An IRA cannot hold coins or metal the tax code treats as collectibles, including Krugerrands, Gold Sovereigns, pre-1933 US gold, junk silver, original Morgan dollars and rhodium. Your custodian also refuses graded and damaged coins. A collectible, in tax terms, is an item an IRA cannot buy without the purchase counting as a withdrawal. A custodian is the trust company that holds your IRA and approves each purchase. So what decides whether a coin is out: the law, your custodian, or where the coin is kept?
The law lets in only US coins Congress named and pure bullion held by your IRA trustee. Everything else is a collectible, and your custodian then adds its own refusals. As of September 29, 2026, the not-allowed Krugerrand was the cheapest 1 oz gold coin at SD Bullion, a large online dealer, at 0.11% over its gold value. Every coin and bar in our IRA-eligible precious metals database is checked against the tax code.
Below are the full list, the 8 reasons, 3 custodians' refusal lists, the tax cost of a mistake, the grey zone and what to hold instead.
Which Coins and Bars Are Not Allowed in an IRA?#
The coins not allowed in an IRA are unnamed gold coins below .995 purity, silver coins below .999, 3 coins from the wrong years, and all other metals. Only gold, silver, platinum and palladium can qualify. Fineness is the share of pure metal in a coin: .995 means 99.5% pure. A 22-karat coin is 91.67% gold, or 22 parts gold out of 24.
The table below lists each coin that is not IRA-eligible, its fineness and who says it fails.
| Product | Metal and fineness (karat for gold) | Why it fails | Who says so |
|---|---|---|---|
| South African Krugerrand | Gold, .9167 (22 karat) | Not named in the statute; below .995 | 26 U.S.C. 408(m)(3); STRATA, GoldStar |
| British Gold Sovereign (0.2354 oz of gold) | Gold, .9167 (22 karat) | Not named; below .995 (see gold Sovereigns) | Statute; STRATA |
| Pre-1933 US gold (Saint-Gaudens and Liberty Double Eagles, 0.9675 oz of gold each) | Gold, .900 (21.6 karat) | Not named; below .995; collector coin (see pre-1933 gold coins in an IRA) | Statute; STRATA "any rare or collectible coin" |
| Mexican 50 Peso | Gold, .900 (21.6 karat) | Not named; below .995 | Statute; GoldStar "Mexican 50 Peso"; STRATA "Mexican Peso and Onza" |
| European and Latin American gold: Swiss, French and Belgian 20 Franc; Italian 20 Lira; Dutch 10 Guilder; Austrian Corona and Ducat; Hungarian 100 Korona; Chilean 100 Peso; Colombian Peso; German Mark | Gold, below .995 | Not named; below .995 | STRATA and/or GoldStar (see the custodian table) |
| Gold Britannia, 1987-2012 | Gold, .9167 (22 karat) | Below .995 | STRATA, GoldStar "pre-2013" |
| Gold Libertad, 1981-1990 | Gold, .900 (21.6 karat) | Below .995 | Statute (fineness) |
| Junk silver (pre-1965 US dimes, quarters and half dollars) | Silver, .900 | Below .999; not the named Silver Eagle | Statute |
| Morgan (1878-1904, 1921) and Peace (1921-1935) dollars | Silver, .900 | Below .999; not named | Statute; STRATA "rare or collectible" |
| Mexican Onza | Silver, .925 | Below .999 | STRATA "Mexican Peso and Onza" |
| Silver Britannia, 1997-2012 | Silver, .958 | Below .999 | STRATA, GoldStar "pre-2013" |
| Rhodium, iridium, ruthenium, osmium (any form) | Not one of the 4 allowed metals | Outside the bullion exception | Statute |
| Gold jewelry and scrap | Any karat | "Any metal or gem" (408(m)(2)(C)); not bullion and not a named coin | Statute |
Sources: 26 U.S.C. 408(m)(3); custodian pages read September 29, 2026. Karat computed from fineness.
Custodians refuse more than the law does. They turn away graded coins, damaged coins, proof Buffalos and bars from makers they do not list. The law sets the floor; your custodian can only add to the list. Dealers often call the allowed side "IRA-approved precious metals", and the mirror list of IRA-approved precious metals, metal by metal, uses the same two tests.
