IRA-Eligible Gold Coins: The Approved List
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Short on time? The essentials
- Two eligibility tests live inside IRC Section 408(m)(3). Path A: a US-issued coin named in 31 USC 5112. Path B: gold bullion of 99.5 percent fineness or better in the possession of an IRS-approved trustee.
- The American Gold Eagle is 91.67 percent fine but stays IRA-eligible under the statutory Path A. That is the single exception to the fineness floor.
- Fineness winners: American Gold Buffalo (99.99 percent), Canadian Gold Maple Leaf (99.99 percent), Austrian Gold Philharmonic (99.99 percent), Australian Gold Kangaroo (99.99 percent), Chinese Gold Panda (99.9 percent), British Britannia post-2013 (99.99 percent).
- Blocked: South African Krugerrand (91.67 percent, no US statutory carve-out), pre-1933 US gold, graded numismatic coins bought for collector value, and pre-1965 US silver.
- Proof American Gold Eagles are eligible only in original US Mint packaging with the certificate of authenticity. Loose proof coins fail.
- The coin must be bought by your self-directed IRA custodian and shipped from the dealer straight to an IRS-approved depository. Home storage triggers a full taxable distribution.
- Texas residents pay no state income tax on IRA distributions under Article 8, Section 24 of the Texas Constitution. The Texas Bullion Depository in Leander accepts IRA metal through Lone Star Tangible Assets and Equity Trust Company.
On this page
- What "IRA-eligible" actually means
- The fineness minimums the IRS uses
- The full list of IRA-eligible gold coins
- The American Gold Eagle exception
- Coins that look eligible and are not
- Proof coins: when they qualify
- Silver, platinum, palladium: the parallel lists
- How to verify a coin is IRA-eligible
- Custody in Texas: LSTA and the state depository
- Fee drag on a coin-only IRA
- Worked example: a San Antonio investor picks coins
- When "IRA-eligible" is the wrong reason to buy
- Frequently asked questions
What "IRA-eligible" actually means
The phrase "IRA-eligible gold coin" is a legal test, not a marketing label. It comes from Internal Revenue Code Section 408(m). That section normally bans collectibles inside an IRA. Paragraph (3) carves out two narrow exceptions.
Path A is a US-issued coin. IRC 408(m)(3)(A)(i) references 31 USC 5112(a) paragraphs 7 through 10. Those paragraphs describe the American Gold Eagle bullion coins minted by the US Mint. The statute names the coin directly, so fineness is not the test.
Path B is bullion of high fineness. IRC 408(m)(3)(B) allows any gold, silver, platinum, or palladium bullion that meets or exceeds the minimum fineness a US commodity contract market requires for delivery. For gold, that floor is 99.5 percent. For silver it is 99.9 percent. For platinum and palladium it is 99.95 percent.
Path B also carries a custody rule. The bullion must be in the physical possession of a bank or an IRS-approved non-bank trustee under IRC Section 408(a). Coins qualify as bullion for this purpose when they are minted to bullion specifications, not collector specifications.
The fineness minimums the IRS uses
The 99.5 percent gold floor is not arbitrary. Section 408(m)(3)(B) borrows the number from the futures market. The COMEX gold futures contract requires deliverable gold at 99.5 percent purity or higher. The IRS uses the same threshold.
Silver is 99.9 percent because the COMEX silver contract requires that grade. Platinum and palladium both sit at 99.95 percent, matching the NYMEX platinum-group specifications. The rule chases the commodity market, not a moral test of what counts as "real" gold.
The full list of IRA-eligible gold coins
The list below covers the gold bullion coins routinely accepted by self-directed IRA custodians and IRS-approved depositories. Each entry either meets the 99.5 percent fineness floor or fits a specific statutory carve-out.
