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 in common use, the coin has been officially issued by the Republic of Rwanda since 2016. It is minted by the renowned Bavarian State Mint in Munich. The current silver price for calculating the intrinsic value can be retrieved on this site.
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 licensing income for smaller states. When the collaboration 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) sometimes enjoy increased demand among collectors 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 a single animal, sometimes a family group. The reverse (obverse) bears the state coat of arms of Rwanda with the face value. This vintage strategy generates natural collector demand and can noticeably increase the premium (agio) relative to the pure silver melt value.
Denominations and formats
Besides the market-standard 1-ounce coin, other 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 mintage)
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 target value.
Tax classification
In the United Kingdom, silver - unlike investment gold - is subject to VAT. When buying the Somalia Elephant domestically, the standard VAT rate of 20% applies. The VAT margin scheme is not applicable on first acquisition from the dealer; used coins may be sold under the margin scheme under certain conditions.
Gains from a sale may be subject to Capital Gains Tax above the annual exempt amount. UK legal-tender coins from The Royal Mint are CGT-exempt, but the Somalia Elephant / Rwanda is a foreign coin and therefore subject to CGT on gains above the annual exempt amount. Gain = disposal proceeds - acquisition cost. There is no German one-year speculation period. Note: not tax or investment advice - please consult a tax adviser for individual questions.
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.