Somalia Elephant / Rwanda
Also: Somalia Silver Elephant, African Elephant, Rwanda Elephant
The Somalia Elephant is an annually redesigned silver bullion coin that, despite its name, has been officially issued by the Republic of Rwanda since 2016.
The Somalia Elephant is one of the best-known silver bullion coins in the world – and one of the most unusual: although the name "Somalia" is still colloquially in use today, the coin has been officially issued by the Republic of Rwanda since 2016. It is struck by the renowned Bavarian State Mint in Munich. You can retrieve the current silver price on this site for calculating the intrinsic value.
History and change of name
The series started in 2004 under the auspices of Somalia. The East African country awarded the minting licence to external partners – a model not unusual in numismatics that secures licence income for smaller states. When the cooperation ended in 2015, Rwanda took over the licence. Content, fineness and minting partner remained identical; only the issuing country and the face value changed. Older Somalia vintages (2004–2015) enjoy, among collectors, partly increased demand due to the longer series history.
Technical features
| Feature | Value |
|---|---|
| Fineness | 999/1000 (fine silver) |
| Weight (1 oz) | 31.1035 g |
| Diameter (1 oz) | approx. 40.0 mm |
| Thickness (1 oz) | approx. 3.0 mm |
| Face value (Rwanda) | 100 Rwandan Francs |
The annually changing motif is the central unique selling point: each annual issue shows a new artistic depiction of African elephants – sometimes as a single animal, sometimes as a family group. The reverse (obverse) bears the coat of arms of Rwanda with the face value. This vintage strategy creates a natural collector demand and can noticeably raise the premium (agio) over the pure silver melt value.
Denominations and formats
Alongside the market-standard 1-ounce coin, further denominations exist:
- 1/10 oz, 1/4 oz, 1/2 oz (smaller units with a higher relative premium)
- 2 oz and 5 oz (large format, popular with collectors)
- 1 kg (rare special minting)
For investors who want to optimise the pure metal value, the 1 oz standard version is the most liquid. With the Coin Weight Checker, the actual weight of a coin can be quickly checked against the nominal value.
Tax classification
In Malta, silver – unlike investment gold – is subject to VAT. When buying the Somalia Elephant domestically, the standard VAT rate of 18 % applies (Directive 2006/112/EC as implemented by the Maltese VAT Act, Chapter 406). The margin scheme (special scheme for second-hand goods) is not applicable on the first acquisition from a dealer; used coins can be taxed under the margin scheme under certain conditions.
Gains from a sale are, for private investors, free of capital gains tax in Malta: Maltese CGT applies only to specific assets (immovable property, securities, business interests) and not to movable assets such as coins. There is no German-style speculation period or holding requirement. Note: not tax or investment advice – for individual questions please consult a tax adviser.
In brief
The Somalia Elephant combines a high fine-silver content (999/1000) with annually changing motifs that unite collector demand and investment value. Despite the historical name, the official issuing country has been Rwanda since 2016 – the coin quality and minting partner (Bavarian State Mint) remained unchanged.