you will only recover the metal value.

Swiss Coins — Silver Vreneli: There is no official silver Vreneli. Old 2, 5, and 20 centimes Swiss coins were copper-nickel. OFAM used to coin commemorative 835‰ silver coins, which are today numismatic.

VAT Arbitrage: VAT is not recoverable for individuals. An alternative strategy: buy silver coins in Germany (tax-free under EU regime if bought without VAT) or via custodians with a VAT-exempt warehouse (Zollfreilager in Geneva or Zurich). Find out about Swiss customs entry conditions — private imports beyond CHF 300 support import VAT.

Recommendation: For a Swiss investor, physical silver is more relevant as a tactical position than as a long-term store of value, given the VAT handicap and storage (volume). A position of 10–15% of your metal allocation in silver is a good balance.