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What Is IRA-Eligible Silver?

What Is IRA-Eligible Silver?

John-Rothans

Written by John Rothans

Oct 2, 2020

Gold can be a powerful asset when held for an extended period in a retirement account like an IRA. Silver can, too—yes, physical silver. Learn which silver coins and bars are approved for IRA inclusion and how to get started with a Precious Metals IRA.

What Types of Silver Can Be Included in an IRA?

Silver can be kept in what’s known as a Self-Directed IRA. This type of IRA is similar to a regular IRA, but it isn’t limited to traditional assets. It can hold physical precious metals and other alternative assets, like real estate, to help diversify your portfolio.

IRA-eligible silver coins, bars, and rounds must be produced by a government mint or accredited refiner/assayer/manufacturer and meet a minimum fineness of 0.999.

 

 

IRA-approved silver coins include:

  • American Eagle bullion coins, 1 oz.—The Silver American Eagle coin is an American classic. Along with 5 oz. America the Beautiful silver coin, it is one of the world’s only silver bullion coins that is fully backed by the U.S. government for its silver content, weight, and purity. Silver American Eagle coins also made ValueWalk’s list of the “Top 2020 Precious Metals Coins to Buy Before 2021.”
  • American Eagle proof coins—This unique set of IRA-approved silver coins offers benefits that extend beyond their weight in silver, including a lower mintage compared to their bullion counterparts.
  • Australian Kookaburra coins—Like Australian Gold Kangaroo/Nugget coins, the silver Kookaburra’s design changes each year. Silver Kookaburras are minted in four weight denominations: 1 oz., 2 oz., 10 oz., and 1 kg. All of them meet IRS requirements.
  • Austrian Philharmonic coins—The silver version of the Gold Philharmonic coin debuted in 2008. Today, the Silver Austrian Philharmonic coin is an outstanding complement to its gold version.
  • Canadian Maple Leaf coins—Made of .9999 pure silver, Silver Canadian Maple Leaf coins rank among the world’s purest silver coins.
    Mexican Silver Libertad coins, 1 oz.—The Mexican government produces this series of coins at the oldest mint in North or South America, La Casa de Moneda de México.
  • Certain silver bars—Some silver bars are also eligible for IRA inclusion, like those minted by the Royal Canadian Mint and Johnson Matthey. IRA-approved silver bars can be great for large scale diversification.

What Types of Silver Cannot Be Included in an IRA?

While many silver products are eligible for a Self-Directed IRA, not all products are approved. Examples of silver products that cannot be included in an IRA include:

  • Silver that you already own.
  • Certified silver from a third-party grading service.

“A lot of the silver bullion in the world will not qualify on the grounds of purity, but you can get pure bars from approved mints or refiners. Jewelry is forbidden,” Zacks.com notes.

What Are the Benefits of Adding Silver to Your Retirement Portfolio?

Why should you consider adding silver to your retirement portfolio to prepare for your golden years? Here are four potential reasons:

  1. Silver, like gold, is a tangible asset. That differs from paper assets like stocks, bonds, and mutual funds.
  2. Silver has shown to grown as an asset over the long term. From September 1, 2000, to September 1, 2020, for instance, the price of silver rose nearly 473%.
  3. Silver costs less than gold. Pricewise, the silver metal might be more within reach for you than gold. “Silver has historically been the most affordable precious metal,” the U.S. Mint notes.
  4. Silver has a long, documented history. Silver coins have been sought after and used in transactions for thousands of years. The Romans minted their first silver coins in the early third century B.C.

Remember that you cannot keep silver products at home while they’re housed in an IRA. The silver must be held at an IRS-approved depository that you choose. You can visit the depository to see or hold your silver, but you can’t store your IRA-allocated precious metals at home until it’s time to start taking IRA distributions.

Learn more about IRAs that include physical silver. Call 855-889-5111 or request your free IRA information kit online.

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