In regards to a precious metals IRA, it is not so easy to invest in any type of coin or collectible. The Internal Revenue Service (IRS) announced strict rules pertaining to what types of precious metals are allowed in an IRA. As a matter of fact, many common gold bullion coins and gold bullion bars are not eligible for gold investing in an IRA due to the fact that they do not meet the purity prerequisites set by the IRS. The purity grade has to be at least 0.995 for gold, at least 0.999 for silver, at least 0.9995 for platinum and at least 0.9995 for palladium.
Listed below are the precious metals (gold, silver, platinum and palladium coins and bars) that you can safely invest for your retirement plans:
IRA Approved Gold Bullion Coins and Bars
(.995%+ Purity Level Required)
American Gold Eagle coins
American Gold Buffalo coins
Australian Gold Kangaroo/Nugget coins
Austrian Gold Philharmonic coins
Canadian Gold Maple Leaf coins
Credit Suisse Gold Bars
Johnson Matthey Gold Bar
Valcambi Gold CombiBar
IRA Approved Silver Coins and Bars
(.999%+ Purity Level)
American Silver Eagle Coins
Australian Kookaburra Silver coins
Austrian Philharmonic Silver coins
Canadian Silver Maple Leaf coins
Mexican Silver Libertad coins
Johnson Matthey Silver Bar
Royal Canadian Mint Silver Bar[/alert]
IRA Approved Platinum Coins and Bars
(.9995%+ Purity Level)
American Eagle Platinum bullion coins
Australian Koala Platinum coins
Canadian Maple Leaf Platinum coins
Isle of Man Noble coins
IRA Approved Palladium Coins and Bars
(.9995%+ Purity Level)
Canadian Palladium Maple Leaf coins
Russian Ballerina Palladium coins
Baird Palladium bars
Credit Suisse Palladium bars
No Collectibles Allowed in a Precious Metals IRA
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.