Why Does the Tax Code Treat Most Metal as a Collectible?#
Because the tax code calls every metal and coin a collectible, then lets only 2 groups back in: coins Congress named and bullion pure enough for a futures exchange.
The law offers two ways in, which SafeOunce calls Route A and Route B. Route A covers named US coins: the Gold Eagle (1, 1/2, 1/4 and 1/10 oz), the 1 oz Silver Eagle and the Platinum Eagle. It also covers "any coin issued under the laws of any State" (408(m)(3)(A)). No purity test applies to these coins.
Route B covers gold, silver, platinum or palladium bullion at the purity a futures exchange requires. That bullion must also be "in the physical possession of a trustee" (408(m)(3)(B)). A trustee is the bank or trust company that legally holds your IRA.
This IRS collectibles rule creates a deemed distribution: the IRS treats the money as if you took it out, though it never left the account. The full text and history of the IRS collectibles rule are explained on its own page.
Does "Any State" Mean Foreign Coins Are Allowed?#
No: STRATA refuses both the Krugerrand and the Sovereign, and GoldStar refuses the Krugerrand, so foreign coins get in only by passing the purity test as bullion. Both coins are issued under national law. At least one dealer page reads "any State" in 408(m)(3)(A)(iv), added in 1988, as any country. No ruling covers the clause itself, so this is SafeOunce's reading of the custodian lists. IRS Private Letter Ruling 200217059 (January 31, 2002; a private letter ruling, not precedent) treats "bullion coins" as bullion, the route a .9999 Maple Leaf uses.
Is There an Official IRS List of Coins Not Allowed?#
No: the IRS keeps no list of approved or banned coins, so the closest thing to a do-not-buy list is the one your custodian publishes.
IRS Pub. 590-A (2025) describes the allowed gold coins only by size: "one, one-half, one-quarter, or one-tenth ounce U.S. gold coins". The only approval list the IRS keeps covers nonbank trustees, with 73 entities as of April 1, 2026.
The 8 Reasons a Coin or Bar Is Refused#
A coin or bar is refused for one of 8 reasons: 3 from the tax code, 3 from your custodian and 2 from how the metal is held or added.
The 8 reasons are listed below, in the order this page covers them.
- Wrong metal: rhodium, iridium, ruthenium, osmium or a base metal.
- Below the purity line and not named by Congress.
- Wrong year: a coin design that changed its purity.
- Collector status: rare, graded or proof Buffalo coins.
- Damage or missing packaging.
- Maker not on your custodian's list.
- Wrong place: your home, or a vault that does not hold it for your trustee.
- Wrong way in: coins you already own.
1. Wrong Metal: Rhodium, Iridium and Other Metals the Law Leaves Out#
Rhodium, iridium, ruthenium and osmium cannot go in an IRA in any form, because the bullion exception names only 4 metals: gold, silver, platinum and palladium. Platinum bullion must be .9995 pure to qualify, and the platinum coins and bars that pass are listed under IRA-eligible platinum coins and bars.
Rhodium, iridium, ruthenium and osmium are 4 of the 6 platinum-group metals, the metals mined together with platinum. The other 2, platinum and palladium, are the only ones the law lets in. Copper and other base-metal rounds fail for the same reason.
2. Below the Purity Line and Not Named by Congress#
A coin fails the law when it is both below the purity line (.995 gold, .999 silver) and missing from Congress's short list of named US coins. These gold IRA purity requirements come from futures exchange rules, not from an IRS list. Where the .995, .999 and .9995 numbers come from is explained under gold IRA purity requirements.
A contract market is a regulated futures exchange, such as COMEX. Its gold contract calls for "a minimum of 995 fineness" (COMEX Rule 113101), and its silver contract for .999 (COMEX Rule 112101). Platinum and palladium need .9995.
Karats turn these numbers into jewelers' terms. A .9167 coin is 22.00 karat, a .900 coin is 21.60 karat, and a .9999 coin is 24 karat.
Why the Krugerrand Fails When the Gold Eagle Passes#
The Krugerrand holds the same 1 troy ounce of fine gold, in the same 22-karat alloy, as the Gold Eagle, but only the Eagle is named in the statute, so only the Eagle gets in. The Krugerrand is 91.67% gold and 8.33% copper, so Krugerrands in an IRA also fail the .995 test. The full tax math for Krugerrands in an IRA, including the silver Krugerrand, has its own page.
