Market Calendar
The Retail Premium Index

Silver Philharmonic Premiums Relative to Spot, Month by Month

In August 2026 the Austrian Silver Philharmonic 1 oz carried 10.8% over spot, or $7.17 an ounce over the metal value, against 3.4% for the silver composite in the same month and the reading sits in the 24th percentile of the product's own history.

Retail Premium Index, August 202610.8%$7.17 per ounce over spot24th percentile of its own history
August 20262 of 12 silver benchmarks this month
1-year average6.2%
All-history average13.9%159 months
Retail Premium Index silver composite, August 20263.4%

The year's range so far0.0% in April 2026 to 11.8% in February 2026

captured 31 Aug 2026 · How these numbers are made

Month by month

Compare against:
-20.0%0.0%20.0%40.0%60.0%January 2013October 2014July 2016April 2018January 2020October 2021July 2023April 2025
See the figures
Austrian Silver Philharmonic 1 oz and Silver composite, by month
CategoryAustrian Silver Philharmonic 1 ozSilver composite
January 20138.5%
February 201320.8%
March 201324.7%
April 201321.3%16.0%
May 201317.1%
June 201314.1%
July 201310.8%
August 20139.3%
September 201310.2%10.0%
October 201310.6%9.5%
November 201311.3%9.5%
December 201310.8%8.1%
January 201410.8%9.7%
February 201414.5%8.5%
March 201411.9%8.9%
April 201412.9%9.2%
May 201411.0%10.0%
June 201412.3%10.0%
July 201412.1%7.4%
August 20149.9%8.5%
September 201412.7%9.1%
October 201413.6%12.8%
November 201417.6%17.1%
December 201418.1%15.9%
January 201514.7%13.8%
February 201515.2%14.1%
March 201513.6%13.9%
April 201516.8%13.8%
May 201516.1%14.2%
June 201516.6%14.7%
July 201519.5%18.7%
August 201518.4%19.4%
September 201519.1%20.3%
October 201515.8%17.1%
November 201515.5%15.5%
December 201515.4%15.9%
January 201612.2%15.2%
February 201614.2%14.2%
March 201613.3%13.3%
April 201612.5%13.8%
May 201613.0%13.7%
June 201612.6%12.5%
July 201610.7%10.1%
August 201612.9%11.0%
September 20169.9%9.8%
October 201611.2%11.1%
November 201615.1%11.9%
December 201612.9%11.4%
January 201713.2%11.5%
February 201710.1%8.9%
March 201710.6%9.1%
April 201711.6%10.9%
May 201711.7%11.6%
June 201711.6%11.2%
July 201712.3%11.8%
August 201710.9%10.9%
September 201716.0%10.6%
October 201712.4%8.1%
November 201710.5%8.0%
December 201713.0%7.7%
January 201813.0%8.2%
February 20187.5%6.3%
March 20187.9%7.9%
April 201814.0%11.2%
May 201812.6%11.2%
June 201813.8%10.5%
July 201810.9%9.8%
August 20189.5%10.4%
September 20188.6%8.6%
October 201813.0%12.8%
November 201814.7%11.0%
December 201813.5%12.3%
January 201912.6%11.9%
February 201914.8%11.8%
March 201912.4%11.7%
April 201913.2%11.2%
May 20199.8%11.0%
June 201912.4%10.6%
July 201911.9%11.2%
August 201911.0%10.2%
September 201910.0%10.0%
October 201912.5%9.0%
November 201912.2%10.8%
December 20198.5%8.5%
January 202012.1%10.6%
February 202010.3%10.1%
March 202015.6%16.6%
April 202046.9%38.8%
May 202024.1%29.6%
June 202017.3%17.8%
July 202017.5%16.8%
August 202015.8%15.8%
September 202016.2%15.1%
October 202014.2%13.8%
November 202010.0%10.7%
December 20209.0%9.3%
January 202112.3%11.1%
February 202119.3%20.1%
March 202120.5%20.6%
April 202122.5%22.9%
May 202119.2%20.2%
June 202118.9%18.8%
July 202117.0%16.7%
August 202116.0%16.1%
September 202115.9%16.1%
October 202115.3%17.2%
November 202114.2%15.3%
December 202117.6%17.8%
January 202216.9%17.0%
February 202215.9%16.9%
March 202219.6%19.3%
April 202221.3%24.8%
May 202223.0%27.5%
June 202224.6%24.6%
July 202224.8%24.8%
August 202224.9%25.8%
September 202226.6%28.9%
October 202228.4%31.9%
November 202237.2%30.8%
December 202216.9%17.9%
January 202315.8%15.9%
February 202312.4%15.5%
March 202316.3%18.3%
April 202316.5%20.4%
May 202318.9%19.4%
June 202316.6%17.5%
July 202314.1%16.6%
August 202314.3%16.8%
September 202314.6%13.2%
October 202315.4%14.0%
November 202316.2%13.9%
December 202315.9%14.8%
January 202416.1%14.9%
February 202416.2%14.1%
March 202414.4%13.0%
April 202412.5%10.6%
May 202412.2%9.4%
June 202411.7%10.4%
July 202412.1%10.2%
August 202413.2%9.6%
September 20249.8%9.6%
October 202411.2%9.4%
November 202413.2%9.1%
December 202412.7%9.6%
January 202513.2%6.9%
February 202510.6%6.8%
March 20256.2%6.5%
April 202510.8%7.7%
May 202510.6%9.8%
June 202511.0%6.9%
July 20252.9%5.5%
August 20258.5%6.1%
September 20253.0%4.8%
October 20257.4%7.8%
November 20253.9%5.7%
December 20255.4%5.9%
January 20267.7%7.5%
February 202611.8%10.9%
March 20265.4%7.6%
April 20260.0%6.0%
May 20268.4%6.1%
June 20260.3%3.5%
July 202610.7%7.7%
August 202610.8%3.4%
Monthly premium over spot, January 2013 to August 2026, against the silver composite. Months with very few sales are drawn like the others here and left out of the averages and the high.

