IRS-Approved Gold & Silver for IRAs
Straight answer
For a gold IRA, the IRS allows bullion that meets minimum fineness — gold .995, silver .999, platinum and palladium .9995 — produced by an approved refiner or government mint. There is one well-known carve-out: American Gold and Silver Eagles are allowed by statute even though the gold Eagle is only 22-karat (.9167). Almost everything else marketed as “IRA-eligible” with a story attached — rare, graded, or proof “collector” coins — is either not allowed or is allowed only at a markup that quietly works against you.
“IRS-approved” is a real legal standard, but it is also one of the most abused phrases in the precious-metals business. The rule itself is short and clear. The problem is what salespeople do with it. This page explains exactly what qualifies, the one statutory exception worth knowing, and why the “approved” label gets stapled onto products that are bad deals.
The rule: a fineness minimum, not a brand list
Federal law (Internal Revenue Code §408(m)) generally treats “collectibles” as off-limits for IRAs. Precious metals were carved out of that ban in 1986, but only if they meet a purity floor. The minimums are:
- Gold — .995 fine (99.5% pure) or better
- Silver — .999 fine (99.9%) or better
- Platinum — .9995 fine or better
- Palladium — .9995 fine or better
There is a second condition that gets skipped in sales pitches: the metal must be produced by a national government mint or by a refiner, assayer, or manufacturer that is accredited (NYMEX/COMEX, LBMA, LME, NYSE-Liffe, TOCOM, or an approved national mint). A “round” stamped .999 by an unknown private mint may hit the purity number and still fail the accreditation test. Purity alone is not enough.
If you are still getting your bearings on how the account itself works, start with what a gold IRA is — the metal rules make more sense once the structure does.
The one carve-out: American Eagles are allowed by name
Here is the exception that confuses almost everyone. The American Gold Eagle is 22-karat — .9167 fine, well below the .995 gold minimum. By the plain fineness rule, it should be disqualified. It is not. Congress wrote an explicit statutory exception that allows the American Eagle gold and silver coins (the coins described in 31 U.S.C. §5112) into IRAs regardless of the general fineness floor.
So the American Gold Eagle qualifies because the law names it, not because it meets the purity standard. (The coin contains a full ounce of gold; the remaining alloy is copper and silver added for durability.) The American Silver Eagle, at .999, meets the silver minimum anyway and is also explicitly allowed.
Why does this matter to you? Because it is the only meaningful exception. When a seller implies that other sub-.995 coins are fine “just like the Eagle,” they are extending a carve-out that applies to exactly one family of coins. Treat any such claim skeptically.
Examples of approved products
Plenty of mainstream bullion qualifies cleanly. Common IRA-eligible products include:
- American Gold & Silver Eagle — allowed by the statutory exception above.
- American Gold Buffalo — .9999 fine, the U.S. Mint’s 24-karat coin; meets the standard directly.
- Canadian Gold & Silver Maple Leaf — .9999 gold / .9999 silver from the Royal Canadian Mint.
- Austrian Gold & Silver Philharmonic — .9999 gold / .999 silver.
- Australian Kangaroo / Kookaburra — from the Perth Mint, meeting fineness.
- Bars and rounds from accredited refiners such as PAMP Suisse, Valcambi, the Royal Canadian Mint, Credit Suisse, and Asahi — gold .9999, silver .999, in standard weights.
Notice the pattern: these are ordinary, widely traded bullion products that you can buy at a small premium over spot and sell back near spot. There is no “exclusive” story. That is exactly what you want inside a retirement account — the metal should track the metal price, not a coin dealer’s pricing.
What is NOT allowed
The disqualified list is where most of the damage happens. Generally not permitted in a gold IRA:
- Collectible, numismatic, and rare coins — coins valued for scarcity, mintage year, or history rather than metal content. Pre-1933 U.S. gold, “rare-date” coins, and similar pieces are collectibles, not bullion.
- Most proof and graded coins — beyond the specific government proof Eagles that qualify, graded/slabbed “collector” proofs are a frequent vehicle for huge markups.