The American Gold Eagle is named in 26 U.S.C. 408(m)(3)(A)(i), and no purity test applies to named coins. The Sovereign and gold Britannias made before 2013 share the Krugerrand's 22-karat alloy and its result.
Legal tender status is not the test either. US law says "Foreign gold or silver coins are not legal tender for debts" (31 U.S.C. 5103), yet a .9999 Maple Leaf still passes as bullion.
Why a 22-karat coin passes by name is explained on American Gold Eagle in an IRA.
Which Silver Coins Are Not Allowed in an IRA?#
Silver coins below .999 are not allowed, which rules out 90% junk silver, the .925 Mexican Onza, pre-2013 Silver Britannias and original Morgan and Peace dollars.
The only silver coin Congress named is the 1 oz American Silver Eagle (31 U.S.C. 5112(e)). Every other silver coin must reach .999, and the 4 groups that fail are listed below.
- Junk silver: pre-1965 US dimes, quarters and half dollars, 90% silver, about 0.7234 oz per $1 of face value unworn (SafeOunce computation; 0.715 oz by trade convention). Why junk silver in an IRA fails both tests is covered coin by coin.
- Mexican Onza: .925 silver, refused on STRATA's list.
- Silver Britannias of 1997-2012: .958 silver; only 2013-and-later coins pass.
- Original Morgan and Peace dollars: 90% silver, 0.7734 oz per Morgan. The newer Morgans are covered with Morgan and Peace silver dollars in an IRA.
Dealers call the silver that passes "IRA-approved silver", and the full list is under IRA-approved silver.
3. Wrong Year: Pre-2013 Britannias and 1981-1990 Gold Libertads#
The same coin design can pass or fail depending on its date: gold and silver Britannias made before 2013 and gold Libertads made from 1981 to 1990 are not allowed.
The Britannia changed its recipe in 2013. Gold Britannias were .9167 from 1987 to 2012 and are .9999 from 2013. Silver Britannias were .958 from 1997 to 2012 and are .999 from 2013.
STRATA and GoldStar both write "pre-2013" into their refusal lists, so only 2013-or-later coins settle into an IRA. The 2013 cut-off is explained on British Gold Britannia in an IRA.
The Mexican gold Libertad changed too: .900 from 1981 to 1990, then .999 from 1991. None of the 3 custodian lists we read names it, so ask in writing.
The table below sets each coin's dates side by side, with the Silver Kookaburra as a harmless contrast.
| Coin | Not allowed (dates, fineness) | Allowed (dates, fineness) | Custodian wording (pages read Sept 29, 2026) |
|---|---|---|---|
| Gold Britannia | 1987-2012, .9167 | 2013 and later, .9999 | STRATA accepts "2013 and newer"; STRATA and GoldStar refuse "pre-2013"; Equity Trust ".9999+" |
| Silver Britannia | 1997-2012, .958 | 2013 and later, .999 | "pre-2013" refused (STRATA, GoldStar) |
| Gold Libertad | 1981-1990, .900 | 1991 and later, .999 | Named by none of the 3; ask in writing |
| Morgan dollar | 1878-1904 and 1921, .900 | 2021 and later, .999 (passes purity on paper) | Not named; ask in writing |
| Silver Kookaburra (contrast) | None | .999 through 2017; .9999 from 2018 | Named (STRATA, GoldStar) |
Custodian pages read September 29, 2026. Fineness for the Kookaburra per the Perth Mint.
A random-year order lets the dealer choose the date. On September 29, 2026, SD Bullion's random-year gold Libertad listing read "Contains 1 oz of either 0.999 or 0.9...". Write the year range on any IRA order. How to order safely is covered on Mexican Gold Libertad in an IRA.
4. Collector Coins: Rare, Graded (Slabbed) and Proof Buffalo Coins#
Custodians refuse rare and graded coins even when the metal inside would pass: Equity Trust's rule names "the American Eagle" among the slabbed coins it will not accept.
Proof and graded coins split along the 2 routes. A proof is a mirror-finish collector strike sold with a certificate. STRATA and GoldStar accept proof Eagles, ungraded and in their original box with the certificate. That is custodian practice: no IRS ruling or court case covers proofs. Only Platinum Eagle proofs are named in a statute (31 U.S.C. 5112(k) "proof platinum coins", via 408(m)(3)(A)(iii)). The Buffalo can pass only as bullion (Route B). Which proofs custodians take, and the markup problem, is covered under proof and graded coins in an IRA.
