Last Updated on February 8, 2023 by Ben
The Internal Revenue Service has strict regulations about the types of silver bars and coins held in an IRA. There are many popular silver bullion products that cannot be IRA-approved due to purity requirements set forth by the IRS. This article will explore what IRA-approved silver is, as well as some popular IRA-approved silver bullion products.
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IRS Requirements for Silver
The IRS permits the owner of self-directed precious metals IRAs to hold silver as an asset within their account which has all of the tax benefits and safe keeping features typically associated with such investments.
This investment opportunity permits tax-free and tax-deferred growth of retirement fund assets. The following are items that meet the requirements for an IRA, set forth by the Internal Revenue Service:
- The purity of the silver in your IRA is important because it has to meet certain standards set by the IRS. This means that all coins and bars, at a minimum, need to be 99% pure or above.
- The investor must store the silver for their retirement account in a secure storage facility. Depositories are highly secured to protect precious metals from theft and loss. Most bullion dealers will have one or more preferred depositories.
- A qualified custodian must be appointed as the trustee of a precious metals IRA account. For this, you would usually choose a leading dealer who is partnered with one or more custodians to help you open the account and stock it with silver bullion.
IRA-approved Silver Coins
Here are the most popular silver bullion coins that can go into an IRA account:
Silver Morgan Dollar
The Morgan Dollar, which contains nearly an ounce of silver, is the most popular American coin. Additionally to being treasured in America and around the globe for their size and precious metal content, collectors are also prized by collectors due to their rich history dating back almost 100 years ago when it was first minted.
Due to their relative rarity today, collecting a complete set representing all mints and years when they were struck can be hard to do since so many have been melted down over time.
Silver Peace Dollar
Silver Peace Dollars are less popular and smaller than their large predecessors, the Morgan Dollars. However, these huge numbers were struck and placed into circulation during 1921-1935. The coins came from three mints: Philadelphia, San Francisco & Denver – all in a limited number. When they were produced (only ten years) in large quantities, you can easily amass an entire collection.
American Silver Eagle
The American Silver Eagle is a silver bullion coin that has become widely popular. They are an investment alternative to many of the other coins on the market and have been embraced internationally.
Austrian Silver Vienna Philharmonic
One of the most popular silver bullions in Europe, the Austrian Silver Vienna Philharmonic coin is distinguished as the first silver coin carrying a euro-denominated face value. This silver coin features a .999 purity standard and is minted by the Austrian Mint in Vienna. This mint guarantees that the coins will be pure and of high quality.
People in North America, Europe, and Japan are interested in collecting these coins. This makes it easier to buy and sell coins when necessary. The Vienna Mint has a long history of making silver coins. Many other countries order their blanks from them, too.
Australian Silver Koala
The Silver Koala is a new and popular coin that has been gaining popularity worldwide. This silver bullion collectible is beloved by Australians, as well as by collectors all over the world. Thanks to yearly changing designs on each coin, every issue of this series remains unique in its own way.
Each year, the annual mintage is limited to demand orders for that year. This means that a few years where fewer coins were struck have garnered some collector’s premium. These coins are an excellent choice for IRA diversification.
Australian Silver Lunar
The Australian Silver Lunar coin series is a wonderful idea. The Perth Mint took the 12 signs for the years of the Chinese calendar and committed to striking each release on an annual basis. The limited production so that these coins would be more collectible made this investment endeavor very successful.
These coins became a popular bullion item in Australia, Asia, and around the world. Every year, the designs changed, so each coin is different.
Canadian Silver Maple Leaf
The Canadian Maple Leaf coins are among the most recognizable precious metal coins in the world. On top of being beautiful, they also have a long history and rich tradition, which makes them so popular amongst collectors worldwide. Canada’s government-guaranteed Silver Maple Leafs to be 99% pure silver, thus making it one of today’s safest investments for both investors and collectors alike.
Mexican Silver Libertad
Mexico has a long and glorious record of producing exceptional coins from silver and gold. The Casa de Moneda de Mexico mint is the oldest in the Western hemisphere and was originally founded as a privately-owned institution of colonial Spain. These coins have circulated for over four centuries and are designed to look easy on the eyes. The Silver Libertad is a new coin, but it has not stopped it from gaining popularity. It is the most popular silver bullion coin of Mexico.
South Africa Silver Krugerrand
The South African National Mint’s decision to make a gold coin that would be legal tender and come in a standard one troy ounce size back in 1967 is what has made their coins some of the most commonly available bullion pieces on earth. Fifty years later, they’re still instantly recognized for their enormous mintage, classic design, and reliable gold content.
IRA-Approved Silver Bars
Johnson Matthey Silver Bar
Johnson Matthey is one of the world’s most recognizable and trusted names in silver production. A British conglomerate, Johnson Matthey, was founded by Percival Norton Johnson and George Matthew after they opened a gold assaying company together back in 1817 London. The organization has been working at producing precious metals ever since then.
The Johnson Matthey Company is a diverse company that has operations in the field of automotive, medicine, and pharmaceuticals. The nearly 200-year old company employs over 10,000 people worldwide, and their gold or silver bullion is highly valued no matter what market you’re looking to invest in.