- Foreign coins that miss fineness — the South African Krugerrand (.9167) and British Sovereign, for example, do not meet the .995 gold minimum and are not covered by the Eagle exception.
- Jewelry, gemstones, and decorative items.
- Metal you already own personally. You cannot move coins or bars you currently hold into your own IRA — that is a prohibited transaction. IRA metal must be bought fresh by the account and shipped directly to the depository.
That last point trips up people who assume they can “contribute” their existing collection. They cannot. The account buys the metal; the metal goes straight to an approved vault.
Approved vs. not allowed — at a glance
| Product | Fineness | IRA-eligible? |
|---|---|---|
| American Gold Eagle | .9167 (22k) | Yes — by statutory exception |
| American Silver Eagle | .999 | Yes |
| American Gold Buffalo | .9999 | Yes |
| Canadian Maple Leaf (gold/silver) | .9999 / .9999 | Yes |
| Austrian Philharmonic | .9999 / .999 | Yes |
| PAMP / Valcambi / RCM bars | .9999 / .999 | Yes — accredited refiner |
| South African Krugerrand | .9167 | No — below .995, no exception |
| British Sovereign | .9167 | No |
| Pre-1933 / rare-date U.S. gold | varies | No — collectible |
| Graded / “exclusive” proof coins | varies | Generally no |
| Jewelry, gemstones | — | No |
| Metal you already personally own | any | No — prohibited transaction |
Why “IRA-approved” gets abused
Here is the mechanism, stated plainly. A dealer makes a small margin selling a one-ounce Gold Eagle — maybe a few percent over spot. A dealer can make a far larger margin selling a “rare” or proof coin priced on a story, where there is no transparent spot benchmark to check the price against. So the incentive is to steer IRA buyers away from plain bullion and toward high-markup coins.
The trick is the label. Some proof and special-issue coins genuinely are IRA-eligible. A salesperson can therefore say “this coin is IRS-approved” and be technically correct — while selling it at a 30%, 50%, or higher premium that may take years of metal-price gains just to recover. “Approved” describes whether the coin can legally sit in the account. It says nothing about whether the price is fair. Those are two different questions, and the pitch deliberately blurs them.
- Steering you toward “exclusive,” “limited,” proof, or graded coins instead of standard bullion.
- A price quoted as a flat dollar figure, never as a premium over spot you can verify.
- “Approved” used as a synonym for “good deal” — conflating legality with value.
- Urgency: a coin that’s “about to sell out” or a price “only good today.”
The fix is simple. For an IRA, stick to plain bullion — Eagles, Buffalos, Maple Leafs, Philharmonics, and bars from accredited refiners — and always ask for the price as a premium over the current spot price. If a seller won’t quote it that way, that itself is the answer. Our full gold IRA scams and red flags guide walks through the proof-coin pitch and other tactics in detail.
None of this is investment or tax advice; it is general information about the eligibility rules. For the bigger picture — whether to use a gold IRA at all and what it costs — see our gold and silver IRA hub.
Why is the American Gold Eagle allowed if it’s only 22-karat?
Because Congress wrote an explicit statutory exception. The general IRA rule requires gold to be .995 fine or better, but the law specifically names the American Eagle gold and silver coins as eligible regardless of that floor. The Eagle qualifies because it is named in the statute, not because it meets the purity standard.
Can I put coins I already own into my gold IRA?
No. Moving metal you personally own into your own IRA is a prohibited transaction. IRA-eligible metal must be purchased fresh by the account and shipped directly to an IRS-approved depository — you never take possession of it while it’s in the account.
Are proof coins ever IRA-eligible?
Some specific government proof coins, such as proof American Eagles, can be eligible. But “eligible” only means it can legally sit in the account — it says nothing about price. Proof and graded coins are commonly sold at very large markups, which is why they’re a frequent vehicle for overcharging IRA buyers.
Does meeting the purity minimum guarantee a coin qualifies?
No. The metal must also come from a national government mint or an accredited refiner. A privately minted round stamped .999 can hit the purity number yet fail the accreditation requirement, so it would not qualify.