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While gold, silver, platinum and palladium can all be placed into an IRA, the top two metals often stand out as the most popular choices by a wide margin. One might be tempted to say that their lesser purity requirements are behind the reasoning, but that isn't really the case.
The truth is that gold and silver continue to enjoy a special status over other precious metals. Some of the top precious metals IRA companies don't offer platinum and palladium products at all, be it for IRA placement or simply as part of their vendor store.
The exception that American Gold Eagle coins enjoy despite not meeting purity requirements, which we'll get to soon, tells us it's a matter of perception. Gold and silver are legal tender, while the other two metals aren't.
However, this is where confusion sets in. Partly because of this exception, many owners of retirement accounts believe that any top gold or silver coin can make it into an IRA. Unfortunately, that's not true. Numerous coins that are immensely popular among investors and collectors aren't approved for IRA placement by the IRS. The same can go for bars.
Here, we hope to offer an all-inclusive guide as to what counts as IRA-approved gold and silver and what doesn't. We'll start with definitions and requirements, move onto eligible products and briefly cover those that you might want in your IRA, but haven't heard of.
How does the IRS determine what is IRA-approved bullion?
The IRS requirements are straightforward, but can be difficult to follow mostly because of confusion surrounding the alloy. Let's start with an obvious one.
Custody and storage
For bullion to be IRA-eligible, it needs to be stored in an approved depository. This will usually be taken care of by your custodian, which is in turn provided by the gold IRA company you're working with.
That said, it bears reminding that one can't store their IRA gold and silver inside their home. The idea of self-storage makes sense and is alluring, but won't translate into reality all that well. Any bullion you store in your own home can't be part of your IRA, unless you happen to be an IRA custodian by trade.
Related: Is the Home Storage Gold IRA Legit?
Purity
Gold and silver have the lowest purity requirements out of the four precious metals, but they aren't the same. In the case of gold, the purity of the product must be 0.995 or higher. In the case of silver, the purity requirement is 0.999.
The difference isn't that big on paper or in practice. You'll find that IRA-eligible gold coins have corresponding silver versions, and the other way around. Perhaps the most important distinction to make is junk silver. It's popular with silver investors due to its affordability and accessibility. But with a purity of just over 90%, however neat these coins are, they aren't making it into your IRA.
What about collectibles?
It's often said that collectibles aren't allowed in an IRA, but this isn't exactly a rule. A 1986 American Silver Eagle proof coin very much counts as a collectible, and is still well-suited for an IRA. Therefore, when dealing with numismatics, it's best to simply stick to the purity of the coin to gauge its eligibility.
The most important part, however, is that IRA-eligible collectibles come in their original packing. A little-known facet of both gold IRA investment and silver IRA investment is that proof, commemorative and the like coins must be in their original boxes and sealed.
Especially as one starts going back decades, it can be more difficult to find sealed numismatics as they were probably graded at some point or another. This eliminates their individual retirement account eligibility, as does any damage that the coin may have sustained.
22-karat vs 24-karat gold coins
The most relevant one to us is that 24-karat coins are eligible for IRA placement and 22-karat ones aren't. Of course, there's a bit more to metallurgy than that. 24-karat gold is known as "soft gold". It's the purest investment-grade bullion available, which appeals to some more than others.
Even though gold doesn't tarnish, it's not particularly durable against impact unless an alloy is added. Because of this, many opt for 22-karat coins, which only have a 91.67% purity. These coins weigh more than an ounce to make up for the additional silver and copper alloy used to strengthen them. This gives them a purity of 91.67%, barely above junk silver. Perhaps the most notable example is the 22-karat American Gold Eagle and its softer counterpart, the 24-karat American Gold Buffalo.
Proof American Gold Eagle coins
Why the exception for proof American Eagles? In so many words, the U.S. went from treating gold and silver as money, to not doing it, to doing it again. Over the past decade, great strides have been made to restore the status of gold and silver as legal tender.
The Sound Money initiative came from Utah and is spreading across our nation. More than likely, the tireless efforts of its activists will soon result in the removal of sales taxes on all gold and silver bullion with a high-enough purity.
