Market Calendar
The Retail Premium Index

Silver Maple Leaf Premiums Relative to Spot, Month by Month

In August 2026 the Canadian Silver Maple Leaf 1 oz carried 7.4% over spot, or $4.87 an ounce over the metal value, against 3.4% for the silver composite in the same month and the reading sits in the 4th percentile of the product's own history.

Retail Premium Index, August 20267.4%$4.87 per ounce over spot4th percentile of its own history
August 20265 of 12 silver benchmarks this month
1-year average8.0%
All-history average14.9%164 months
Retail Premium Index silver composite, August 20263.4%

The year's range so far4.7% in May 2026 to 12.0% in February 2026

captured 31 Aug 2026 · How these numbers are made

Month by month

Compare against:
0.0%10.0%20.0%30.0%40.0%50.0%January 2013October 2014July 2016April 2018January 2020October 2021July 2023April 2025
See the figures
Canadian Silver Maple Leaf 1 oz and Silver composite, by month
CategoryCanadian Silver Maple Leaf 1 ozSilver composite
January 20138.6%
February 20139.5%
March 20139.7%
April 201316.0%16.0%
May 201313.0%
June 201314.0%
July 201312.2%
August 201310.9%
September 201310.0%10.0%
October 201310.4%9.5%
November 201310.2%9.5%
December 201311.0%8.1%
January 201410.3%9.7%
February 201410.8%8.5%
March 201410.6%8.9%
April 201410.4%9.2%
May 201410.0%10.0%
June 201410.1%10.0%
July 20149.4%7.4%
August 20149.8%8.5%
September 201411.2%9.1%
October 201413.0%12.8%
November 201417.3%17.1%
December 201416.0%15.9%
January 201513.0%13.8%
February 201512.9%14.1%
March 201513.9%13.9%
April 201513.7%13.8%
May 201512.9%14.2%
June 201512.2%14.7%
July 201516.1%18.7%
August 201519.4%19.4%
September 201524.5%20.3%
October 201518.4%17.1%
November 201515.2%15.5%
December 201515.5%15.9%
January 201615.2%15.2%
February 201613.2%14.2%
March 201612.8%13.3%
April 201611.6%13.8%
May 201611.2%13.7%
June 201611.1%12.5%
July 20169.4%10.1%
August 20169.7%11.0%
September 20169.6%9.8%
October 201610.5%11.1%
November 201610.6%11.9%
December 201611.4%11.4%
January 201711.7%11.5%
February 201710.3%8.9%
March 201711.1%9.1%
April 201710.9%10.9%
May 201711.6%11.6%
June 201711.2%11.2%
July 201711.8%11.8%
August 201711.8%10.9%
September 201710.6%10.6%
October 201711.0%8.1%
November 201710.3%8.0%
December 20179.7%7.7%
January 201810.4%8.2%
February 20189.4%6.3%
March 201811.2%7.9%
April 201811.8%11.2%
May 201812.0%11.2%
June 201810.5%10.5%
July 201811.2%9.8%
August 201812.2%10.4%
September 201812.7%8.6%
October 201812.7%12.8%
November 201812.6%11.0%
December 201812.8%12.3%
January 201911.9%11.9%
February 201911.6%11.8%
March 201911.8%11.7%
April 201912.2%11.2%
May 201912.1%11.0%
June 201911.6%10.6%
July 201911.2%11.2%
August 201910.3%10.2%
September 201910.1%10.0%
October 201910.8%9.0%
November 201911.1%10.8%
December 201910.5%8.5%
January 202010.1%10.6%
February 202010.0%10.1%
March 202020.5%16.6%
April 202038.8%38.8%
May 202033.7%29.6%
June 202021.1%17.8%
July 202020.5%16.8%
August 202024.6%15.8%
September 202018.4%15.1%
October 202017.0%13.8%
November 202012.7%10.7%
December 202011.3%9.3%
January 202113.9%11.1%
February 202125.4%20.1%
March 202125.4%20.6%
April 202128.8%22.9%
May 202125.0%20.2%
June 202124.5%18.8%
July 202123.7%16.7%
August 202121.2%16.1%
September 202120.7%16.1%
October 202121.4%17.2%
November 202122.9%15.3%
December 202123.9%17.8%
January 202223.2%17.0%
February 202223.2%16.9%
March 202227.7%19.3%
April 202233.6%24.8%
May 202238.0%27.5%
June 202230.7%24.6%
July 202234.5%24.8%
August 202231.0%25.8%
September 202234.1%28.9%
October 202243.2%31.9%
November 202235.8%30.8%
December 202221.1%17.9%
January 202316.6%15.9%
February 202316.7%15.5%
March 202322.0%18.3%
April 202330.9%20.4%
May 202328.8%19.4%
June 202323.0%17.5%
July 202319.3%16.6%
August 202319.0%16.8%
September 202315.2%13.2%
October 202316.8%14.0%
November 202317.0%13.9%
December 202317.0%14.8%
January 202414.5%14.9%
February 202413.5%14.1%
March 202414.2%13.0%
April 202411.7%10.6%
May 202411.2%9.4%
June 202411.7%10.4%
July 20249.4%10.2%
August 202412.5%9.6%
September 202411.2%9.6%
October 202411.0%9.4%
November 20249.2%9.1%
December 20249.8%9.6%
January 20257.5%6.9%
February 20258.6%6.8%
March 20257.8%6.5%
April 20258.0%7.7%
May 202511.1%9.8%
June 20257.7%6.9%
July 20256.8%5.5%
August 20257.9%6.1%
September 20256.9%4.8%
October 20259.9%7.8%
November 20259.0%5.7%
December 20256.9%5.9%
January 20267.3%7.5%
February 202612.0%10.9%
March 20268.8%7.6%
April 20268.6%6.0%
May 20264.7%6.1%
June 20267.4%3.5%
July 20267.7%7.7%
August 20267.4%3.4%
Monthly premium over spot, January 2013 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 Eagle

