IRA Approved Silver: The Complete 2026 List (And What Quietly Fails)
Short answer. Silver qualifies for an IRA if it is exempt from the collectibles rule in 26 U.S.C. § 408(m). Three things qualify: the American Silver Eagle, any coin issued under the laws of a State, and silver bullion of at least .999 fineness from an accredited refiner or national government mint. All of it must be held by a qualified trustee, never at home.
Check a specific product
Pick what you hold or are considering. You get the verdict and the exact legal reason, not a sales pitch.
The rule, stated precisely
Almost every page on this topic tells you "the IRS requires .999 fineness for silver." That is the right number arrived at the wrong way, and the difference matters when you hit an edge case.
The tax code does not name a fineness for silver at all. Section 408(m)(1) treats buying a collectible inside an IRA as an immediate taxable distribution, and § 408(m)(2) defines "collectible" to include any metal or gem and any stamp or coin. That is the default: silver is a collectible and it is not allowed. Everything else is an exception carved out of that.
The exceptions live in § 408(m)(3), and there are two of them.
Exception one: four specific categories of coin
Section 408(m)(3)(A) exempts coins by pointing at Title 31 rather than describing them:
"(i) a gold coin described in paragraph (7), (8), (9), or (10) of section 5112(a) of title 31,
(ii) a silver coin described in section 5112(e) of title 31,
(iii) a platinum coin described in section 5112(k) of title 31, or
(iv) a coin issued under the laws of any State" 26 U.S.C. § 408(m)(3)(A)
For silver, clause (ii) points at 31 U.S.C. § 5112(e), which is the American Silver Eagle. That is the only silver coin the statute names. It is exempt because Congress wrote it in, not because of its purity, which is why the Silver Eagle would still qualify even if its fineness were lower.
Clause (iv) is the one nobody writes about. Any coin issued under the laws of a State is exempt, with no fineness test at all. It is narrow in practice, but if you are looking at a state-issued piece, the purity question does not apply to you.
Exception two: bullion, and where .999 actually comes from
"any gold, silver, platinum, or palladium bullion of a fineness equal to or exceeding the minimum fineness that a contract market ... requires for metals which may be delivered in satisfaction of a regulated futures contract, if such bullion is in the physical possession of a trustee described under subsection (a)." 26 U.S.C. § 408(m)(3)(B)
There it is. The threshold is not a number Congress chose, it is whatever the futures exchange requires for delivery. For silver that is .999, which is where the familiar figure comes from. It is a moving reference, not a fixed one, and it is the reason the standard is stated as a purity floor rather than a list.
Note the closing clause, because it is written into the statute and not into the coin exception above it: bullion must be in the physical possession of a trustee. That single phrase is why home storage schemes fail.
What qualifies
| Product | Fineness | Eligible | Why |
|---|---|---|---|
| American Silver Eagle | .999 | Yes | Named by statute via 31 U.S.C. § 5112(e) |
| Canadian Silver Maple Leaf | .9999 | Yes | National government mint, exceeds threshold |
| Austrian Silver Philharmonic | .999 | Yes | National government mint, meets threshold |
| Australian Silver Kangaroo | .9999 | Yes | National government mint, exceeds threshold |
| Mexican Libertad | .999 | Yes | National government mint, meets threshold |
| Silver Britannia, 2013 onward | .999 | Yes | Fineness raised in 2013, see traps below |
| Silver bars from an accredited refiner | .999+ | Yes | Meets § 408(m)(3)(B) bullion test |
| Coin issued under the laws of a State | any | Yes | § 408(m)(3)(A)(iv), no purity test |
| Silver rounds, accredited producer | .999+ | Depends | Turns entirely on the producer's accreditation |
| Proof Silver Eagle | .999 | Depends | Needs original packaging and COA, custodian decides |
| Silver Britannia, 2012 or earlier | .958 | No | Below the .999 delivery threshold |
| Pre-1965 US 90% silver | .900 | No | Below threshold, not a named coin |
| Morgan and Peace dollars | .900 | No | Below threshold, numismatic premium |
| Sterling silver | .925 | No | Below threshold |
| Graded and slabbed coins | varies | No | Grading premium is collectible value |
Five traps that catch people
Trap The Britannia year cliff
The Royal Mint raised the Silver Britannia from .958 to .999 in 2013. Coins from 2013 onward qualify. Everything from 2012 and earlier does not, and it is the same coin with the same name on the same shelf. If you buy Britannias, the date matters more than anything else about them.