| Coin | Fineness | Eligibility path | Notes |
|---|---|---|---|
| American Gold Eagle | 91.67 percent | Path A, US Mint coin under 31 USC 5112(a) | Bullion and proof both qualify. Proof coin must ship in original mint packaging with the certificate of authenticity. |
| American Gold Buffalo | 99.99 percent | Path B, fineness plus US Mint issue | Available in 1 troy ounce, 1/2 ounce, 1/4 ounce, and 1/10 ounce. Bullion and proof both accepted when correctly packaged. |
| Canadian Gold Maple Leaf | 99.99 percent | Path B, fineness | Struck by the Royal Canadian Mint. Available in 1 ounce down to 1/20 ounce. |
| Austrian Gold Philharmonic | 99.99 percent | Path B, fineness | Struck by the Austrian Mint. The 1 ounce and fractional sizes both qualify. |
| Australian Gold Kangaroo | 99.99 percent | Path B, fineness | Struck by the Perth Mint. Sometimes issued as the "Australian Nugget" for older series. |
| Australian Gold Lunar | 99.99 percent | Path B, fineness | Series struck by the Perth Mint. Fineness qualifies the coin; custodians may still limit design-heavy releases. |
| British Gold Britannia (2013 and later) | 99.99 percent | Path B, fineness | Fineness upgraded from 91.67 percent to 99.99 percent starting with the 2013 issue. Earlier Britannias fail the fineness test. |
| Chinese Gold Panda | 99.9 percent | Path B, fineness | Denominated in grams since 2016. Bullion issues qualify; proof and design-varied issues can be flagged as collectibles by some custodians. |
| Perth Mint gold bar-coins (approved series) | 99.99 percent | Path B, fineness plus LBMA-accredited refiner | Refiner is on the London Bullion Market Association Good Delivery List. |
Sources: IRC 408(m)(3); 31 USC 5112(a); US Mint, Royal Canadian Mint, Austrian Mint, Perth Mint, The Royal Mint, People's Bank of China product specification pages. Checked June 2026. Custodians may impose narrower internal policies on collector-style releases; confirm before ordering.
A coin passing the IRC test does not guarantee acceptance by every custodian. Some trustees maintain internal "approved product" lists that are narrower than the statute. That narrower list still needs to comply with 408(m)(3); it never expands the statutory boundary. Ask the custodian for its product list in writing before you order.
The American Gold Eagle exception
The American Gold Eagle is the odd coin on the list. It is 91.67 percent fine, well below the 99.5 percent Path B floor. It stays IRA-eligible because Congress wrote it in by name.
The mechanism sits in 31 USC 5112(a)(7), (8), (9), and (10). Those paragraphs authorize the US Mint to strike gold bullion coins at the specific weights and alloys used for the American Eagle series. IRC 408(m)(3)(A)(i) then references those paragraphs directly, so the coin qualifies regardless of fineness.
Why the low fineness? The Eagle uses a 22-karat alloy of gold, silver, and copper. The alloy makes the coin more durable in circulation and handling. The US Mint kept that formula for the modern American Eagle series when it launched in 1986. Congress preserved the statutory exception when it wrote the IRA carve-out.
The proof Gold Eagle qualifies too, but only in original US Mint packaging. The packaging plus certificate of authenticity is what preserves the Eagle's status as bullion-issued coin rather than a collector item. A raw proof coin loose in a plastic flip loses eligibility. Storage handling by the depository preserves that packaging.
Coins that look eligible and are not
The IRS test excludes several popular coins. Some are famous, some are cheap, and some are aggressively marketed to retirement investors. The block is legal, not editorial.
| Coin or category | Why blocked | The takeaway |
|---|---|---|
| South African Krugerrand | 91.67 percent fine, no US statutory carve-out | The Krugerrand is 22-karat like the Gold Eagle, but the IRS exception in 31 USC 5112 covers only US Mint coins. Foreign 22-karat coins get no such pass. |
| Pre-1933 US gold ($20 Double Eagle, $10 Indian, $5 Half Eagle) | Marketed as numismatic; graded and priced above metal value | These coins are historical US issues but were struck at 90 percent fineness and now trade well above spot for collector reasons. That premium makes them "collectibles" under IRC 408(m). |
| Pre-1965 US "junk" silver dimes, quarters, half dollars | 90 percent fine, below the 99.9 percent silver floor | Circulating coinage struck before the 1965 debasement. Popular for personal stacking, not IRA-eligible. |
| Graded numismatic coins (PCGS, NGC) | Priced for grade, series, and rarity, not metal content | Even a coin that would otherwise qualify (like a Gold Eagle) can be pulled off the eligibility list when it is slabbed and priced as a numismatic. |
| Semi-numismatic "collector" series | Design premiums pushed above spot; often flagged as collectibles | The rule is not fineness alone. A coin marketed as scarce, limited-edition, or "IRA exclusive" at a high spot premium is a classic upsell trap that can jeopardize IRA status. |
| Australian Gold Sovereign (older issues) | 91.67 percent fine, no US carve-out | British-territory Sovereigns are 22-karat historical trade coins. Same fineness problem as the Krugerrand. |
| Pre-2013 British Gold Britannia | 91.67 percent fine before the 2013 upgrade | The current Britannia (2013 and later) is 99.99 percent fine and qualifies. Older stock does not. |
Sources: IRC 408(m)(3); 31 USC 5112(a); IRS Publication 590-A; South African Mint, Royal Mint historical fineness records; PCGS and NGC grading guides. Checked June 2026.
