IRA-Eligible Silver Coins and Bars

Silver has two doors into an IRA, just as gold does: a coin door and a bullion door. This page shows which silver products walk through each one, based on the statute, the U.S. Mint and the futures-market rulebook. It is a companion to our silver IRA guide.

This page explains rules. It does not say whether silver belongs in your retirement plan. That depends on your situation, so talk with a qualified financial adviser or tax professional.

Which silver coins and bars can go in an IRA?

The tax code starts by calling "any metal or gem" and "any stamp or coin" collectibles (26 U.S.C. 408(m)). When an IRA acquires a collectible, the IRS says the owner "is deemed to receive a distribution" in the year of acquisition, and the statute treats the cost as the amount distributed (IRS; 26 U.S.C. 408(m)). Our collectibles rule guide explains the effect.

Two exceptions apply to silver:

For bullion, the statute adds a custody condition: the bullion must be "in the physical possession of a trustee described under subsection (a)" of section 408. The IRS puts it this way: the exception applies "if a bank or approved non-bank trustee keeps physical possession of it."

What are the specifications of the American Silver Eagle?

The Mint lists the American Eagle silver bullion coin as .999 fine silver, 1.000 troy ounce (31.103 grams), $1.00 face value and 1.598 inches (40.60 mm) in diameter. It says "weight and fineness of one troy ounce of .999 fine silver is guaranteed by the United States Government" (U.S. Mint).

Those numbers match the statute. Section 5112(e) describes silver bullion coins that are "40.6 millimeters in diameter and weigh 31.103 grams" and "contain .999 fine silver" (31 U.S.C. 5112). In our reading, a coin with those specifications is a coin the coin exception reaches. The Mint's page also says that "long-term savers can include American Eagles in their Individual Retirement Accounts (IRAs)." That is a Mint description, not a tax ruling.

What fineness must silver bars meet?

The tax code does not print a purity figure for bullion. It points to the minimum fineness that a regulated futures market requires for deliverable metal. We opened the silver futures chapter of the NYMEX rulebook, published by CME Group. It says silver must "assay to a minimum of 999 fineness," which is .999, and that it "must be a brand approved by the Exchange." It also says deliverable bars are "cast in bars of one thousand (1,000) troy ounces" with a 10% weight tolerance (CME Group).

Read this carefully. The 1,000-ounce bar size and the brand approval are conditions for futures delivery. The tax statute points to the fineness standard. It does not, in the wording we reviewed, require an IRA bar to be 1,000 ounces or to carry an exchange-approved brand. Your custodian or depository may still set its own product list, so ask for it in writing. Our guide to accredited refiners covers brand questions.

Because the statute refers to the exchange's rule, the figure could change if the exchange changes its rule. Check the current rule before relying on .999.

What about other coins, such as foreign silver coins?

Only silver coins described in section 5112(e) get the coin exception, and that section describes a U.S. coin. A silver coin from another country is not described there. It would need to qualify as bullion under the fineness test, and we did not find an IRS statement on whether a foreign legal-tender coin counts as "bullion." We also did not open any foreign mint's product pages this session, so we do not list their specifications.

If a dealer says a particular foreign coin is "IRA approved," treat it as a question for your custodian, not as an answer. Ask:

• Which exact product, year and fineness is being sold?
• Does the custodian accept that product in writing?
• Will the depository accept it, and under what name does it list it?

Numismatic and collector silver coins add a separate risk. FINRA and the CFTC say that coins sold as collectible or "semi-numismatic" are likely less liquid, meaning harder to sell, than bullion and typically carry no additional value (FINRA and CFTC). See our bullion vs numismatic and non-eligible coins guides.

What should you check before buying?

1. Fineness in writing. Make sure the product shows at least .999.
2. Product name and year. Match them to the Mint's own program page for U.S. coins.
3. Custodian acceptance. The custodian decides what it holds, whatever a seller says.
4. Total cost. FINRA and the CFTC warn that dealer spreads can be large and that FINRA says that if the spread is too high, "as in most frauds, it's impossible for buyers to ever profit." Compare the buy price and buyback price with the spot price on the same day.
5. Statements. FINRA and the CFTC say custodians provide a statement showing the metal's "melt" value, and that you should review it to confirm you received all the bullion you paid for. See how to verify your metals.

What are common mistakes?

• Assuming every silver item is eligible. Silver below the .999 minimum in the NYMEX silver rule we reviewed would not meet the bullion fineness test, and it is not a coin described in section 5112(e).
• Treating a sales claim of "IRA approved" as a tax ruling.
• Comparing prices per piece instead of the premium over spot for the same weight.
• Forgetting that the statute requires bullion to be in a trustee's physical possession.

Related questions

Can silver and gold be in the same IRA? Section 408(m)(3) names gold, silver, platinum and palladium, so in our reading one account can hold more than one metal if each item qualifies. Our Gold IRA overview shows how the pieces fit.

Are platinum and palladium different? Yes. See our platinum IRA and palladium IRA guides.

This page is general information. How the coin and bullion exceptions apply to a particular product is a legal reading, so ask a tax professional or attorney before you buy.