Collector versions also cost more. On September 29, 2026, SD Bullion listed a graded 2000 Gold Eagle (NGC PF-70) at 35.97% over its gold, against 3.03% for a bullion Eagle.
A random-year PF-70 Eagle was 7.10%. These are category-listing prices from one dealer on one morning.
Proof American Gold Buffalos cost 8.43% (random year, box and certificate) and 14.27% (2025-W) over their gold at the same dealer. Why the proof version is refused is explained on American Gold Buffalo in an IRA.
5. Damaged Coins and Proofs Without Their Box and Certificate#
Your custodian can still turn away a coin the law allows if it is damaged or if a proof has lost its original box and certificate.
Scratched, bent or worn coins fail, and a proof needs its original box and paper. The 2 cheap versions that fail these rules are listed below.
- Damaged ("cull") coins: STRATA's "free from damage" rule refuses them, even when the coin is a named Gold Eagle.
- Proofs out of their box: a 1 oz proof Gold Eagle sold in a capsule, with no box or certificate, cost only 4.81% over its gold. That was the SD Bullion price on September 29, 2026, and the coin fails the packaging rule at STRATA and GoldStar.
6. Bars and Rounds From a Maker Your Custodian Does Not Accept#
A .999 bar or round can still be refused if its maker is not on your custodian's accredited list. STRATA even names one brand, "LBMA Germania Mint", that it will not take.
IRA-eligible gold bars and rounds must come from an accredited refiner, meaning a refiner or mint that an exchange or market body recognizes. A round is a coin-shaped piece from a private mint, with no face value. The LBMA gold Good Delivery List named 67 refiners on September 29, 2026, and the US Mint and the Royal Mint are not on it. That is why STRATA's list also accepts "a national government mint". Refiners whose bars pass are listed under IRA-eligible gold bars.
The tax code itself has no maker rule; it sets only purity and trustee custody (26 U.S.C. 408(m)(3)(B)). ISO 9000 on these lists is a general quality certificate, not a refining accreditation. Ask your custodian which exact brands it takes.
7. Right Coin, Wrong Place: Home Storage and Non-Trustee Vaults#
Eligible metal is taxed as if you withdrew it the moment it sits in your home, your own safe-deposit box, or a vault that is not holding it for your IRA trustee. Bullion becomes a collectible, and a named coin is treated as distributed. The bullion exception applies only while the metal is "in the physical possession of a trustee" (408(m)(3)(B)). Sellers market the workaround as a home storage gold IRA, and every home storage gold IRA pitch fails the same custody test.
A private letter ruling is not precedent, but it shows how the IRS reads the law.
The Tax Court applied the same custody rule in McNulty v. Commissioner, 157 T.C. No. 10 (November 18, 2021). The IRA owner bought 320 one-ounce Gold Eagles for $374,000 in 2015 and 2,000 Silver Eagles for $37,380 in 2016. She kept them at home through a company the IRA owned, and the court taxed their cost as a distribution. The couple's joint tax deficiencies were $250,558 for 2015 and $18,094 for 2016. The facts of McNulty v. Commissioner are explained page by page.
Named coins skip the purity test, not the custody rule. Even Gold Eagles must sit with the trustee.
8. Right Coin, Wrong Way In: Coins You Already Own#
No coin you already own can go into your IRA, even an eligible Gold Eagle, because IRA contributions must be made in cash. The law says "no contribution will be accepted unless it is in cash" (26 U.S.C. 408(a)(1)); rollovers of existing retirement money are the exception. Cash deposits then count against the gold IRA contribution limits for the year.
Selling your own coins to your IRA does not work either. That sale is a prohibited transaction, a deal the law bans between your IRA and you, and it treats the whole IRA as distributed (26 U.S.C. 408(e)(2)).
The IRS also counts a "contribution" or "exchange" as a way an account acquires a collectible. Its collectibles Snapshot (reviewed July 3, 2026) lists "purchase, exchange, contribution, or any direct or indirect acquisition method".
Gold ETF shares are a related edge case. IRS Private Letter Ruling 200732026 (2007; not precedent) says an IRA buying shares of a gold trust fund is not acquiring a collectible. Redeeming those shares for bars delivered to the IRA is, unless the metal meets 408(m)(3).