Even coins that don't have enough purity are stipulated to be sales tax-exempt if they are recognized as legal tender in a country with a sovereign mint. The Krugerrand is a popular and prominent example of foreign legal tender recognized as such when it comes to sales tax, but not IRA investment.
While these efforts have done wonders for bullion investors, they probably won't translate as accurately to the management of your retirement account. An IRA is a U.S. retirement vehicle, and as such, it only recognizes the U.S.' own coins as legal tender. Whatever the Sound Money initiative accomplishes, we don't imagine this will change, though one can always hope.
Let's move onto the kinds of bullion that can make it into your IRA and the precautions you should take before purchasing.
Related: Gold vs Silver? Which is a Better Investment?
Coins
Despite their high premiums compared to both bars and rounds, coins are perhaps the most recognizable form of physical precious metals investment. Though they should technically appeal to collectors the most, investors of all kinds can't get enough of coins. Perhaps there is a little collector in every investor.
IRA-eligible gold coins
American Gold Eagle: You should not be surprised to see the U.S. Mint's flagship coin on this list. Despite not meeting the purity requirements, Gold Eagles are a staple of many IRAs, and we don't expect this to change. To many, the American Gold Eagle is real money, and the U.S. dollar is simply a bad experiment. Comes in 1oz, 1/2oz, 1/4oz and 1/10oz denominations.
IRA-eligible American Eagle coins
American Eagle Buffalo: The "pure" version of the Eagle, the Buffalo is a new addition that has swept the coin world by storm. Whereas the first Gold Eagles were struck in the late 18th century, the Buffalo has only been around since 2005. It sells out all the same, proving that it can very much contend with the more popular cousin. Comes in 1oz, 1/2oz, 1/4oz and 1/10oz denominations.
Canadian Gold Maple Leaf: The Royal Canadian Mint's answer to the Eagle aims to also outdo the Buffalo, being one of the purest gold coins available. It sports the iconic Maple Leaf design regardless of the country. Comes in 1oz, 1/2oz, 1/4oz, 1/10oz and 1/20oz denominations.
Australian Gold Kangaroo: Also known as the Australian Gold Nugget, it's Australia's entry into the sovereign gold coin market. Whereas Canada competes with purity, Australia does so with size, having minted a one-kilo version of this coin. Comes in 1oz, 1/2oz, 1/4oz and 1/10oz, 1/20oz and 20 oz denominations. And, if you can get your hands on it, the 1-kilo one.
Australian Lunar Gold: A commemorative coin series with annual designs based on the Chinese New Year and the accompanying animals. The latest series comes in 1oz, 1/2oz, 1/4oz, 1/10oz, 1/10oz, 2oz and 10oz denominations.
Britannia Gold, 2013 and later: This coin causes the most confusion out of any on the list, partly because of its popularity. The U.K.'s top gold coin was redesigned in 2013, turning it from a 22-karat into a 24-karat one and making it IRA-eligible. When buying this coin for an IRA, special attention must be paid to the year of mintage. Comes in 1oz, 1/2oz, 1/4oz and 1/10oz, 1/20oz and 5oz denominations.
Austrian Gold Philharmonic: A best-selling gold coin throughout the 90s, Austria's gold sovereign remains a top choice among investors worldwide. Comes in 1oz, 1/2oz, 1/4oz, 1/10oz and 1/25oz denominations.
Mexican Gold Libertad: The gold version of Mexico's "freedom" coin has consistently made it to the top of the list, even with such fierce competition from larger top mints. Comes in 1oz, 1/2oz, 1/4oz, 1/10oz, 1/20oz, 2oz and 5oz denominations. Though not exactly standard-issue, one-kilo denominations of this coin also exist.
Chinese Gold Panda: With China's love of gold, we'd expect their gold coin to be popular even in the West, and it certainly is. Comes in 1oz, 1/2oz, 1/4oz, 1/10oz and 1/20oz, 5oz and 12oz denominations.
These are, by a considerable margin, the most known IRA-eligible gold coins. While this doesn't mean that there aren't other entries, if your coin isn't covered above, exercise some caution. Ensure that it meets the 0.995 purity requirements and that it comes in sealed packaging before purchasing if you want to place it into an IRA.
