The law governing acceptable precious metals investments for IRAs mentions specifically only two gold and silver coins: American Gold Eagles and Silver Eagles. However, other forms of gold bullion and silver bullion became approved precious metals investments in 1997. The change was especially beneficial to IRA investors thinking of buying silver for their IRAs. One-thousand ounce and 100-oz .999 fine silver bars carry much smaller premiums over spot than do Silver Eagles. The 1997 change means that precious metals IRA investors now can get much more silver for their IRA investments. Another significant change was the inclusion of American Platinum Eagles, the most popular platinum bullion coins in the US. This change offers IRA investors the opportunity to diversify their investments. As noted, Gold Eagles are the only gold coins specifically approved for precious metals IRAs. Other gold coins, to be eligible as IRA investments, must be at least .995 fine (99.5% pure) and be legal tender coins. This provision makes Canadian Gold Maple Leaf coins, Australian Kangaroo Nuggets and Austrian Philharmonics acceptable precious metals IRA investments. Conversely, many gold coins, such as Krugerrands (91.67% pure) and old Double Eagle gold coins (90% pure), are not legal investments for precious metals IRAs. Silver Eagles are the only silver coins specifically approved for IRAs. For other forms of silver to be eligible for precious metals IRAs, they must be at least .999 fine. This requirement makes the Royal Canadian Mint's Silver Maple Leafs also eligible. (These Canadian silver coins are .9999 fine.) However, both American Silver Eagles and Silver Maple Leafs carry high premiums that could shrink in a rising market. For precious metals IRA investors who prefer silver, I recommends bullion bar. Pre-1965 US junk silver coins are not eligible for IRAs.
