IRA-Eligible Precious Metals: Gold, Silver, Platinum, Palladium

The tax code starts from a strict default: most coins and metals are collectibles, and an IRA that buys a collectible is treated as paying that money out to you. A short list of exceptions is what makes Gold and Silver IRAs possible. This page walks through those exceptions, the U.S. Mint coins that rely on each one, the questions that remain open, and how to check a specific product before an IRA buys it.

If you are new to the topic, start with our Gold IRA Guide. This page covers the products. The account rules, custodian choices and withdrawals are covered in their own guides, and the collectibles rule page goes through the statute line by line.

What precious metals are allowed in an IRA?

Four metals can qualify: gold, silver, platinum and palladium. But the metal alone doesn't decide it. The product has to fit one of three exceptions, and bullion also has to be held by a bank or approved trustee.

The IRS puts the starting point plainly: "The law does not permit IRA funds to be invested in life insurance or collectibles" (IRS IRA FAQs). Its collectibles page lists metals and coins among the collectibles, "with limited exceptions" (IRS).

What are the three exceptions in the tax code?

Section 408(m)(1) treats an IRA's purchase of a collectible as a distribution equal to its cost. Section 408(m)(2) defines "collectible" to include "(C) any metal or gem" and "(D) any stamp or coin." Then 408(m)(3) carves out the exceptions.

The IRS summarizes them this way (IRS):

1. "Certain gold, silver, or platinum coins described in 31 USC Section 5112."
2. "Any coin issued under the laws of any state."
3. "any gold, silver, platinum, or palladium bullion of a certain fineness if a bank or approved non-bank trustee keeps physical possession of it."

Exception 1: certain U.S. coins named in the statute

Section 408(m)(3)(A) excludes three groups of U.S. coins, each by reference to the law that sets U.S. coin specifications, 31 U.S.C. 5112:

• "a gold coin described in paragraph (7), (8), (9), or (10) of section 5112(a)"
• "a silver coin described in section 5112(e)"
• "a platinum coin described in section 5112(k)"

Here is what those paragraphs say:

Notice that the gold paragraphs describe four sizes, and that the platinum paragraph sets no fixed purity or size of its own. It leaves those details to the Treasury Secretary.

Exception 2: coins issued under state law

Section 408(m)(3)(A)(iv) also excludes "a coin issued under the laws of any State." We did not find an IRS list of coins that qualify under it, and we are not naming any product as an example. If a seller says a coin qualifies because a state issued it, ask for the specific state law and ask your custodian whether it accepts the coin.

Exception 3: bullion that meets a minimum fineness

The third exception covers "any gold, silver, platinum, or palladium bullion of a fineness equal to or exceeding the minimum fineness that a contract market (as described in section 5 of the Commodity Exchange Act, 7 U.S.C. 7) requires for metals which may be delivered in satisfaction of a regulated futures contract," and then adds the condition "if such bullion is in the physical possession of a trustee described under subsection (a) of this section" (26 U.S.C. 408(m)(3)).

Two things follow from that wording:

• The statute doesn't print a purity number. It borrows the minimum from regulated futures markets. The IRS page says only "of a certain fineness," so the familiar .995, .999 and .9995 figures come from the futures-market reference, not from an IRS list.
• Custody is part of the exception. For bullion, the trustee's physical possession is a condition, not a courtesy. The IRS says the same in its FAQ: "There is an exception for certain highly refined bullion provided it is in the physical possession of a bank or an IRS-approved nonbank trustee" (IRS IRA FAQs).

Fineness means how much of a coin or bar is pure metal. For example, .999 means 999 parts in 1,000. Our guide to gold fineness and purity requirements for IRAs goes deeper.

What fineness do the futures contracts require?

Because the statute points to "a contract market," the practical question is what regulated futures contracts require. We opened the current contract rules for four CME Group contracts. These are examples of the standard the statute refers to, not an IRS list:

Sources: COMEX gold, COMEX silver, NYMEX platinum, NYMEX palladium.

In plain numbers, that is .995 for gold, .999 for silver, and .9995 for platinum and palladium. To assay means to test a metal for purity.