Look up a month

The month's premium
7.4% · $4.87/oz
2026 range
4.7%-12.0%

What moves this premium

The Royal Canadian Mint's one-ounce silver bullion coin, issued since 1988 at .9999 fine, among the purest, with a five-dollar face value and, since 2014, radial-line and micro-engraved security features. Maples typically trade at a premium below the Eagle's: same sovereign standing, less US brand pull, and Canadian production that has historically scaled faster in a squeeze. The gap between Maple and Eagle premiums has usually read as how much the US Mint name adds in a given month.

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 Canadian Silver Maple Leaf 1 oz

Issuer
Royal Canadian Mint
Product type
Government-issued bullion coin
Silver content
1 troy oz
Fineness
.9999
Legal tender
Yes
Face value
Five Canadian dollars
Country
Canada

Premium benchmark: standard bullion Canadian Silver Maple Leaf; proofs, privy-mark issues, graded coins and special releases are left out where they can be identified.

Compare this product

The Retail Premium Index

Questions buyers ask

Why does a Silver Maple Leaf cost more than spot?

A Maple Leaf is an ounce of silver plus everything it takes to turn that ounce into a struck sovereign coin. The mint, its distributors and the dealer each add a layer over the metal. Demand for the coin itself sits on top of that, and when orders run ahead of what the mint can strike, the premium is usually where it shows first.

What is a normal Silver Maple Leaf premium?

There is no one normal figure, which is why the monthly history above is the answer rather than a number in a sentence. In quiet months the Maple has usually sat in the middle of the sovereign group, above a plain round and below the American coin, and in a squeeze it has run well past that. Take the all-history average in the table as a centre of gravity, not as a figure to plan around.

Why is the Silver Maple Leaf .9999 fine when most silver coins are .999?

The Royal Canadian Mint has struck the coin at four nines since it was introduced, where most sovereign silver coins are struck at three. The extra nine is a mint specification, not a mark of condition.

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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