What Coins Qualify ?
There are thousands of different gold coins on the national and international market - how do you know what is allowed in an IRA? Here are some quick tips and examples.
In general, coins that quality to be included in your IRA must meet minimum fineness requirements, ( the purity of the metal contained in the coin).
The fineness standards are as follows:
- Gold Coins - .995+
- Silver Coins - .999+
- Platinum - .9995+
- Palladium - .9995+
Any of the coins below which have been graded for condition by certification organizations and placed in tamper-proof plastic containers called "slabs", will generally fall into the collectable category and thus are not allowed for IRAs.
The lone exception is the NGC Certified Bullion Coins, which only certify Authenticity and Fineness, and NOT grade.
If you're not sure about this, ask your custodian or metals dealer. All US minted coins have nominal face values but the true value is based on the value of the metal in the coin.
Approved Coins specifically listed in the Internal Revenue Service Code include:
American Gold Eagles
Interestingly, these US minted coins are not of sufficient purity to classify them as bullion. They are only approximately 91% pure gold. The other material in the coin offsets the softness of the gold and makes the coin more durable. Gold Eagles arrive in one of 4 forms: 1/10, ¼, ½ and 1 full ounce coins.
American Gold Buffalo coins.
First minted in 2006, they are of bullion fineness, 9999 fine (known as four nines). Note that the specially processed proof version of this coin is NOT acceptable due to the treatment raising the value of the coin beyond the value of the metal.
American Silver Eagles.
Silver Eagles land in only on form, 1 full ounce coin. They are of bullion fineness, but are only .999 (three nines) due to the addition of a touch of copper for added durability.
American Platinum Eagles.
The rarest of birds, the Platinum Eagles are minted in 4 forms: 1/10, ¼, ½ and 1 ounce coins. These are of .9995 fineness.
Other Bullion Coins from National Mints that are Approved
- Australian Nugget (Kangaroo) Gold coins..9999 fine.
- Australian Kangaroo and Kookaburra Silver coins .999
- Australian Koala Platinum coin .9995 fine
- Austrian Philharmonic Gold coins .9999 fine
- Austrian Philharmonic Silver coins .999 fine
- Canadian Maple Leaf Gold coins .9999 fine
- Canadian Maple Leaf Silver coins .9999 fine
- Canadian Maple Leaf Platinum coins .9995 fine
- Canadian Maple Leaf Palladium coins .9995 fine
- Mexican Libertad Silver Coins .999 fine
- Isle of Man Noble Platinum coins .9995 fine
Some examples of coins that don't meet the fineness requirements are:
Austrian Corona and Ducat, Belgian Franc, British Sovereign and Britannia, Chilean Peso, Columbian Peso, Dutch Guilder, French Franc, German Mark, Hungarian Korona, Italian Lira, Mexican Peso and Ounza, South African Krugerrand, Swiss Franc and any coin that falls into the "Rare", and thus collectable, category.
If you're not sure about the fineness of a particular coin, call us at 302-765-2760 or email us at info@fsdepository.com.