Three cautions apply. First, exchange rules can change, so check the current rule or ask your custodian. Second, the statute says "a contract market," and we did not find an IRS statement on which exchange's contract applies to which product. Treat this as an interpretation of how the statute works, not a legal conclusion. Third, a custodian can accept fewer products than the law allows. The IRS says that "IRA trustees are permitted to impose additional restrictions on investments" (IRS IRA FAQs).

Which U.S. Mint coins fit which exception?

The U.S. Mint sells its bullion coins only through authorized purchasers, not to the public. In its words, "The United States Mint, like other world mints, does not sell its bullion coins directly to the public" (U.S. Mint). So most buyers meet these coins through a dealer.

The table below combines the Mint's descriptions with the statute. The "route" column is our reading of how each coin fits the statute's text.

Mint sources: bullion coin programs (gold, silver, platinum, Buffalo), 2026 palladium Eagle product page and Buffalo product page.

A few points from the table are worth slowing down on.

Why the Gold Eagle doesn't need the fineness test

At 91.67% gold, the American Gold Eagle is below the gold futures figure above. It qualifies, if at all, because it is one of the coins the coin exception names, not because of its purity. See the American Gold Eagle.

Why the Gold Buffalo relies on a different route

The Mint lists the American Buffalo at 99.99% gold. The Buffalo is authorized under a different subsection of 5112, subsection (q), which the statute describes as authority to strike "$50 gold bullion and proof coins." Paragraph (a)(11) of the same section also describes a 99.99 percent pure $50 gold coin. Neither (q) nor (a)(11) is among the paragraphs (7) through (10) named in 408(m)(3)(A)(i). On our reading, the Buffalo is not described by the paragraphs named in 408(m)(3)(A)(i), so it would have to rely on the bullion test, which means meeting the fineness test and being held by a trustee. At 99.99% gold it is above the gold figure we opened. See the American Gold Buffalo.

Platinum and palladium

The platinum paragraph, 5112(k), names both "platinum bullion coins and proof platinum coins." The Mint's American Eagle page says "Platinum coins are currently made only as proof, while palladium coins switch finishes each year" (U.S. Mint), while its bullion program page still lists a platinum bullion coin. Availability by finish changes from year to year, so ask the dealer exactly which product and finish is being offered.

The Mint's press release for the 2026 palladium coin calls it "the collector version of the official American Eagle One Ounce Palladium Bullion Coin" (U.S. Mint). That is a good example of why the exact product matters. For more, see our guides to a platinum IRA and a palladium IRA.

Do proof and uncirculated versions qualify?

This is unsettled, and we treat it as interpretation. The Mint says "Gold and silver coins are released as bullion, uncirculated, and proof finishes each year" (U.S. Mint). The coin exception refers to a coin "described in" the statute paragraph, and says nothing about finish. One reading is that a proof coin with the statutory specifications falls within the exception. A more cautious reading is that a coin made for collectors sits uneasily with a rule aimed at collectibles.

We did not find IRS guidance on this exact question, and we don't take a position. Get any proof or uncirculated proposal in writing from your custodian and ask a tax professional about it. See proof coins in a gold IRA and the collectibles rule page.

What about foreign bullion coins?

Many countries mint gold and silver bullion coins. Whether a foreign coin works in an IRA depends on the same test as any other bullion: does it meet the minimum fineness, and will a trustee hold it? A coin from a foreign government is not named in the coin exception, so it would have to qualify as bullion.

We are not listing foreign coins here as eligible, because we did not confirm each coin's stated purity on its issuer's own page. The safe approach is generic. Look up the issuer's stated purity, compare it with the fineness standard for that metal, and ask your custodian whether it accepts that exact coin. For a planned deeper look, see Canadian Gold Maple Leaf, other sovereign gold coins and coins that aren't IRA eligible, including Krugerrands.

How do I check a bar?

A bar has no statute naming it. It qualifies only under the bullion test. So the questions are about purity, origin and custody.

What should be stamped on a gold bar?

For comparison, the COMEX gold rule requires that "Each bar of eligible gold must have the weight, fineness, bar number, month and year of production (for bars produced as of January 1, 2026), and brand mark clearly incised on the bar" (COMEX Chapter 113). That is a futures-delivery rule, not an IRA rule, and an IRA bar doesn't have to meet it. But it shows what a legitimate bar normally tells you: who made it, how much it weighs and how pure it is.

