IRS-Approved Gold and Silver for an IRA: What Qualifies

Section 408(m) of the Internal Revenue Code says that if an IRA buys a collectible - artwork, antiques, stamps, most coins and so on - the purchase is treated as a distribution. In other words, it is taxed as if you took the money out.

The law carves out exceptions that make gold IRAs possible:

• Certain US-minted coins, such as the American Gold Eagle.
• Bullion (coins, bars and rounds) that meets minimum fineness standards, as long as it is held by a trustee - which is why the metal has to sit with a custodian in an approved depository rather than with you.

When people say "IRS-approved metals", this is what they mean. The IRS does not publish a list of approved products or approve any gold company or dealer. A dealer describing itself as "IRS-approved" is a marketing claim, not a legal status.

• Gold: .995 fine (99.5% pure) or better. The American Gold Eagle is an exception - it is 91.67% gold (22 karat) but qualifies because it is specifically named in the law.
• Silver: .999 fine (99.9% pure).
• Platinum: .9995 fine.
• Palladium: .9995 fine.

Purity alone is not the whole test - bars should come from accredited refiners, and the product must be held by the trustee.

These are widely accepted by IRA custodians:

• American Gold Eagle (US Mint)
• American Gold Buffalo (US Mint)
• Canadian Gold Maple Leaf (Royal Canadian Mint)
• Austrian Gold Philharmonic (Austrian Mint)
• American Silver Eagle (US Mint)
• Gold, silver, platinum and palladium bars from accredited refiners that meet the fineness standards

Your custodian has the final say on what it will accept, so confirm before you place an order. For silver-specific options, see the silver IRA guide.

• South African Krugerrands - a popular bullion coin, but at 91.67% gold it is below .995 and is not covered by the US-coin exception.
• Most proof and numismatic "rare" coins - collector coins valued for rarity or condition, not just metal content.
• Collectibles of any kind - commemorative pieces, graded "slabbed" coins sold for their grade, jewelry and similar.

Be careful with sales pitches for "premium", "exclusive" or "semi-numismatic" coins. Even where a product technically qualifies, these typically carry much higher markups than standard bullion. In public enforcement cases, regulators described markups from roughly 30% to over 100% on such products. See gold IRA fees explained and gold IRA scams and red flags.

Yes. The bullion exception in 408(m) only applies when the metal is held by a trustee. An IRS-approved non-bank trustee or custodian must hold the metal in an approved depository. Taking eligible coins home - even through an "IRA LLC" structure - was treated as a taxable distribution by the Tax Court in McNulty v. Commissioner (2021). Read can you store gold IRA metals at home? for the full story.

• Is the product on your custodian's accepted list?
• Does it meet the fineness standard (or is it a named US coin like the Gold Eagle)?
• Is it standard bullion, or a proof / numismatic / "premium" coin with a higher markup?
• What is the price per unit versus today's spot price?
• Where will it be stored, and is that segregated or non-segregated?

Ready to compare dealers? See our best gold IRA companies rankings, or read reviews of Goldco, American Hartford Gold and American Gold and Silver Group. New to the topic? Start with what is a gold IRA.

This article is general information, not financial, tax or legal advice. Fees, minimums and promotions change often and vary by custodian and account size - confirm current terms in writing with the company and your custodian before you invest.