Purity milestone
The first SML debuts in one troy ounce of .9999 silver.
ROYAL CANADIAN MINT · STANDARD 1 OZ SILVER BULLION
Silver Maple Leaf
1988—Present
One stable maple-leaf reverse became a platform for evolving portraits, precision tooling and machine-assisted authentication.
A stable design. An evolving standard of security.
- First issue
- 1988
- Country
- Canada
- Issuer
- RCM
- Fine silver
- .9999
- Minimum weight
- 1 troy oz
- Face value
- CAD $5
2024 standard issue · reverse and Charles III obverse.
ABOUT THE SERIES
One maple leaf. Decades of refinement.
The standard Silver Maple Leaf is a study in disciplined continuity. Walter Ott’s sugar maple leaf has carried the series identity since its 1988 debut, while the obverse and the coin’s protective technologies mark the passage of time.
The series began as a purity milestone: one troy ounce of .9999 fine silver with a CAD $5 denomination. Because the standard reverse is not redesigned each year, the most useful comparison follows portraits, tooling and surface protection across the full chronology.
The key changes are three Elizabeth II portrait eras, a distinct 2023 memorial obverse, the 2024 transition to Charles III, and security layers introduced in separate stages. The annual record keeps those developments in date order while preserving the continuity of Walter Ott's reverse.
For collectors, distinguishing dates is less about a changing maple leaf than about checking the royal portrait, radial field, micro-engraved year mark and MINTSHIELD period.
EVOLUTION AT A GLANCE
Eight moments, one continuous identity
The reverse remains visually stable. Portrait and security changes supply the chronology; 2014, 2015 and 2018 are separate milestones.
Canadian portrait
Dora de Pédery-Hunt’s effigy succeeds Arnold Machin.
Modern effigy
Susanna Blunt’s uncrowned portrait begins its long run.
Radial tooling
Precision radial lines and the micro-engraved year mark modernize the surface.
Bullion DNA
SML dates from 2015 onward become eligible for registered-dealer authentication.
MINTSHIELD
Surface protection begins on SML coins dated 2018 and later.
Memorial obverse
Four pearls and double dates memorialize Elizabeth II’s reign.
Charles III
Steven Rosati’s Canadian effigy opens the current portrait era.
ANNUAL ISSUES · 1988–2026
Browse 1988–2026
Each standard issue is identified by its portrait, effigy artist and the security features present on the dated coin.
- 39
- annual issues
- 5
- portrait chapters
- 3
- security thresholds
STANDARD 1 OZ ISSUE
2018
SML coins dated 2018 and later receive MINTSHIELD to reduce white-spot appearance without changing purity or composition.
- Portrait
- Elizabeth II · uncrowned effigy
- Effigy artist
- Susanna Blunt
- Surface
- Radial lines + Bullion DNA + MINTSHIELD
- Bullion DNA
- Yes
- MINTSHIELD
- Yes
Mintage state: Published sales ounces, variant limits and dealer inventories do not establish a final annual mintage for the standard issue.
PORTRAIT EVOLUTION
The obverse is the calendar
Five portrait chapters span the Machin, de Pédery-Hunt, Blunt, 2023 memorial and Charles III obverses; the 2024 detail shows the current effigy.
Arnold Machin
Elizabeth II · tiara effigy
The final two Canadian coin years of the 1965–1989 effigy.Dora de Pédery-Hunt
Elizabeth II · diademed effigy
The first Canadian-designed royal portrait on the SML chronology.Susanna Blunt
Elizabeth II · uncrowned effigy
A long modern era preceding the memorial issue.Susanna Blunt
Elizabeth II · memorial marking
Four pearls and the double dates 1952–2022 distinguish the 2023 memorial obverse.Steven Rosati
Charles III
The current Canadian effigy; the pictured 2024 standard obverse marks the transition.
SECURITY EVOLUTION
Precision engraving. Protected finish.
The 2014, 2015 and 2018 milestones solve different problems and remain separate in the chronology.
- 01
Precision radial lines
Micron-scale line width and pitch create the SML’s characteristic light-diffracting surface.
- 02
Micro-engraved mark
A textured maple leaf on the reverse carries a tiny numeral identifying the year of issue.
- 03
Bullion DNA
SML coins dated 2015 and later can be matched to encrypted die-surface records by approved dealers.
- 04
MINTSHIELD
An invisible manufacturing process reduces the appearance of white spots without changing purity or composition.
SPECIFICATIONS THROUGH TIME
Stable physical contract, visible surface change
Contemporary RCM specifications retain the one-ounce .9999 silver, 38 mm and CAD $5 standard; portrait and security milestones define the principal date periods.
| Period | Purity | Minimum weight | Diameter | Edge | Face value | Surface |
|---|---|---|---|---|---|---|
| 1988–2013 | .9999 silver | 1 troy oz / 31.11 g | 38 mm | Serrated | CAD $5 | Traditional bullion finish |
| 2014 | .9999 silver | 1 troy oz / 31.11 g | 38 mm | Serrated | CAD $5 | Precision radial lines + micro mark |
| 2015–2017 | .9999 silver | 1 troy oz / 31.11 g | 38 mm | Serrated | CAD $5 | Radial lines + Bullion DNA eligibility |
| 2018–2026 | .9999 silver | 1 troy oz / 31.11 g | 38 mm | Serrated | CAD $5 | Radial lines + DNA + MINTSHIELD |
The cited specifications give a minimum weight of 31.11 g. Annual variants, special finishes and non-one-ounce products are outside this comparison.
ISSUE & MINTAGE RECORDS
Final mintage and annual continuity
RCM states that bullion products generally have no fixed mintage unless otherwise noted. Sales ounces, dealer inventory, collector-variant limits and product ceilings are different measures and do not establish the final standard-issue mintage.
FEATURED STORY
How the Silver Maple Leaf became a security platform
RCM’s security story is cumulative. The 2014 surface supplied visible complexity. From 2015, approved dealers could authenticate SML dates against encrypted die-surface records. From 2018, MINTSHIELD addressed a different concern: the appearance of white spots. One coin now carries visual, machine-readable and surface-protection layers without abandoning its maple-leaf identity.
01Read the radial field and micro mark
02Authenticate eligible dates through an approved dealer
03Understand MINTSHIELD as surface protection, not purity or grading
SELECTED PRIMARY SOURCES
Sources for the series
Official RCM publications document the series chronology, portrait changes, security milestones and contemporary specifications.
- Silver Maple Leaf 2026 standard bullion productAccessed 20–22 August 2026 · RCM official source
- Silver Maple Leaf 2024 standard bullion productAccessed 20–22 August 2026 · RCM official source
- Silver Maple Leaf 2023 standard bullion productAccessed 20–22 August 2026 · RCM official source
- Bullion DNAAccessed 20–22 August 2026 · RCM official source
- MINTSHIELD Surface ProtectionAccessed 20–22 August 2026 · RCM official source
- Royal Canadian Mint 2014 Annual ReportAccessed 20–22 August 2026 · RCM official source
- Queen Elizabeth II’s Reign: four Canadian effigiesAccessed 20–22 August 2026 · RCM official source
- Royal Canadian Mint 2018 Annual ReportAccessed 20–22 August 2026 · RCM official source
The photographs identify the 2024 standard issue; other dates are distinguished by portrait era, security features and year.