Only certain coins and bars can go into a gold IRA: specific U.S. coins named in the tax code, plus bullion that meets minimum purity. Within what's allowed, the cheapest choice is usually widely traded bullion. Proof and "premium" coins cost more and are where the worst documented overcharging has happened.
The Eligibility Rule in One Paragraph
Under Section 408(m) of the tax code, coins and metals bought by an IRA are generally treated as collectibles, and the purchase becomes a taxable distribution. Two exceptions make gold IRAs possible: American Eagle gold, silver and platinum coins (and certain state coins), and bullion that meets the fineness required for futures contract delivery, as long as a trustee holds it. In practice that means gold at .995 or higher, silver at .999, and platinum and palladium at .9995. More detail is in our gold IRA rules guide.
Common IRA-Eligible Gold Products
| Product | Fineness | Why it qualifies |
|---|---|---|
| American Gold Eagle (U.S. Mint) | .9167 (22 karat) | Named in the statute |
| American Gold Buffalo (U.S. Mint) | .9999 | Meets bullion fineness |
| Canadian Gold Maple Leaf (Royal Canadian Mint) | .9999 | Meets bullion fineness |
| Austrian Gold Philharmonic | .9999 | Meets bullion fineness |
| Australian Gold Kangaroo | .9999 | Meets bullion fineness |
| Gold bars from accredited refiners | .995 or higher | Meets bullion fineness |
Common IRA-Eligible Silver Products
| Product | Fineness |
|---|---|
| American Silver Eagle | .999 (also named in the statute) |
| Canadian Silver Maple Leaf | .9999 |
| Austrian Silver Philharmonic | .999 |
| Silver bars from accredited refiners | .999 or higher |
Your custodian keeps its own list of accepted products, so confirm every item before you buy. See our silver IRA guide and gold vs. silver IRAs for how the two metals differ.
What's Not Allowed
- South African Krugerrand and British Sovereign: about .9167 fine with no statutory exception.
- Pre-1933 U.S. gold coins and other rare or numismatic coins: collectibles.
- Graded or "slabbed" coins sold for their rarity or condition: generally treated as collectibles, and custodians often refuse them.
- Jewelry and gold you already own: jewelry is a collectible, and selling your own metal to your IRA is a prohibited transaction.
Bullion vs. Proof vs. "Premium" Coins
| Bullion | Proof | "Premium," "low-mintage" or "exclusive" | |
|---|---|---|---|
| What it is | Mass-produced coins and bars priced on metal content | Specially struck collector versions with mirror finishes | Marketing labels for coins sold well above melt value |
| Premium over spot | Lowest | Higher | Often highest |
| Ease of resale | High; widely traded | Narrower market | Often narrowest; buyback may be near melt value |
| Fit for an IRA | Usually the best value | Allowed for some coins; costly | Proceed with great caution |
Hypothetical illustration with a $100 melt value per coin. Real premiums vary by product, size and market conditions.
The premium on a proof or "premium" coin isn't automatically lost, but it often is. When you sell, many buyers pay closer to melt value. In the Red Rock Secured case, federal regulators said customers were steered into "premium" coins and paid markups that a 2024 consent order put at roughly 92% to 130%. See gold IRA scams.
Practical rule: unless you have a specific reason, ask for common bullion coins or bars and compare the per-ounce price against the spot price on the same day.
Coins vs. Bars
- Bars usually cost less per ounce, especially larger ones, but are harder to sell in pieces.
- Coins carry slightly higher premiums but are highly recognizable and easy to divide. That helps when you need to sell part of your holdings or take required minimum distributions in kind.
Many buyers mix the two: bars for low cost, coins for flexibility.
Questions to Ask Before You Buy
- What exact product, year and quantity are you recommending, and why?
- What's the price per ounce, and what's the spot price right now?
- What's the markup as a percentage of melt value?
- What would you pay to buy it back today?
- Has my custodian confirmed it accepts this product?
- Is there a bullion alternative with a lower premium?