Bars bought at a warehouse store such as Costco are a common case. The cash-only rule stops Costco gold bars you bought yourself, just as it stops coins from a safe at home.
Which Custodians Name Which Coins as Unacceptable?#
STRATA names 16 entries it will not accept and GoldStar names 14, while Equity Trust publishes only what it accepts plus 2 refusals: slabbed coins and proof Buffalos. The counts are SafeOunce's count of each list.
The 3 pages were read on September 29, 2026. STRATA's page carries no date; GoldStar's page was last modified April 3, 2026, and Equity Trust's June 1, 2026. The table below sets the refusals side by side.
| Product | STRATA Trust | GoldStar Trust | Equity Trust |
|---|---|---|---|
| Krugerrand (gold) | Refused | Refused | Not listed |
| British Sovereign | Refused | Not named (rare or collectible rule) | Not listed |
| Britannia before 2013 | Refused | Refused | Accepts only ".9999+" |
| Mexican 50 Peso / Onza | "Mexican Peso and Onza" refused | "Mexican 50 Peso" refused | Not listed |
| Swiss, French and Belgian 20 Franc | Refused | Refused | Not listed |
| Italian 20 Lira, Dutch 10 Guilder, Hungarian 100 Korona, Chilean 100 Peso | Refused | Refused | Not listed |
| Austrian Corona and Ducat | Both refused | Corona refused | Not listed |
| Colombian Peso, German Mark | Refused | Not named | Not listed |
| Rare or collectible coins | Refused | Refused | Not stated |
| Graded (slabbed) coins | Not named; likely covered by "Any rare or collectible coin" (SafeOunce reading) | Refused | Refused ("including the American Eagle") |
| Proof Buffalo | Not listed (names "U.S. Buffalo bullion coins" only) | Refused | Refused ("no Proofs") |
| "U.S. Liberty" | Not named | Refused (term not defined) | Not listed |
| LBMA Germania Mint | Refused | Not named | Not listed |
Custodian policy is contract terms, not tax law, but a refused product cannot settle into your IRA. "Not listed" means the page read does not mention it; ask in writing.
Gold IRA custodians do not share one list. STRATA names the Sovereign and GoldStar does not. Fees and storage at the gold IRA custodians we profile are compared side by side.
Get your custodian's written yes for the exact product before the dealer sends an invoice.
A custodian checks the product, not the dealer or the price. An SEC judge's June 27, 2016 decision dismissed charges against Equity Trust. It quoted the SEC's own alert: custodians "generally do not evaluate the quality or legitimacy of any investment".
What Happens If Your IRA Buys a Coin That Is Not Allowed?#
The IRS treats a not-allowed coin your IRA buys as a withdrawal of its full price that year, taxed as income plus 10% if you are under 59 1/2. Only that purchase counts, not the whole IRA. The 10% additional tax is the early-withdrawal tax of 26 U.S.C. 72(t). Exceptions to the 10% are listed under gold IRA early withdrawal penalty.
Your custodian reports that cost on Form 1099-R, the tax form a custodian sends for money or property taken out of an IRA. IRS audit guidance tells examiners to consider a 6-year look-back instead of 3 years when more than 25% of reported gross income was left off a return (26 U.S.C. 6501(e)). What the custodian sends the IRS is explained under Forms 1099-R and 5498.
Worked Example: $25,000 of Krugerrands vs Kangaroos for 3 Couples#
On September 29, 2026, $25,000 bought about $466 more gold as Krugerrands than as Kangaroos, but the Krugerrands would have cost a married couple $3,000 to $6,920 in federal tax. The table assumes a traditional IRA, SD Bullion prices for payment by bank wire that morning and 2026 married-filing-jointly tax brackets (IRS Rev. Proc. 2025-32).
