Please note that regardless of what dealers (agents) tell you, collectible coins are not permitted in a precious metals IRA under any circumstance. Nevertheless, you can purchase collectible coins as a separate investment (outside of your IRA) but you will have to store these coins on your own. The reason why collectible coins are not approved by the IRS is simply because they have a much lower gold purity level.
The major effect of buying unapproved coins is that the IRS will charge you income tax on the amount of your acquisition as the IRS will consider it a withdrawal. There is also a 10% penalty for anybody under 59.5 years of age.
Popular Bullion Coins Bars that are NOT Eligible for a Precious Metals IRA
Even though highly common among investors and collectors, the following coins and bars, are NOT eligible for gold investing in a precious metals IRA.
Anytime you ask your favorite precious metals IRA dealer, and they recommend that you invest in any of these coins, they are either misinformed or misled about gold investing in a precious metals IRA.
Chinese Panda coins
Israel Tower of David coins
French Napoleon coins
South African Krugerrand coins
Switzerland Vreneli coins
United Kingdom Sovereign coins
USSR Chevronet coins
Somalia Elephant coins
Austrian Corona
S. Buffalo Proof coins
Russia’s George the Victorious coins
British Britannia coins
Mexican Gold Peso coins
Chilean 100 Peso
Dutch 10 Guilder
French 20 Franc
Italian Lira coins
S. Liberty coins
Mexican 50 Peso
South African Krugerrand coins
Swiss 20 Franc
If you would like to invest in a gold bullion coin as part of your best IRA that is not listed above, please contact your preferred precious metals IRA company to check if it is approved for IRA investments. We have a compiled our list of Top Gold IRA Companies Reviews and Bullion Dealers for your convenience.
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