Gold IRA Rules – IRS Approved Bars&Bullion

gold ira rules IRS approved bullion and bars

If you’re interested in using a precious metals IRA to protect the value of your assets, buying any collectible coin that catches your eye is not a good idea. The types of investment metals which can be used in an IRA are actually governed by strict rules laid down by the Internal Revenue Service. There are several popular types of bullion coins and bars that fail for meet the purity requirements set forth by the IRS. These are the purity requirements broken down by metal and purity:

  • Gold: 0.995 +
  • Silver: 0.999 +
  • Platinum: 0.9995 +
  • Palladium: 0.9995 +

To make your investment easy, you can find a complete list of coins and bars which meet the IRS’s purity requirements below. Please note that this list was assembled in 2014; you should verify the suitability of any purchase before making a precious metals investment.

IRA-Approved Gold Coins

  • US Gold Eagle Coins
  • US Gold Buffalo Coins (Non-Proof)
  • Austrian Gold Philharmonic Coins
  • Canadian Gold Maple Leaf Coins
  • Australian Gold Kangaroo / Nugget Coins

IRA-Approved Gold Bars

  • Credit Suisse Gold Bars
  • Valcambi Gold CombiBars
  • Johnson Matthey Gold Bars

IRA-Approved Silver Coins

  • US Silver Eagle Coins
  • Australian Kookaburra Silver Coins
  • Canadian Silver Maple Leaf Coins
  • Mexican Silver Libertad Coins
  • Austrian Philharmonic Silver Coins

IRA-Approved Silver Bars

  • Royal Canadian Mint Silver Bar
  • Johnson Matthey Silver Bar

IRA-Approved Platinum Coins

  • US Eagle Platinum Bullion Coins
  • Canadian Maple Leaf Platinum Coins
  • Australian Koala Platinum Coins
  • Isle Of Man Noble Coins

IRA-Approved Palladium Coins & Bars

  • Canadian Palladium Maple Leaf Coins
  • Russian Ballerina Palladium Coins
  • Credit Suisse Palladium Bars
  • Baird Palladium Bars

Collectable coins And IRAs

One VERY important fact you should take note of is that collectable coins are NOT allowen in a IRA account. Many dealers will try to conceal or contradict this fact to make sales, but the prohibition is very clear. There is nothing wrong with purchasing and holding collectibles as a separate form of investment, but because of their variable purity levels they cannot be included in an IRA.

The drawback of purchasing unapproved coins is that you will need to pay taxes on them. If you withdraw retirement savings to make such a purchase and you are under the age of 59.5, you’ll also have to pay a 10 percent penalty.

Prohibited Bullion In IRA Investing

Below you’ll find a list of very popular precious metals – in both coin and bar form – that do not meet the purity requirements for use as an IRA investment. You can use this list as a handy touchstone for judging the competence of IRA advisors; any “expert” who recommends buying metals from the list below is clearly lacking in true expertise.

Prohibited Bullion In IRA Investing
Chinese Panda Coins
French Napoleon Coins
South African Krugerrand Coins
Israel Tower of David Coins
Switzerland Vreneli Coins
USSR Chevronet Coins
UK Sovereign Coins
Somali Elephant Coins
Austrian Corona Coins
US Buffalo Proof Coins
UK Britannia Coins
Russian George The Victorious Coins
Mexican Gold Peso Coins
Dutch 10 Guilder Coins
Chilean 100 Peso Coins
Italian Lira Coins
Mexican 50 Peso Coins
US Liberty Coins
Swiss 20 Franc Coins

If you’d like to use a particular coin or bar to invest in precious metals for your IRA, verify its suitability before making any commitments. If you need the assistance of a reputable IRA company, you can check out our list of reviews and ratings here.