PAMP Suisse Silver Bars
PAMP is the premier global precious metals bullion bar maker based in Switzerland. They are unique from other manufacturers of silver and gold bars because they have a worldwide presence as part of the MKS PAMP Group, which has offices around the world that can meet any customer’s needs for their specific country or region.
The Swiss Federal Bureau for the Control of Precious Metals works to verify PAMP’s production facilities and process. To ensure that all bars are expertly produced, PAMP has a network of independent sworn assayers who review the bars and assure they have the very highest standards. They use cutting-edge technology to do this at their modern refinery. Their products are recognized for being excellent and having quality.
10 oz Sunshine Silver Bar
Ten ounce Sunshine Silver Bars are a flagship product of the long-running, family-owned minting company. Their combined century’s worth of experience means they’re at the forefront in their industry through shaping international standards and providing full service to customers worldwide for decades now.
Sunshine is a trusted leader in the bullion and coin minting business, thanks to its history of innovation and commitment to quality.
The 10 ounce Sunshine Silver Bar is a favorite of investors. It’s due in part to the detailed yet still concise design combined with its high level of silver purity, which makes it sought after among bigger bars that are on the market today. The brand name recognition helps ensure this bar remains popular for years to come and will continue being one-of-a-kind as more people invest in precious metals like silver.
A-Mark Silver Bar
A-Mark Precious Metals, Inc. is a major producer and seller of gold bars and other products. The company’s refining, minting, and re-selling operations use a total of 90 million ounces of silver each year. They get it from miners, other refiners, and dealers. That is enough to serve customers on six continents around the world. A-Mark produces a 10-ounce silver bar (their signature house brand) and 1 oz. liberty silver rounds packaged individually inside of the 10 bar cases for annual subscriptions.
Walking Liberty Silver Bar
The Walking Liberty Half Dollar was a popular and liked coin. That is why its image lives on long after the mint stopped making them. The U.S. Mint stopped making these half-dollar coins in 1947. You can still see this image on Walking Liberty Silver Bars. The design features Lady Liberty heading towards the opportunity and hope of a new day. These fine silver bullion bars are made by The Highland Mint.
OPM Silver Bars
Ohio Precious Metals, LLC makes OPM Silver Bars. These are different from other silver bars because their production process has a minimal environmental impact. Investors looking for green investments will find diversification in the quality silver bars. Every new Silver Bar comes in a sealed plastic package. This will protect the bar from damage or oxidation. The bars can be bought individually or by a sheet of 10.
RCM Silver Bars
The Royal Canadian Mint releases a 10-ounce silver bar as part of its latest bullion offer. As with all other sizes available, this new size is made up of .9999 pure silver and will no doubt be in high demand among collectors. This makes it among the purest silver investment bars available. Canada’s national mint makes every gold bar. They guarantee the quality of the bars. The bars are also safe and have some unique features that make them popular choices for people who want to buy precious metals or in their retirement portfolios.
Silver Bullion Coins NOT Allowed in an IRA
When you want to invest in a silver IRA, you must know which coins are not eligible. That way, you will know which coins to avoid. The following is a list of coins that are not allowed to be deposited in an IRA.
- United Kingdom’s Silver Britannia
- Chinese Silver Panda
- Great Britain Silver Queen’s Beasts
- Isle of Man Silver Angel
- South African Pel’s Fishing Owl Coin
- Silver Swiss Francs
- French Silver Coins
- Soviet and Russian Silver Coins
- Somalia Silver Elephant Coins
- Andorra Silver Coins
- Fiji Great Wave Silver Coins
- Cook Islands Silver Bounty Coins
- Niue Silver Hawksbill Turtle
- New Zealand Silver Kiwis
Advantages Of IRA Approved Silver
It’s imperative to know that a silver IRA brings you every benefit of having your money in a traditional IRA. With a self-directed IRA, the account can be either Roth or traditional. If you choose a traditional IRA, pre-tax dollars are used to fund it.
On the other hand, at the time of retirement, you have to pay taxes when you withdraw money from your account. With a Roth IRA, you’ll be funding it with pre-tax dollars, so there are no tax savings possible. However, the IRS does not pay any taxes on withdrawals taken during retirement.
In addition to the benefits mentioned above, there are two other benefits of a precious metals silver IRA that you should be aware of.
- Protects investment account from inflation
- Diversifies your portfolio
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- IRA-approved Silver Coins
- Canadian Silver Maple Leaf Pricing
- Johnson Matthey Silver Ira Bar Physical Characteristics
Disadvantages Of IRA Approved Silver
The IRA-approved silver bullion doesn’t come without its disadvantages. Here are some of the reasons you may want to avoid it:
- Returns are limited to capital gains
- Limitations In Silver IRA Custody
When it comes to investing for your retirement days, you want to make sure that everything is set up so that when the time finally comes, there are no worries.
If you have already determined to invest in IRA-approved silver, it is time for you to go ahead with the investment. You must balance your portfolio by choosing various assets that match your risk tolerance and financial goals, so make sure not to overlook this step before purchasing any investments.