| 1 oz Krugerrand (not allowed) | 1 oz Kangaroo (allowed) | |
|---|---|---|
| Price over gold value (Sept 29, 2026) | 0.11% ($4,161.14) | 2.02% ($4,240.68) |
| Gold bought with $25,000 | 6.008 oz | 5.895 oz |
| Gold value on the day | $24,971 | $24,506 |
| Couple A (both 58, $90,000 taxable income): extra tax | $4,420 income tax + $2,500 (10%) = $6,920 (27.7% of the purchase) | None (eligible) |
| Couple B (both 66, $90,000 taxable income): extra tax | $4,420 (17.7%) | None (eligible) |
| Couple C (both 70, $40,000 taxable income): extra tax | $3,000 (12.0%) | None (eligible) |
| Extra tax vs the $466 of extra gold | 14.9x (A), 9.5x (B), 6.4x (C) | n/a |
SafeOunce computation. Federal income tax only, 2026 married-filing-jointly brackets, traditional IRA, no exception to the 10% tax; state tax not included; assumes the extra income does not change the couple's deductions. Prices are one dealer's wire prices on one morning.
For Couple A, federal tax on $90,000 is $10,304, and on $115,000 it is $14,724. The cheaper coin wins by $466 and loses by $3,000 to $6,920.
Leaving the purchase off your return can add a 20% accuracy-related penalty (26 U.S.C. 6662). It applies when the unpaid tax is more than the greater of 10% of the correct tax or $5,000. Couple A's unreported $6,920 passes that line, so the penalty could add up to $1,384 (SafeOunce computation). The Tax Court upheld 20% penalties in McNulty.
Is the Coin Taxed Again When It Leaves the IRA?#
No: the amount already taxed when the IRA bought the coin is not taxed a second time when the coin is later distributed, so keep that year's Form 1099-R.
You get credit, called basis, for the amount you already paid tax on: the IRS Snapshot says "the participant has basis in the amount of the distribution". We found no IRS procedure for undoing the purchase in these publications; ask a tax professional.
Why the Cheapest Gold Is Often the Coin an IRA Cannot Hold#
IRA exclusion has nothing to do with value for money: on September 29, 2026, the Krugerrand was SD Bullion's cheapest 1 oz gold coin, at 0.11% over its gold. Melt value is what the metal inside a coin is worth at the spot price, the live market price per troy ounce. The table below compares allowed and not-allowed products from the same dealer.
| Product | Status in an IRA | Price | Over gold or silver value |
|---|---|---|---|
| Krugerrand 1 oz | Not allowed | $4,161.14 | 0.11% |
| Saint-Gaudens $20 (C) | Not allowed | $4,065.78 | 1.10% |
| Sovereign, average circulated (C) | Not allowed | $1,000.03 | 2.20% |
| Kangaroo 1 oz (C) | Allowed | $4,240.68 | 2.02% |
| Gold Eagle 1 oz, random year | Allowed | $4,280.53 | 3.03% |
| Junk silver, $10 face (C) | Not allowed | $437.79 | -0.2% (at melt) |
| 1921 Morgan dollar, VG (C) | Not allowed | $53.33 | 12.4% |
| 1921 Morgan dollar, BU (C) | Not allowed | $58.33 | 22.9% |
| 2026 Silver Britannia (C) | Allowed | $63.22 | 3.1% |
SD Bullion wire prices, September 29, 2026, one page load each; (C) rows from category listings. Not a ranking of dealers.
Outside an IRA, these low premiums can make sense. Inside an IRA, the tax in the worked example above outweighs the saving 6 to 15 times over.
Old silver dollars work against the buyer both ways. A round trip is what you lose by buying and then selling back the same day. The 1921 Morgan cost $53.33, and the dealer's buyback bid was $36.62, below its melt value: a 31.3% round trip. That bid comes from a static sell page and may lag the live quote.
The IRA-eligible gold coins in the table cost 2.02% to 3.03% over their gold. Premiums for every allowed coin are ranked on IRA-eligible gold coins.
Grey Zone: Products No Custodian List Names#
Seven products may pass the law, yet none of the 3 custodian lists we read clearly names them, so each needs your custodian's written yes first.
