Silver IRA Approved | The Complete List of Eligible Silver Bullion for IRA Investing

Not all physical precious metals are the same, at least according to the IRS. One of the first hurdles you will have to overcome when opening a silver IRA account is selecting which type of silver bullion coins and bars to buy.

When looking at some lovely gold, silver, platinum, and palladium bullion coins, it is easy to assume that something this valuable is a good choice to invest in. If you are buying for your own purposes, you would be right in most cases.

However, when it comes to a precious metal self-directed IRA, the information in this article will help you avoid making a very costly mistake. Read on to find out more about silver IRAs and the type of tangible asset they can hold.

What are IRS-Approved Precious Metals?

Silver Bullion

A precious metals IRA is more like a traditional IRA or Roth IRA that is based on physical precious metals, such as silver and gold bullion.

Since it is part of your retirement account and enjoys certain tax benefits that come with that privilege, it is bound by a wide range of IRS rules and regulations, such as:

  • You cannot keep your physical silver bullion or other precious metals that are part of your IRA accounts

  • Only an IRS-approved depository can store your precious metals

  • You can only include IRA-eligible silver coins and bars in your silver IRA account

In this article, we will focus on the last rule regarding IRA-eligible silver. These are the silver coins and bars that the IRA has deemed to be of the desired purity (among other things) to be included as part of an individual retirement account.

What Types of Silver Can Be Included in a Silver IRA?

The list of gold, silver, platinum, and palladium bullion that is illegible for a precious metals IRA account is long and exhaustive.

However, to make life easier for precious metals investors, the most important things to remember about IRA-approved bullion are:

  • It must be produced by a government mint or accredited manufacturer, assayer, or refiner

  • The silver bars or coins must be at least 99.99% pure

With regards to the silver coins that you can add to your self-directed IRA, the following are some good examples to choose from:

1 oz. American eagle silver coins

American Eagle coins enjoy the full backing of the US government in terms of purity, weight, and silver content. This means if you are looking for a reliable option that has evolved into an American classic, the American Eagle coins are a great choice.

American eagle-proof coins

Proof coins, whether silver or gold bullion coins, usually offer a lot more value than their relatively low bullion content would suggest. Their mintage is quite low compared to pure bars and coins.

It is their esthetics and numismatics that add true value to these coins, and a fine example is the American Eagle proof coin.

Australian Kookaburra coins

All four weight classes of the Australian Kookaburra coins, the 1 oz., 2 oz., 10 oz., and 1 kg coins meet the IRS rules for IRA-approved bullion. However, the design of these coins changes annually, which means you have to be very careful if you wish to add this to your precious metal IRA.

Austrian Philharmonic coins

In 2008, the first batch of Austrian Philharmonic Coins began to circulate. It has since proved to be a worthy contender for inclusion in any silver IRA account. The purity and bullion content means you can confidently buy these coins as a sure way to secure your financial future.

Canadian Maple Leaf coins

As the pride of the Royal Canadian Mint, Canadian Silver Maple Leaf coins need no introduction. These coins are ranked among the world’s purest bullion coins.

Mexican Silver Libertad coins

On the opposite border from Canada, the Mexican government brings you the Mexican Silver Libertad Coins. They are beautifully designed and minted at La Casa de Moneda de México.

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Precious Metals That Are Not IRA-Eligible Silver

Part of getting your silver investments right is choosing which silver bars and coins to avoid because they are not IRA-approved silver. This includes, but is not limited to, the following precious metals products:

  • Any silver or other precious metal that does not meet the minimum fineness set by the IRS

  • Silver and gold bullion that you already own

  • Most rare coins that are far less than the required minimum purity

  • Certified silver from a third-party grading service

  • Silver coins and bars not kept in an IRA-approved depository

Benefits of Adding Silver to Your Retirement Portfolio

Silver IRA

Even though the list of IRS regulations regarding IRA-approved silver may seem like a lot, if you are willing to put in the effort, there are lots of benefits to investing in silver and gold coins, such as:

  • When you buy silver coins, you spread the risk to your retirement account between tangible assets and paper assets

  • Unlike mutual funds, silver is highly resistant to economic fluctuations and provides a hedge against inflation

  • The demand for silver is high

  • Your silver assets are guaranteed to achieve long-term growth

  • Silver is more affordable than gold bullion in terms of spot price while offering comparable benefits in other areas

Setting Up a Silver IRA

If you are ready to set up your own silver IRA account, the first thing you will need is to find an IRS-approved custodian to handle your diversified portfolio. There are many options to choose from so diligent research is required for you to find a reliable one whose services meet your needs.  You can find a list of the top rated Silver IRAS here. We urge you to do thorough research.  

Next, you will decide whether to fund your silver IRA with rollovers from other IRA funds or if you would rather transfer funds directly. Lastly, you choose your precious metals, make your purchase, and pay for the use of an approved storage facility.

Open a Precious Metals IRA Account Today!

One of the best ways to secure your retirement funds is by diversifying part of your IRA to precious metals. This is why opening a silver IRA has emerged as a great choice.

Enjoy the many tax advantages that come with self-directed IRAs by adding silver to your retirement savings today!

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