Does the refiner matter?

The futures rules we opened require delivered gold, silver, platinum and palladium to be "a brand approved by the Exchange." The IRA statute does not say this. Custodians may keep their own lists of accepted refiners. Ask the dealer for the refiner's name and the stated fineness in writing, then ask the custodian whether it accepts that refiner. See accredited refiners.

What if the bar is a fraction of an ounce, or has no assay card?

As worded, the bullion test mentions fineness and custody, not bar size or packaging. A custodian may still limit the refiners, sizes and packaging it accepts, so ask before you buy. Our guide to IRA-eligible gold bars and coins vs bars go into more detail.

What doesn't qualify?

• Rare and numismatic coins valued for collector demand, unless they happen to fit one of the exceptions. See bullion vs numismatic coins.
• "Semi-numismatic" coins. FINRA and the CFTC call this "a made-up industry term that really has no special meaning" (FINRA).
• Jewelry and other items that aren't bullion.
• Bullion that you hold yourself. The exception only applies while a bank or approved trustee holds the metal (IRS IRA FAQs). The IRS FAQ question on this is titled "If my IRA invests in gold or other bullion, can I store the bullion in my home?" See home storage.

Is there an exception for older purchases?

The IRS says: "Collectibles acquired by individually-directed accounts before January 1, 1982, are grandfathered and not subject to IRC Section 408(m)." That is unlikely to matter for a new purchase, but it explains why you may see the date mentioned.

Which sales terms can mislead?

The law doesn't use marketing phrases. This table translates some you may hear.

For more, see Gold IRA scams: warning signs and dealer premiums and markups.

How can I verify a product before the IRA buys it?

1. Get the exact product in writing. Name, mint or refiner, year, weight and finish.
2. Find the route. Is it a named U.S. coin, a state coin, or bullion?
3. Check the stated purity. Use the Mint's or refiner's own page, and compare with the fineness standard for the metal.
4. Ask the custodian. Ask whether it accepts that exact product, and where it will be held.
5. Compare the price to spot. FINRA lists the spot price and the spread among the questions to ask a metals dealer (FINRA). Our melt value calculator shows how much metal you're paying for.
6. Confirm the statements. The custodian, not the dealer, should be sending them.

You can also try our IRA eligible metal checker when it is available.

What mistakes should I avoid?

• Assuming "gold" is enough. Every coin and metal starts out as a collectible, so the product has to fit an exception.
• Treating a custodian's approval as a tax ruling. The custodian is not the IRS.
• Confusing the Mint's "bullion coin" label with eligibility. The Mint defines a bullion coin as "an investment-grade coin that is valued by its weight and fineness of a specific precious metal" (U.S. Mint). That describes how it is valued, not how the tax code treats it.
• Mixing up eligibility and price. An eligible coin can still carry a high premium. If you want to compare physical metal with other ways to own gold, see Gold IRA vs gold ETF.
• Taking the metal yourself. The bullion exception depends on the trustee's physical possession. See in-kind distributions.

Related questions

What gold coins can go in an IRA?

The American Gold Eagle appears to fit the coin exception (our reading of the statute and the Mint's specifications). Gold bullion coins such as the American Gold Buffalo can qualify as bullion if they meet the fineness standard and a trustee holds them. Your custodian decides what it will accept. See IRA-eligible gold coins.

What gold coins are IRS approved?

The IRS doesn't publish an approved list of coins. Section 408(m) sets tests, and a coin either fits one or doesn't. See "IRS-approved" in the sales terms table above.

Can an IRA hold silver?

Yes. The American Silver Eagle appears to fit the coin exception (our reading), and silver bullion that meets the fineness minimum and is held by a trustee fits the bullion exception. See silver IRAs and silver coins and bars.

Can an IRA hold palladium?

Palladium bullion that meets the fineness standard and is held by a trustee falls under the bullion exception. No palladium coin is named in the coin exception.

Where can I learn the basics of gold itself?

Our gold basics guide covers terms such as spot price, troy ounces and fineness.

This page explains the law in general terms and isn't tax or legal advice. Product eligibility depends on the exact product and your custodian's policies, so check with the custodian and a qualified tax professional or attorney.