The last row of that table is the trap most retirement investors hit. A dealer offers a "special IRA edition" at a fat premium over spot. The coin might technically be a Gold Eagle, so on paper it qualifies. But the price paid over metal value is not backed by IRA-approved bullion economics. When the coin later sells back to a dealer, the premium often does not come back.
Proof coins: when they qualify
A proof coin is not automatically a collectible. What matters is the packaging and how it is priced. IRS custodians and depositories treat proof American Eagles and proof American Buffalos as IRA-eligible under one condition. The coin must arrive at the depository in its original US Mint packaging with the certificate of authenticity intact.
Some IRA custodians accept proof coins from other mints on the same basis: original packaging, original mint documents, uncirculated condition. Others draw a stricter line and accept only bullion strikes. Ask your custodian in writing which proof issues qualify under its product list.
The reason for the packaging rule is practical. Once a proof coin leaves its mint case it becomes hard to distinguish from a numismatic or collector piece. The packaging is the audit trail that the coin is a bullion-eligible mint product, not a collector coin bought for its grade.
Silver, platinum, palladium: the parallel lists
Path B of 408(m)(3) covers gold, silver, platinum, and palladium. Each metal has its own fineness floor and its own set of coins that clear it.
| Metal and floor | Coins that qualify | Coins commonly refused |
|---|---|---|
| Silver, 99.9 percent floor | American Silver Eagle (statutory, 99.9 percent); Canadian Silver Maple Leaf (99.99 percent); Austrian Silver Philharmonic (99.9 percent); Australian Silver Kookaburra and Koala (99.9 percent to 99.99 percent); Mexican Libertad (99.9 percent). | Pre-1965 US "junk" silver (90 percent); Morgan and Peace dollars (90 percent); silver rounds under 99.9 percent. |
| Platinum, 99.95 percent floor | American Platinum Eagle (statutory under 31 USC 5112(k)); Canadian Platinum Maple Leaf (99.95 percent); Australian Platinum Koala (99.95 percent); Isle of Man Noble (99.95 percent). | Historical or lower-fineness platinum coinage; graded numismatic platinum issues. |
| Palladium, 99.95 percent floor | American Palladium Eagle (99.95 percent); Canadian Palladium Maple Leaf (99.95 percent). | Any palladium round or bar under 99.95 percent; older Russian palladium coinage below the floor. |
Sources: IRC 408(m)(3); 31 USC 5112(e) for silver, 5112(k) for platinum; US Mint, Royal Canadian Mint, Austrian Mint, Perth Mint, Casa de Moneda de Mexico product pages. Checked June 2026.
The American Silver Eagle is worth flagging. It is the silver counterpart to the Gold Eagle and enjoys a statutory carve-out under 31 USC 5112(e). It is also 99.9 percent fine, so it clears the Path B fineness test as well.
How to verify a coin is IRA-eligible
Before a self-directed IRA custodian releases IRA cash to buy any coin, someone has to check that the coin passes 408(m)(3). Most dealers do this by keeping a preset product list. You can also run the check yourself in six steps.
- Confirm the mint of issue. A sovereign mint (US Mint, Royal Canadian Mint, Austrian Mint, Perth Mint, The Royal Mint, People's Bank of China through China Gold Coin) is the first filter. Private-mint "commemoratives" are usually rounds, not coins, and rarely qualify.
- Check the stamped fineness. Modern bullion coins carry the fineness mark on the reverse (0.9999, .9999, or a percent figure). If the stamped fineness is under 99.5 percent for gold, the coin only qualifies if it is a US Mint issue named in 31 USC 5112(a)(7) through (10).
- Verify the strike category. Bullion strike is the default IRA-friendly form. Proof issues qualify only in original mint packaging with certificate. Uncirculated collector releases and graded numismatic coins usually do not qualify.
- Look at the price versus spot. A coin sold at 20 percent or more over spot for reasons unrelated to fabrication cost is a red flag. That premium usually reflects collector value, which IRC 408(m) treats as a collectible.
