Market Calendar
The Retail Premium Index

Silver Britannia Premiums Relative to Spot, Month by Month

In August 2026 the British Silver Britannia 1 oz carried 3.3% over spot, or $2.17 an ounce over the metal value, against 3.4% for the silver composite in the same month and the reading sits in the 1st percentile of the product's own history.

Retail Premium Index, August 20263.3%$2.17 per ounce over spot1st percentile of its own history
August 20267 of 12 silver benchmarks this month
1-year average6.9%
All-history average15.0%140 months
Retail Premium Index silver composite, August 20263.4%

The year's range so far0.8% in April 2026 to 13.5% in February 2026

captured 31 Aug 2026 · How these numbers are made

Month by month

Compare against:
-10.0%0.0%10.0%20.0%30.0%40.0%50.0%April 2013April 2015December 2016August 2018April 2020December 2021August 2023April 2025
See the figures
British Silver Britannia 1 oz and Silver composite, by month
CategoryBritish Silver Britannia 1 ozSilver composite
April 201316.0%
September 201310.0%
October 20139.5%
November 20139.5%
December 20138.1%
January 20149.7%
February 20148.5%
March 20148.9%
April 20149.2%
May 201410.0%
June 201410.0%
July 20147.4%
August 20148.5%
September 20149.1%
October 201412.8%
November 201417.1%
December 201415.9%
January 201518.9%13.8%
February 201517.2%14.1%
March 201520.2%13.9%
April 201520.7%13.8%
May 201520.7%14.2%
June 201521.9%14.7%
July 201518.7%18.7%
August 201523.3%19.4%
September 201519.9%20.3%
October 201524.4%17.1%
November 201517.6%15.5%
December 201516.2%15.9%
January 201619.8%15.2%
February 201616.5%14.2%
March 201621.8%13.3%
April 201617.1%13.8%
May 201616.2%13.7%
June 201618.2%12.5%
July 201614.6%10.1%
August 201616.2%11.0%
September 201616.6%9.8%
October 201614.8%11.1%
November 201611.9%11.9%
December 201610.7%11.4%
January 201711.3%11.5%
February 201711.8%8.9%
March 201712.5%9.1%
April 201712.2%10.9%
May 201711.9%11.6%
June 201712.0%11.2%
July 201712.4%11.8%
August 201713.6%10.9%
September 201710.8%10.6%
October 201711.6%8.1%
November 201712.4%8.0%
December 201714.0%7.7%
January 201811.9%8.2%
February 201813.9%6.3%
March 201812.6%7.9%
April 201812.2%11.2%
May 201811.2%11.2%
June 201810.6%10.5%
July 20188.6%9.8%
August 201811.2%10.4%
September 201812.9%8.6%
October 201813.3%12.8%
November 201813.8%11.0%
December 201814.5%12.3%
January 201912.6%11.9%
February 201913.3%11.8%
March 201911.7%11.7%
April 201910.1%11.2%
May 201912.5%11.0%
June 20199.7%10.6%
July 201912.2%11.2%
August 201911.8%10.2%
September 201911.7%10.0%
October 20199.0%9.0%
November 201910.8%10.8%
December 201911.4%8.5%
January 202011.8%10.6%
February 202010.9%10.1%
March 202029.6%16.6%
April 202042.6%38.8%
May 202025.1%29.6%
June 202021.1%17.8%
July 202018.7%16.8%
August 202015.0%15.8%
September 202016.9%15.1%
October 202013.8%13.8%
November 202015.1%10.7%
December 202013.5%9.3%
January 202111.4%11.1%
February 202119.7%20.1%
March 202120.6%20.6%
April 202123.7%22.9%
May 202117.5%20.2%
June 202119.1%18.8%
July 202116.7%16.7%
August 202116.6%16.1%
September 202116.1%16.1%
October 202117.2%17.2%
November 202117.7%15.3%
December 202120.4%17.8%
January 202218.5%17.0%
February 202217.1%16.9%
March 202221.1%19.3%
April 202226.6%24.8%
May 202231.4%27.5%
June 202225.5%24.6%
July 202227.1%24.8%
August 202226.7%25.8%
September 202231.5%28.9%
October 202238.4%31.9%
November 202224.3%30.8%
December 202220.2%17.9%
January 202315.2%15.9%
February 202314.6%15.5%
March 202319.8%18.3%
April 202319.6%20.4%
May 202323.8%19.4%
June 202321.1%17.5%
July 202318.0%16.6%
August 202317.2%16.8%
September 202312.4%13.2%
October 202312.0%14.0%
November 202312.7%13.9%
December 202311.7%14.8%
January 202412.9%14.9%
February 202414.7%14.1%
March 202413.0%13.0%
April 202412.0%10.6%
May 20249.9%9.4%
June 202411.0%10.4%
July 202411.7%10.2%
August 20249.4%9.6%
September 20249.4%9.6%
October 20248.3%9.4%
November 202411.4%9.1%
December 202411.8%9.6%
January 202511.1%6.9%
February 20257.1%6.8%
March 20257.5%6.5%
April 20257.5%7.7%
May 202510.8%9.8%
June 20256.7%6.9%
July 20257.0%5.5%
August 20254.0%6.1%
September 20256.8%4.8%
October 20258.8%7.8%
November 202510.0%5.7%
December 20258.0%5.9%
January 20268.4%7.5%
February 202613.5%10.9%
March 20269.9%7.6%
April 20260.8%6.0%
May 20266.1%6.1%
June 20263.5%3.5%
July 20263.8%7.7%
August 20263.3%3.4%
Monthly premium over spot, January 2015 to August 2026, against the silver composite.

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 Maple Leaf

Look up a month

The month's premium
3.3% · $2.17/oz
2026 range
0.8%-13.5%

What moves this premium

The Royal Mint's one-ounce silver bullion coin, .999 fine since 2013 (earlier issues were .958 Britannia silver), two-pound face value, with a latent-image security feature added in 2021. Britannias sit in the sovereign pack with Maples and Philharmonics; their premium tends to track the group and to move on European supply as much as US demand. The benchmark covers standard bullion Britannias of any year; proofs, graded coins and special issues are left out where they can be identified.

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 British Silver Britannia 1 oz

Issuer
The Royal Mint
Product type
Government-issued bullion coin
Silver content
1 troy oz
Fineness
.999 (.958 before 2013)
Legal tender
Yes
Face value
Two pounds
Country
United Kingdom

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

The Retail Premium Index

Questions buyers ask

Does a Silver Britannia carry a lower premium than a Silver Eagle?

In most months it has. The two coins hold the same ounce of sovereign silver, and the American coin has usually carried the higher premium in this series.

Are all Silver Britannias .999 fine?

The current ones are. Before 2013 the Royal Mint struck the coin in .958 Britannia silver, so older pieces hold their troy ounce of silver in a slightly heavier alloy coin. Either way the coin carries a full ounce of silver, and that ounce is what the premium here is measured against.

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.

From the newsroom

Market commentary.

All news