What Gold Bars Are IRA Approved?
Gold or Precious Metals IRAs are self-directed retirement accounts that allow investors to invest in physical precious metals, with specific rules and purity standards that must be observed.
Coins and bars deemed eligible for your IRA must come from an approved national mint, refiner, assayer, or manufacturer.
Australian Gold Kangaroo and Nugget coins are some of the world’s most beloved bullion investments, produced by Perth Mint as the official bullion mint of Australia and supported by their government. Each coin contains 1 oz of 99.99 fine Gold; their reverse features an ever-evolving kangaroo image for added collectability to an already highly sought-after investment coin for Gold IRA accounts.
The coin’s obverse, or front side, features a portrait of Queen Elizabeth II designed by Raphael Maklouf or Ian Rank-Broadley depending on the year of issue. Additionally, its monetary denomination and date of issue can also be seen here.
The Gold Kangaroo/Nugget Series debuted in 1986 and is produced by the Perth Mint, an organization wholly owned by Western Australia that mints legal tender gold and silver coins for Australia as well as precious metal bullion products.
The Gold Philharmonic coin is one of the most beloved gold bullion coins available, honoring both sides to pay homage to Vienna Philharmonic Orchestra which serves as its inspiration. First introduced in 1989 and since becoming best-selling gold bullion coin across Europe.
The coin’s obverse side depicts a cello, four violins, harp and Vienna horn; as well as its year of issue and denomination in Euros. Furthermore, its fineness of 24 karat and durability makes it an excellent option for investors who seek to minimize premium costs or storage fees.
Since 2008, silver version of the Philharmonic coins have made an excellent addition to precious metals collections and make great presents for music enthusiasts. Each weight, such as 1 oz coins is available. Furthermore, an optional coin tube protects each coin from scratches and oxidation for additional peace of mind.
Canadian Maple Leaf
The Canadian Maple Leaf gold bullion coin is one of the most sought-after coins available today, made from 99.99% pure gold and available in various weights including 1 oz.
It features Queen Elizabeth II on one side and Canada’s iconic maple leaf on the other, as well as being protected with an innovative light-diffraction feature and precise radial lines that make counterfeiting nearly impossible.
Although the IRS permits investment of precious metals into individual retirement accounts (IRA), there are strict purity requirements that must be met in order for coins or bars to qualify as eligible products for an IRA account. Products produced at an IRS-approved refinery or national government mint, meeting minimum fineness standards and manufacturing specifications as specified must also meet an IRA eligibility test; for gold bars this also means achieving specific physical weight requirements – similar guidelines exist as when investing directly. Taking physical possession of your IRA metals would constitute distribution and therefore subject to taxes accordingly.
Gold American Eagle
The Gold American Eagle coin is a widely-preferred bullion coin for many reasons, such as its production by the US Mint and being approved for retirement accounts by the IRS. While such investments typically do not meet purity requirements, exceptions do exist if certain bullion coins meet them.
The coin features Augustus Saint-Gaudens’ depiction of Liberty walking with an olive branch representing peace. On its reverse is a family of eagles. As with other IRA-approved gold coins, The Eagle is also dated using Roman Numerals.
Some dealers provide proof and collectible versions of coins at higher premiums than standard bullion coins, making these options less suitable for an IRA investment account. It’s essential that buyers use only an IRA-approved seller and stay away from high premium coins that won’t offer the same performance compared to standard IRA items; the primary difference lies in storage requirements – approved depository must store an IRA item, while non-IRA approved gold can be kept at home or kept in a safety deposit box.