Absence from a list is not a refusal, and it is not an acceptance either. SafeOunce has not verified any of these 7 products at any custodian.
| Product | Metal and fineness | What the law says | What custodians say (Sept 29, 2026) | SafeOunce reading |
|---|---|---|---|---|
| Gold Libertad, 1991 and later | Gold, .999 | Passes purity (Route B) | Named by none of the 3 | Ask your custodian in writing |
| Silver Krugerrand | Silver, .999 (dealer listing) | Passes purity on paper | GoldStar names only the gold Krugerrand | Ask in writing; $66.22, 8.0% over spot (SD Bullion, Sept 29, 2026) |
| Morgan dollars, 2021 and later | Silver, .999 | Passes purity on paper; not the named Silver Eagle | Not named | Ask in writing; a 2023 coin cost $99.99, 89.9% over melt (SD Bullion, Sept 29, 2026) |
| 2009 Ultra High Relief Double Eagle | Gold, .9999 (per coin references) | Passes purity on paper | Not named | Ask in writing |
| American Palladium Eagle | Palladium, .9995 | Route B only; not named in 408(m)(3)(A) | Not named by STRATA or GoldStar | Ask in writing |
| American Liberty gold | Gold, .9999 (as reported by secondary sources) | Passes purity on paper | GoldStar refuses "U.S. Liberty" without defining it | Ask in writing |
| Goldbacks | Gold layered in a note, 24 karat per the issuer | No ruling on whether a note counts as bullion | Named by none of the 3 | Ask in writing; about 99% over gold value (SD Bullion, Sept 29, 2026) |
Not verified at any custodian. Absence from a list is not a refusal.
The American Liberty gold coins are the hardest case, because GoldStar's undefined "U.S. Liberty" entry may or may not cover them. Why custodians disagree is covered under American Liberty gold coins in an IRA.
Are Goldbacks Allowed in an IRA?#
None of the 3 custodian lists we read includes Goldbacks, and on September 29, 2026 one Goldback cost about twice the value of its 1/1000 ounce of gold.
According to Goldback's FAQ (read September 29, 2026), each 1 Goldback holds 1/1000 troy ounce of 24-karat gold, applied by a "vacuum deposition process". The FAQ says Goldbacks are "recognized as an exchangeable currency only in jurisdictions where local or state law authorizes them", and that they carry "a premium over spot gold".
SD Bullion sold 1 Goldback for $8.26 that day. At SafeOunce's September 29, 2026 worked-example gold price of $4,155 an ounce, the gold inside was worth $4.16, so the price was about 99% over the gold value (SafeOunce computation). $1,000 bought 121 notes holding about $503 of gold.
We found no IRS ruling, court case or custodian list that says whether a gold-layered note counts as bullion under 408(m)(3)(B).
How Sellers Put Refused Coins in Front of IRA Buyers#
An "IRA approved" label on a dealer page is the seller's claim, not your custodian's decision, and on September 29, 2026 at least one such category included coins custodians refuse. Pitches that swap bullion for pricier numismatic (collector) coins lean on these labels, and the pattern behind numismatic coin upsells is documented case by case.
The 4 dated documents below show the gap.
- A dealer's "IRA approved gold" category: on September 29, 2026, SD Bullion's category included a proof Buffalo with box and certificate (COA). It also listed a "1/4 oz American Gold Eagle Coin (Cull/Damaged)" and a 2015-W American Liberty without box and COA at $4,652.84, about 12% over its gold (SafeOunce computation). GoldStar refuses proof Buffalos, and STRATA requires bullion coins "free from damage".
- A gold IRA seller's rare-coins page: Noble Gold's rare-coins page (read September 29, 2026) says it can help "purchase coins to invest into your Gold or Silver IRA". The same page shows NGC MS68 Morgan dollars and a Saint-Gaudens set.
- The "semi-numismatic" label: a 2024 CFTC and FINRA investor advisory calls it "a made-up industry term that really has no special meaning".
- Seller contracts: American Hartford Gold's Shipping and Transaction Agreement (September 2026) caps its spread at 1.00% to 19.99% on bullion. The cap rises to 39.99% on exclusive or semi-numismatic coins and 59.99% on limited numismatic coins. Preserve Gold's agreement (June 2025) allows IRA transactions "generally up to 34.99%".
A spread is the share of your price that sits above the seller's own cost, and collector labels carry the widest caps.
Coin labels are only one warning sign of gold IRA scams. Warning signs beyond coin labels are collected under gold IRA scams.
