Silver Bullion Coins: American Eagle vs. Maple Leaf vs. Krugerrand
The three best-known silver bullion coins in the world – the American American Eagle, the Canadian Maple Leaf and the South African Krugerrand. All three are among the most liquid silver coins on the market. How do they differ and which should you choose?
The comparison at a glance
| Parameter | American Eagle | Maple Leaf | Krugerrand |
|---|---|---|---|
| Mint | U.S. Mint (USA) | Royal Canadian Mint (Canada) | South African Mint (South Africa) |
| Fineness | 999/1000 Ag | 9999/10000 Ag | 999/1000 Ag |
| Minted since | 1986 | 1988 | 2017 (silver version) |
| Face value currency | USD | CAD | ZAR |
| Design | Walking Liberty / heraldic eagle | maple leaf | Paul Kruger / springbok |
| Security features | standard minting | radial lines, micro-engraved laser mark | standard minting |
| Sizes available (GOLDU) | 1 oz | 1 oz | 1 oz |
| VAT | not exempt | not exempt | not exempt |
Origin and tradition
The American Eagle has been struck by the U.S. Mint since 1986 and is the official silver bullion coin of the United States. The Maple Leaf from the Royal Canadian Mint has been struck since 1988 and is known above all for its high fineness. The Krugerrand is the oldest modern bullion coin of all – South Africa has minted it in gold since 1967, but the silver version was added only in 2017.
Design and metal purity
The American Eagle features Walking Liberty on the obverse and a heraldic eagle on the reverse – a classic, traditional design. The Maple Leaf relies on a simple, clear maple leaf and the highest fineness of the three (9999/10000), complemented by modern security features that make authenticity checks easier. The Krugerrand bears the portrait of Paul Kruger and a leaping springbok – the same design as the long-standing gold version.
Liquidity and tradability
All three coins are among the most liquid silver bullion coins in the world and are easy to sell. The American Eagle and the Maple Leaf have the longest history and the widest international reach, while the Krugerrand benefits above all from the strong brand built on its gold version.
Which one to choose?
As investments all three are very close – the same 1 oz size and comparable liquidity. The Maple Leaf has a slight edge thanks to its higher fineness and security features, the American Eagle scores on tradition and popularity in the US, and the Krugerrand appeals mainly to fans of the best-known bullion coin brand. The choice is therefore more a matter of personal preference for design and mint. You can buy the American Eagle 1 oz, the Maple Leaf 1 oz and the Krugerrand 1 oz. Please note that, unlike investment gold, investment silver is not exempt from VAT. Another silver classic is introduced in the article Silver Wiener Philharmoniker.
About the author
Adolf Baumann, analyst at Baumann Group a.s. (GOLDU), has been working with precious metals for over 30 years. He has seen euphoria, crashes and panic on the markets – and he still enjoys it. He explains in plain language what moves the price of gold and silver and how to handle them without unnecessary mistakes. His weakness? He refuses to wear a suit.
