How silver is priced in the euro area
Across the euro area's 21 countries (Bulgaria joined on 1 January 2026), silver is quoted per troy ounce, per gram and per kilo in euros. Dealers price from the international dollar spot price converted to euros. The LBMA Silver Price, set daily in London, is also published in euros as an indicative figure. The figures on this page are spot converted to euros. They do not include VAT, dealer premiums or buy-back spreads, which vary by country.
VAT on silver in the euro area
Under the EU VAT Directive, investment gold is exempt from VAT across the EU (Articles 344 to 356), but there is no equivalent exemption for silver. Silver bars and new silver coins are taxed at each country's standard VAT rate, which in 2026 ranges from 17% in Luxembourg to 25.5% in Finland (19% in Germany, 20% in France and Austria, 21% in the Netherlands, Belgium and Spain, 22% in Italy). National exceptions have been closing: Estonia, for example, ended its VAT exemption for silver investment coins on 1 July 2022.
Margin scheme (Differenzbesteuerung) and storage
Some silver coins are sold under the EU margin scheme for second-hand goods, where the dealer pays VAT only on its margin. In Germany this is Differenzbesteuerung under §25a UStG. The rules for newly imported coins have been tightened since late 2022, and the scheme now mainly covers second-hand silver bought from private sellers, so supply is limited. Dealers also used customs warehouses for VAT-free silver storage. A German Finance Ministry letter of 9 April 2026 rewrote the rules for the exemption on supplies before import, and dealers say the model no longer works for most private buyers.
Hallmarking: national rules
There is no EU-wide hallmarking law, so rules differ by country. France, Spain and Belgium make hallmarking a legal requirement, while Germany and Luxembourg do not require a hallmark before sale, so a maker's 925 stamp is common there. Austria, Croatia, Cyprus, Finland, Ireland, Italy, Latvia, Lithuania, the Netherlands, Portugal, Slovakia and Slovenia belong to the Hallmarking Convention, whose Common Control Mark (CCM) is recognised between members. Exemption weights also vary, and Ireland has none. Bullion bars are 999 fine, and jewellery is mostly 925 or 800 silver.
Popular silver bullion products
The best-known silver bullion coin in the euro area is the Vienna Philharmonic from the Austrian Mint, 1 oz of .999 silver with a face value of €1.50. Dealers also stock the Canadian Silver Maple Leaf (1 oz, .9999), the South African Krugerrand silver (1 oz, .999) and the British Britannia (1 oz, .999). Silver bars are most commonly sold in 100 g, 250 g, 500 g and 1 kg sizes. Because of VAT, the premium over spot on silver is much higher than on gold, so compare prices including VAT and the dealer's buy-back price.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.