What to Hold Instead: Eligible Choices by Situation#
Every excluded coin has an allowed twin that does the same job inside an IRA, at a similar price per ounce for gold. Allowed silver coins cost more over melt than junk silver. The table below matches each reason to an allowed product.
| If you... | Hold instead | Why |
|---|---|---|
| Want the cheapest 1 oz gold (a Krugerrand fan) | A 1 oz .9999 Kangaroo or Philharmonic | 2.02% and 2.03% over gold value at SD Bullion (September 29, 2026); both pass as bullion |
| Want a 22-karat US coin | The American Gold Eagle | The only 22-karat coin the law names; 3.03% over gold value (same source and date) |
| Want old US silver (Morgans, junk silver) | The 1 oz American Silver Eagle, or .999 bars and rounds from a maker your custodian lists | The Silver Eagle is named; .999 bullion passes Route B |
| Are offered a graded or proof coin | Ask your custodian first; the bullion version | A graded 1 oz Eagle cost 7.10% to 35.97% over gold vs 3.03% for bullion (SD Bullion, September 29, 2026) |
| Already hold coins at home | Keep them outside the IRA; the IRA buys its own metal with cash | Contributions must be cash (26 U.S.C. 408(a)(1)) |
| Are offered rhodium or another metal | Gold, silver, platinum or palladium only | 26 U.S.C. 408(m)(3)(B) names only these 4 |
How Do Ineligible Coins Fit Into the Rest of the Gold IRA Rules?#
The list above decides what your IRA may buy; wider gold IRA rules govern these coins outside the account, in a 401(k) and at tax time. How a gold IRA works from opening to withdrawal is explained step by step.
Custody, taxes and withdrawals follow the gold IRA rules for every metal.
Can You Own These Coins Outside an IRA?#
Yes: these coins are legal to own outside an IRA, and a profit on any metal held over a year is taxed at your normal rate but never above 28%. Outside an IRA, every coin here is a collectible for tax purposes "without regard to paragraph (3)" of 408(m) (26 U.S.C. 1(h)(5)(A)), so even an Eagle counts. How the 28% collectibles rate works on a sale is explained with examples.
IRA withdrawals, by contrast, are taxed as ordinary income. The trade-offs of gold IRA vs physical gold go beyond this list.
Can a 401(k) Hold Coins an IRA Cannot?#
No: the same collectibles rule applies to a self-directed 401(k) account, so a coin an IRA cannot hold is also a withdrawal inside your 401(k). Section 408(m)(1) covers "an individually-directed account under a plan described in section 401(a)". The IRS FAQ says "both participant-directed accounts and IRAs cannot invest in collectibles". Whether your plan lets you hold gold in a 401(k) depends on its brokerage window.
What Assets Cannot Be Held in an IRA?#
The IRS names collectibles as the main group: "art, antiques, gems, coins, or alcoholic beverages", with precious metals let back in only under strict tests. For metals, those tests admit the named Eagles and bullion that passes the purity and custody rules above.
Is Buying a Collectible a Prohibited Transaction?#
Usually not by itself, but it can be: the IRS says buying a collectible "for the personal use of a disqualified person could be a prohibited transaction". The IRS cites 26 U.S.C. 4975(c)(1)(D) for this. Disqualified persons include you, your spouse, your parents and your children (26 U.S.C. 4975(e)(2)). A prohibited transaction treats the whole IRA as distributed (408(e)(2)), while a collectible purchase taxes only its cost. The full list of IRA prohibited transactions for metals has its own page.
Are Any Coins Tax-Exempt?#
No coin is tax-exempt: an allowed coin only avoids the collectible rule while your IRA holds it, and withdrawals from a traditional IRA are taxed as income. Outside an IRA, gains on any coin fall under the 28% collectibles cap above.
Does the IRS Know If Your IRA Buys a Collectible?#
Yes: the purchase cost is reported on Form 1099-R, and IRS audit guidance tells examiners when to look back 6 years instead of 3. The IRS Snapshot's audit tip says to "consider the six-year statute of limitation" once the 3-year period has expired (26 U.S.C. 6501(e)).
Were Collectibles Bought Before 1982 Grandfathered?#
Yes: collectibles an account bought before January 1, 1982 are not subject to the rule, which matters to almost no one today. The IRS Snapshot cites the Economic Recovery Tax Act of 1981 (Pub. L. 97-34, sec. 314(b)(2)). Named Eagles came in for purchases after December 31, 1986 (Pub. L. 99-514), and bullion for tax years beginning after December 31, 1997 (Pub. L. 105-34). A Maple Leaf an IRA bought in 1995 was therefore a collectible. The full history of gold in IRAs starts with ERISA, the 1974 law that created IRAs.