Precious metals IRA accounts also go by the name of silver IRAs or gold IRAs on occasion, depending on who you’re talking to. This type of retirement account gives you the ability to purchase precious metals like silver coins and bars as an investment. But not all types of silver bars and coins are created equally, and the Internal Revenue Service doesn’t allow every one of these coins as an IRA investment. They have specific rules and regulations that need to be adhered to at all times.
Believe it or not, there are wide ranges of very popular silver bullion containing products that do not meet the eligibility requirements because the IRS needs certain purity levels and they do not have them.
In the paragraphs below, you’ll discover different types of silver bars and coins with IRS approval, the requirements for silver IRA accounts, and other important information about non-IRA eligible silver coins.
Silver IRS Requirements
The IRS allows investors to purchase and hold silver precious metals within their self-directed IRA. This is a valuable asset that can accrue value over time and experience even greater tax benefits from being purchased in a tax-free or tax-deferred retirement account. Investors get the opportunity to accumulate and create wealth for retirement on a precipitous basis. The requirements laid out in the following section regard the rules and regulations about holding silver in a precious metals IRA account:
- The specific purity standards of holding silver in a precious metal IRA are as follows: silver coins and bars must adhere to the purity grade of 0.999 or more. So the silver in this account must remain pure by at least 0.999%.
- The investor with a precious metals IRA account must use an approved depository to store their silver, gold, platinum, or palladium investments. Depositories consist of very secure storage facilities that focus on holding precious metals for IRA account bearers. The wide majority of bullion dealers have partnerships with IRA custodians. These custodians typically use their favorite preferred depositories and will strongly recommend them to you as well.
- A custodian with full qualifications must act as a trustee to all precious metals approved IRA accounts. Typically, you have the opportunity to choose your custodian from the broker or dealer because they will recommend custodians that they tend to partner with. This custodian will act as your go-between by opening the account on your behalf and helping you purchase the appropriate silver coins and bars needed so you can accrue them within your account.
Silver Coins with IRA Approval
Take a look at this list of popular silver bullion coins eligible to be purchased within a precious metals IRA:
- Silver American Eagle
- Silver Australian Lunar
- Silver Austrian Vienna Philharmonic
- Silver Mexican Libertad
- Silver South African Krugerrand
- Silver Australian Koala
- Silver Canadian Maple Leaf
- Peace Silver Dollar
- Morgan Silver Dollar
Besides the excellent coins mentioned above, there are a range of other coins that meet the purity level minimums required by the IRS. These coins are manufactured by mints in other national governments. If you’re the account holder of a precious metals IRA and seek other silver coins as investments, you should always check with your custodian to make sure these purchases are eligible for your IRA account.
It’s necessary to avoid collectible coins, numismatic coins, and commemorative coins at all costs. More than likely, these extremely expensive and overpriced coins aren’t even eligible for your IRA.
Silver Bars with IRA Approval
The silver bars meeting the purity requirements mentioned above must also be NYMEX-approved or COMEX-approved by a refinery or assayer. If they meet the standard qualifications, you can purchase and deposit them within your vault as part of your precious metals IRA.
This list consists of many of the popular silver bars that get purchased as part of a precious metals individual retirement account. They include:
- Silver PAMP Suisse Bars
- Silver Walking Liberty Bars
- Silver Royal Canadian Mint Bars
- Silver RCM Bars
- Silver A-Mark Bars
- Silver Johnson Matthey Bars
- Silver OPM Bars
- Silver 10 Ounce Sunshine Bars
Silver Bullion Coins That Are and Eligible for IRA Approval
- Silver Pel’s Fishing Owl Coin – South Africa
- Silver French Coins
- Silver Andorra Coins
- Silver New Zealand Kiwis
- Silver Isle Of Man Angel
- Silver UK Britannia
- Silver Swiss Francs
- Silver Queen’s Beasts – Great Britain
- Silver Chinese Panda
- Silver Russian and Soviet Coins
- Silver Somalia Elephant Coins
- Silver Cook Islands Bounty Coins
- Silver Hawksbill Turtle – Niue
- Silver Fiji Great Wave Coins