Austrian Mint
Also: Vienna Mint, Munze Osterreich
Munze Osterreich AG is Austria's state mint, based in Vienna and the issuer of the world-renowned Vienna Philharmonic.
The Austrian Mint (Munze Osterreich AG) is one of the oldest and most respected mints in the world. Its roots reach back to the year 1194, when Duke Leopold V of Austria had a mint built in Vienna with the ransom for King Richard the Lionheart. Today the Austrian Mint is a public limited company wholly owned by the Austrian National Bank and strikes both state circulating coins and internationally recognised investment coins.
Tasks and product range
The Austrian Mint fulfils two central tasks: it is the statutory producer of Austria's euro circulating coins and, at the same time, one of the most important issuers of precious-metal bullion coins in the world. The product portfolio comprises:
- Bullion coins (investment coins): Vienna Philharmonic in gold (since 1989), silver (since 2008) and platinum (since 2016)
- Collector coins: high-quality special series on art, culture and history
- Circulating coins: Austrian euro cent and euro coins for everyday use
- Medals and orders: state decorations as well as commissioned medals
The Vienna Philharmonic
The flagship of the Austrian Mint is the Vienna Philharmonic, available in gold since 1989, in silver since 2008 and in platinum since 2016. It ranks among the best-selling bullion coins in the world and is the only legal tender with a euro denomination among the leading international investment coins.
| Property | Gold Philharmonic | Silver Philharmonic |
|---|---|---|
| Fineness | 999.9 (24 carat) | 999 |
| Main size | 1 ounce (31.1035 g) | 1 ounce (31.1035 g) |
| Denomination | 100 euros | 1.50 euros |
| Diameter (1 oz) | 37.0 mm | 37.0 mm |
| Mint | Vienna | Vienna |
Alongside the 1-ounce version, gold Philharmonics are also issued in 1/2 oz, 1/4 oz, 1/10 oz and 1/25 oz. The current gold price largely determines the market price of these coins, supplemented by a customary premium (agio).
Quality and certification
The Austrian Mint is listed as a refiner on the LBMA Good Delivery List - the globally recognised quality register for precious-metal producers. The fineness of 999.9/1000 in the gold Philharmonic corresponds to the standard of fine gold. Each coin is struck with its face value, fineness, weight and motif - a security against counterfeiting that can be verified via the precise coin weight and the exact diameter. Density measurement, the ping test and specialised testing devices are suitable for authenticity checks (see authenticity testing).
Tax classification
Gold Philharmonics meet the requirements for investment gold and are therefore exempt from VAT on purchase in the United Kingdom (HMRC; purity of at least 995/1000, in line with EU Directive 2006/112/EC). As legal-tender coins they may also, subject to the relevant Capital Gains Tax rules, be treated differently from bars; note, however, that CGT exemption in the UK applies specifically to legal-tender coins from The Royal Mint (such as the Sovereign or Britannia), not to foreign coins.
Silver Philharmonics are not investment-gold products and are subject to the standard UK VAT rate of 20%. Dealers reselling silver coins bought from private individuals may apply the VAT margin scheme, so that tax falls only on the margin.
Note: This is not tax or investment advice - please consult a tax adviser in individual cases.
In brief
The Austrian Mint stands for over 800 years of coinage history and, with the Vienna Philharmonic, offers one of the world's most liquid and highest-fineness investment coins. Anyone wishing to buy gold or buy silver will find in Philharmonic coins a transparent, state-guaranteed and easily tradable precious-metal product.