IRA-eligible silver coins
American Silver Eagle: What does the Silver Eagle have over its gold cousin? For starters, it doesn't need a purity exception, as it's issued in 0.999 purity. Comes in 1oz denomination.
Australian Silver Kangaroo: One of Australia's many silver IRA-eligible coins, for which the Perth Mint seemingly did away with the whole weight-competitiveness thing. Its limited mintage, though, makes it a mainstay among collectors. Comes in 1oz denomination.
Australian Silver Kookaburra: You can't be faulted for not having heard of the Kookaburra and even less so for not being able to pronounce it. It's a bird native to Australia, and the Silver Kookaburra is yet another animal-themed sovereign coin that is part of many a portfolio. Comes in 1oz, 2oz, 10oz and 1-kilo denominations.
Australian Lunar Silver: While there is a Gold Kookaburra, we didn't feel it's well-known enough to warrant inclusion on the list of gold coins. On the other hand, all three Australian entries on the silver list are exceedingly prominent among investors worldwide. So much so that the Silver Lunar coins can oftentimes be difficult to find as they sell out very quickly. Comes in 1oz, 1/2oz, 2oz, 5oz, one-kilo and five-kilo denominations.
Canadian Silver Maple Leaf: Like its gold counterpart, the Silver Maple Leaf is purchased for its high silver purity that exceeds the minimum IRA requirement and the overall recognizability and market value. Comes in 1oz denomination.
Silver Britannia, 2013 and later: As with the gold coin, buyers of the Silver Britannia coin will need to double-check with the vendor in regards to the mintage date, as only 2013 and later are accepted mintages. Comes in 1oz, 1/2oz, 1/4oz and 1/10oz denominations.
Chinese Silver Panda: While widespread and unquestionably valuable, buyers of the Silver Panda will have to double-check even more than those of the Silver Britannia. Its purity has varied considerably since its introduction in 1983. However, most Silver Pandas you'll encounter tend to meet what is the now-standard 0.999 purity requirement. Notably, the 2015 Silver Panda is missing a specified purity. Comes in 1oz, 1/2oz, 1/4oz, 5oz, 12oz and one-kilo denominations. 2016 and later coins are labeled with grams instead of ounces.
The Australian Silver Koala, Austrian Silver Philharmonic and Mexican Silver Libertad are examples of other top silver coins that you'll often encounter when searching for IRA-eligible bullion. Past these, the same cautions regarding the purchase of gold coins also apply to silver coins. With how widespread junk silver is, we'd argue considerably more so.
Related: Gold IRA Investor Kit - Read this Before Opening a Gold IRA
IRA-eligible gold and silver bars from top mints
Whereas coins have fancy names and designs for the mints to sort of battle it out against one another in terms of product popularity, bars focus more on a mint's reputation. While there are lots of examples of sovereign mints issuing gold bars and silver bars, like the U.S. Mint, it's nonetheless mostly a private-sector affair.
Therefore, different private mints seek to build up their name and clout through product quality and flair, which can seem a little difficult to accomplish with bars. But, as you'll soon see, bars can be just as much of a picky thing as coinage.
It goes without saying that the bars in question should meet the purity requirements to be IRA-eligible, but this isn't an issue when it comes to top mints. It's standard for gold bars from top mints to exceed 0.9999 purity.
Something you'll want to look out for, though, is the mint being properly accredited. COMEX, LME, LBMA, LPPM, TOCOM, NYMEX or NYSE/Liffe/CBOT tags, along with ISO-9001, are a must. ISO 14001, ISO 17025, OHSAS 18001 and SA8000 are bonuses.
With that said, we'll go over some of the top refineries and their IRA-eligible bars.
Buy gold bars with your IRA
Credit Suisse
Perhaps the largest name overall on this list of mints, Credit Suisse's operations date back to 1856, giving their bullion products immense recognizability. The bars feature a fairly straightforward design with the company's logo etched across one side of the bar. The weight diversity is a very strong point.
Credit Suisse IRA-eligible gold bars come in 1oz, 0.5oz, 10oz, 1g, 2.5g, 5g, 10g, 20g, 50g, 100g, 250g, 500g and one-kilo sizes.