- Match the coin to the custodian's product list. Ask your self-directed IRA custodian for its accepted bullion list in writing. If the coin is on the list, it can enter the IRA. If it is not, do not order.
- Order through the IRA cash, ship to the depository. The custodian pays the dealer directly from IRA cash. The dealer ships the coin to the IRS-approved depository, never to your address. The metal must remain in the depository to preserve IRA status.
Custody in Texas: LSTA and the state depository
Texas residents have an in-state option most other states do not. The Texas Bullion Depository sits in Leander, north of Austin. It is an agency of the State of Texas, authorized by House Bill 483, signed by Governor Greg Abbott on June 12, 2015, and in operation since 2017.
The depository is operated under state contract by Lone Star Tangible Assets LP. Storage covers gold, silver, platinum, palladium, and rhodium. Storage is segregated: your metal is not commingled with pool holdings.
For IRA use, one federal fact controls custody. IRC Section 408(a)(2) requires an IRA to be held by a bank or an IRS-approved non-bank trustee. Lone Star Tangible Assets received IRS approval as a non-bank trustee in 2023. That approval, plus a partnership with Equity Trust Company as the self-directed IRA custodian, opens the depository to IRA-held metal. Source: texasbulliondepository.gov IRA Storage page, checked June 2026.
The workflow for a Texas resident looks the same as any other state. You open a self-directed IRA with a qualified custodian (Equity Trust for the direct Texas Bullion Depository path, or another custodian working with a Texas-based dealer). You fund the account. You place a buy direction for the coin. The dealer ships the coin to the depository. The depository confirms receipt and your custodian books the coin as an IRA asset.
Texas residents also benefit at distribution time. Article 8, Section 24 of the Texas Constitution bans a state personal income tax. Required minimum distributions at age 73 or 75, Roth conversions, and early withdrawals face federal tax only. The federal 10 percent early-withdrawal penalty still applies before age 59.5, but no Texas state tax layer stacks on top.
Fee drag on a coin-only IRA
The IRS rules govern which coin can enter the IRA. Fees govern how much of the growth actually stays. The calculator below models the compounded drag from custodian, storage, and administration charges over the holding period.
The tool is a planning model, not personalized advice. It does not include the one-time dealer markup at purchase, which is a separate line item from the recurring fees the tool captures.
Texas gold IRA fee-drag calculator
Texas gold IRAs charge mostly flat dollar fees (setup, annual custodian, storage). Flat fees take a much bigger bite out of a small account than a large one. Enter your numbers to see the drag.
Estimate only. Fee amounts vary by provider and are often not published; enter figures you confirm in writing. This tool ignores metal price changes and the dealer spread, which also affect returns. Not financial advice.
Worked example: a San Antonio investor picks coins
When "IRA-eligible" is the wrong reason to buy
An eligibility label solves one question: can this coin sit inside the IRA wrapper without breaking the tax status. It does not answer whether the coin is a sensible purchase for you. Five patterns turn an "IRA-eligible" pitch into a bad transaction.
The coin is priced at 20 percent or more over spot for reasons unrelated to fabrication. That premium rarely comes back at buyback. On a 100,000 dollar order, a 20 percent premium is a 20,000 dollar loss on paper the day the trade settles.
A dealer pitches a "special IRA edition" or a limited-release proof at a fat premium. The eligibility ticker on the ad is technically correct. The economics are not. The premium is the sales incentive, not investment value.
The account is under 25,000 dollars. Custodian, storage, and per-transaction fees are largely flat. On a small balance the fee drag can wipe out several years of upside before any market move.
You want to hold the coin in your hand. Home storage of IRA metal triggers a taxable distribution under IRC 408 and the 2021 McNulty v. Commissioner tax court ruling. If physical possession matters more than the tax wrapper, buy the coin outside an IRA.
You expect to sell inside three to five years. The buyback spread plus the flat fees on a short holding period often erase any nominal gain. IRA-held bullion coins are a long-horizon vehicle, not a short trade.
Frequently asked questions
Is the American Gold Eagle actually IRA-eligible at 22 karats?
Yes. The American Gold Eagle is 91.67 percent fine and would fail the general 99.5 percent Path B floor. It qualifies under Path A because IRC 408(m)(3)(A)(i) references 31 USC 5112(a) paragraphs 7 through 10, which authorize the US Mint to strike the Eagle series at that alloy.
Why is the Krugerrand not IRA-eligible if it is the same fineness as the Gold Eagle?