Based on SD Bullion transaction data. Figures before March 2019 are historical estimates.

Some months of this series were revised at the latest publish. See Revisions

Silver premiums | Compare with Silver Britannia

Look up a month

The month's premium
10.8% · $7.17/oz
2026 range
0.0%-11.8%

What moves this premium

The Austrian Mint's one-ounce silver bullion coin, issued since 2008 at .999 fine with a 1.50 euro face value, the only major sovereign silver coin denominated in euros. Philharmonics are the European volume coin and often the lowest-premium sovereign in US retail, because Austrian output is large and the design carries no US brand premium. Its series is a lower-premium reference for the sovereign group: when Philharmonic premiums rise, the whole coin market is usually tight, not just the Eagle.

What miners pay to produce an ounce is the other half of the picture: see what the tracked producers spend against the metal price.Miner margins

About the Austrian Silver Philharmonic 1 oz

Issuer
Austrian Mint
Product type
Government-issued bullion coin
Silver content
1 troy oz
Fineness
.999
Legal tender
Yes
Face value
1.50 euro
Country
Austria

Premium benchmark: standard bullion Austrian Silver Philharmonic; proofs, graded coins and special releases are left out where they can be identified.

The Retail Premium Index

Questions buyers ask

Why is the Silver Philharmonic's face value in euros?

Austria issues the coin and denominates it in its own currency, so the Philharmonic carries a euro face value where the other sovereign silver coins carry dollars, pounds or rand. The denomination is a legal-tender formality on every bullion coin of this kind, and it does not enter the premium, which is measured against the metal.

Do Philharmonic premiums move with Silver Eagle premiums?

The sovereign coins have tended to move together in this series, and the Philharmonic has usually sat below the American coin. The comparator toggle above draws the two on one axis.

How to read this page

The Retail Premium Index publishes the average premium paid on retail orders at SD Bullion, month by month, for each benchmark bullion product. A premium is what a buyer pays above the metal value of the piece, as a share of that value; a dollar figure is shown only where the record carries it. It includes the mint's and the distributor's charges as well as the dealer's, so it is not a measure of dealer margin.

A premium can also be negative: when the metal price moves very fast, some products have sold for less than the metal in them, and the series shows that as it happened.

Where next

The Retail Premium Index is a free public resource published for educational purposes only. It is compiled from real transaction records and from market data we license, using the methods described on the methodology page, and we correct it when we find errors. It is not a price quote, an offer to buy or sell, or investment advice, and it may not match figures compiled by other dealers or from other sources, whose products, pricing and methods differ from ours. The methods, the products covered and the period covered may change over time; nothing about the continuation, consistency or method of the index is guaranteed, and any figure may be revised or withdrawn. Past premiums do not indicate future premiums. The figures come from one retailer's own records of completed orders, and for the months before March 2019 from estimates of what the metal was worth at the time of each sale.

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