Credit Suisse silver bars come in 1oz, 5g, 10g, 20g, 50g, 100oz and one-kilo sizes.
Related: How to Protect Your Retirement with Physical Gold and Silver
Valcambi
Though Valcambi is a subsidiary of Credit Suisse, there is no mistaking their bars. If you're purchasing a Valcambi gold or silver bar, it's most likely the CombiBar. Both the gold CombiBar and the silver CombiBar are unique takes on gold bullion, where every gram of the bar can be individually separated from the rest. This was achieved without sacrificing purity in both gold and silver bars, making the CombiBar a favorite for IRA investment.
Since the company started manufacturing the CombiBar in 2011, there are chances you'll run into Valcambi bullion of other varieties that will still meet IRA requirements. As if the bar needed any more features, the CombiBar can be ordered in a custom capacity, where the buyer chooses the obverse and reverse design.
The gold CombiBar comes in 20x1g and 50x1g sizes.
The silver CombiBar comes in 10x10g and 100x1g sizes.
Valcambi is also one of the few top private mints that manufacture IRA-eligible coins in the form of the silver 10x10g and 100x1g CombiCoin. While they pass as legal tender, their appearance isn't exactly on par with coins from sovereign mints.
PAMP Suisse
Not to be confused with Credit Suisse, PAMP is another top Swiss manufacturer of gold and silver bars. Despite the name recognition of the first company on the list and the utility of the bars of the second's, many consider PAMP to be the premier private mint.
Besides overall product quality, much of this perception has to do with style. We mentioned how bullion bars aren't nearly as easy to design in a way to make them stand out, but PAMP does it year after year.
Their bars come in themed series, such as the Lunar series which feature different animals on bars and Faith series that feature motifs of the world's largest religions. Compared to just having your company logo splattered over the bar, it's quite a step forward.
PAMP Suisse gold bars come in 1g, 2.5g, 5g, 10g, 20g, 50g, 100g, 1oz, 1/2oz, 1/4oz, 10oz and one kilo sizes.
PAMP Suisse silver bars come in 2.5g, 5g, 10g, 20g, 50g, 100 gram, one-kilo, 1oz, 5oz, 10oz, 100oz and 1,000oz sizes.
Whether a gold or silver PAMP Suisse bar is available in a particular size depends on the series it's issued in.
Others
Johnson Matthey and Engelhard are two other top private mints that rank quite close to the top, though perhaps not as much in terms of popularity. Other reputable mints that you shouldn't hesitate to buy gold or silver bars from include Sunshine Mint, Argor-Heraeus, 9Fine and Asahi Refining. There are a few others, so if you've found a bullion bar that looks good but isn't on this list, do a little research on the company.
The Royal Canadian Mint and the U.S. Assay Office also produce sovereign gold and silver bars of high quality, though perhaps not so much in terms of design and utility. On the other hand, there is no denying that the Perth Mint stands out with its animal engravings on both gold and silver bars.
Related: How to Diversify Your 401(k) with Precious Metals (Tax-Free)
Gold and silver rounds: an overlooked investment
There's a very good chance you aren't familiar with gold and silver rounds. They are continually overlooked compared to both coins and bars. Coins drive collectors into a frenzy and are treated as currency in the most literal sense. Bars are what people associate with pure bullion.
Where does that leave rounds? Despite oftentimes looking as good as any of the most popular coins and being as affordable as bars, they are swept under the rug. Gold and silver rounds are too numerous to list here.
They are produced by private mints and generally have a commemorative theme, though not always. They closely resemble coins in both shape and design, but aren't considered to have numismatic value. Of particular interest to the investor is that rounds, which tend to come in 1oz denominations, have an even cheaper premium than 1oz coins.
They can be viewed as a cheaper alternative to coins for those who don't place too much emphasis on name value. Indeed, one could argue that name recognition is the only thing separating rounds from coins, though we're sure collectors are already jumping in disagreement.
Gold rounds come with a standard minimum of .995 purity and silver rounds with a standard minimum of .999. Once people see just how varied the designs of these can be, there is often no looking back.