The Krugerrand is 91.67 percent fine, the same as the American Gold Eagle. The IRS carve-out at 31 USC 5112 covers only US Mint coins. The Krugerrand is a South African coin and gets no such statutory pass. Without the 99.5 percent minimum, it fails both eligibility paths.
Are pre-1933 US gold coins IRA-eligible?
No. Pre-1933 US gold pieces such as the $20 Double Eagle, the $10 Indian, and the $5 Half Eagle were struck at 90 percent fineness. They also trade well over their metal value for numismatic reasons, which puts them in the collectibles bucket under IRC 408(m). Both facts block them.
Can I hold a proof American Gold Eagle inside my IRA?
Yes, if it ships from the US Mint or the dealer in its original mint packaging with the certificate of authenticity. A loose or repackaged proof coin loses eligibility. Custodians treat original packaging as the audit trail for bullion versus collector status.
Do fractional gold coins (1/2, 1/4, 1/10 ounce) qualify?
Yes, if the coin itself qualifies. Fractional American Gold Eagles and fractional Gold Buffalos are IRA-eligible on the same statutory terms as the 1 ounce versions. Some custodians impose product-list limits on fractional or design-varied issues; ask before ordering.
What is the fineness minimum for silver, platinum, and palladium?
Silver: 99.9 percent. Platinum: 99.95 percent. Palladium: 99.95 percent. The floors come from the commodity market delivery specifications the IRS borrows through IRC 408(m)(3)(B). The American Silver Eagle also has a statutory carve-out under 31 USC 5112(e).
Can the coins be stored at the Texas Bullion Depository?
Yes, since 2023. The depository operator, Lone Star Tangible Assets, received IRS approval as a non-bank trustee that year. Equity Trust Company acts as the self-directed IRA custodian. The metal is held in Leander in segregated storage under state oversight.
Can I take physical possession of an IRA gold coin without penalty?
No. Under IRC 408 and the 2021 McNulty v. Commissioner ruling, taking physical possession of IRA metal is a distribution. The full fair market value is taxable that year, and if you are under 59.5 an additional 10 percent federal penalty applies. Texas has no state income tax layer.
Sources
- Internal Revenue Code Section 408(m). Individual Retirement Accounts: collectibles rule and exception for certain coins and bullion. law.cornell.edu/uscode/text/26/408. Checked June 2026.
- 31 USC Section 5112(a), (e), (k). United States Mint bullion coin authorizations for gold, silver, and platinum coins referenced by IRC 408(m)(3)(A). law.cornell.edu/uscode/text/31/5112. Checked June 2026.
- Internal Revenue Service. Publication 590-A: Contributions to Individual Retirement Arrangements (IRAs). irs.gov/publications/p590a. Checked June 2026.
- Internal Revenue Service. Retirement topics: IRA contribution limits, 2026. Standard limit $7,500 with $8,600 for age 50 and up. irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits. Checked June 2026.
- Internal Revenue Service. Approved Nonbank Trustees and Custodians. irs.gov/retirement-plans/approved-nonbank-trustees-and-custodians. Checked June 2026.
- United States Tax Court. McNulty v. Commissioner, 157 T.C. No. 10 (November 18, 2021). Home-storage IRA triggers a full taxable distribution. ustaxcourt.gov.
- United States Mint. American Eagle Gold Bullion Coin and American Buffalo Gold Bullion Coin product specifications. usmint.gov. Checked June 2026.
- Royal Canadian Mint. Gold Maple Leaf coin product page. mint.ca. Checked June 2026.
- The Royal Mint. Britannia bullion coin specifications and 2013 fineness upgrade. royalmint.com. Checked June 2026.
- Perth Mint. Australian Kangaroo and Lunar gold bullion coin specifications. perthmint.com. Checked June 2026.
- Austrian Mint. Vienna Philharmonic gold and silver coin specifications. muenzeoesterreich.at. Checked June 2026.
- Texas Bullion Depository. IRA Storage Services. Lone Star Tangible Assets received IRS non-bank trustee status in 2023; Equity Trust Company is the first custodian partner. texasbulliondepository.gov/ira-storage. Checked June 2026.
- Texas Legislature. House Bill 483, 84th Regular Session (2015), Texas Bullion Depository Act. capitol.texas.gov. Checked June 2026.
- Texas Constitution, Article 8, Section 24. State personal income tax prohibition. statutes.capitol.texas.gov. Checked June 2026.