Trap A round is not a bar
A silver round can be .999 fine and still fail, because § 408(m)(3)(B) is not purely a purity test. The producer has to be accredited by a recognised body such as NYMEX, COMEX, LBMA, LME, LPPM, TOCOM or ISO 9000, or be a national government mint. An unbranded round from an unaccredited private mint is refused even at .9999. Ask who struck it before you ask how pure it is.
Trap Grading destroys eligibility
Sending an eligible coin to PCGS or NGC and getting it back in a slab is the fastest way to make it ineligible. The graded premium is exactly the subjective, collectible value that § 408(m) exists to keep out of retirement accounts. A raw Silver Eagle qualifies. The same coin in an MS-70 holder generally does not.
Trap "Home storage IRA" is not a thing
The bullion exception requires physical possession by a qualified trustee. In McNulty v. Commissioner (157 T.C. No. 10, 2021) a taxpayer used a self-directed IRA LLC to buy American Eagles and kept them in a home safe. The Tax Court treated the whole amount as a taxable distribution. If an advertisement offers you a checkbook LLC so you can hold the metal yourself, that is the arrangement the court has already ruled on.
Trap Your custodian is the real gate
Eligibility under the statute is the floor, not the ceiling. Custodians and depositories keep their own accepted-product lists and many are stricter than the law requires, particularly on proofs, rounds and less common sovereign coins. A product can be legally eligible and still be refused by the institution that has to hold it. Confirm with your custodian in writing before money moves.
What it costs to get this wrong
This is not a paperwork error. Under § 408(m)(1), buying a non-qualifying collectible inside an IRA is treated as a distribution to you of that amount, in that year. The consequences follow from there: the amount becomes ordinary income, and if you are under 59½ an additional 10% early distribution penalty generally applies on top. In McNulty the court also sustained accuracy-related penalties.
That is why the boring verification step matters more than the spread you negotiate. A better price on the wrong product is not a better deal.
How the metal actually gets into the account
Buying eligible silver and owning it inside an IRA are two different things, and this is the part most buyers discover too late. Silver you buy at a local coin shop and carry home cannot be moved into your IRA afterwards. The account has to buy it, through a custodian, and it has to be delivered to an approved depository.
The sequence is: open a self-directed IRA with a custodian that handles precious metals, fund it by rollover or transfer, choose a dealer, and have the metal shipped directly to the depository in the account's name. Three parties, and you pick each one.
We compare custodians on fees and accepted-product lists in our custodian guide, and the depositories on storage terms in the depository comparison. If you want the shorter route, the side-by-side comparison narrows it to the providers that fit the size of the account you are moving.
Questions people ask
What does IRA approved silver mean?
It means the silver is exempt from the collectibles rule in 26 U.S.C. § 408(m). Silver is a collectible by default and therefore prohibited. Three exemptions apply: the American Silver Eagle, coins issued under the laws of a State, and bullion of at least .999 fineness from an accredited producer, held by a qualified trustee.
What is the minimum fineness for IRA eligible silver?
.999 fine. The tax code does not state that number. It defers to the minimum fineness a contract market requires for delivery against a regulated futures contract, and for silver that is .999.
Is 90% junk silver IRA eligible?
No. Pre-1965 US dimes, quarters and half dollars are .900 fine, which is below the threshold, and they are not among the coins the statute names. The same applies to Morgan and Peace dollars.
Are silver rounds IRA eligible?
Only when the producer is accredited by NYMEX, COMEX, LBMA, LME, LPPM, TOCOM, ISO 9000 or a national government mint. Purity alone does not qualify a round.
Can I store IRA silver at home?
No. The statute requires bullion to be in the physical possession of a qualified trustee, and the Tax Court treated home storage of IRA-owned Eagles as a taxable distribution in McNulty v. Commissioner (2021).
Can I move silver I already own into my IRA?
No. An IRA cannot acquire assets from you personally, and doing so is a prohibited transaction. The account has to purchase the metal itself and take delivery at an approved depository.
Next
- Which gold qualifies, where the American Eagle passes at 91.67% purity and the Krugerrand fails at exactly the same purity
- All eight rules in one place, each cited to the provision it comes from
- Moving an existing account in, including the 20% withholding trap
- Verify a custodian against the IRS list, in two minutes
Primary sources
- 26 U.S.C. § 408(m), the collectibles rule and its exceptions
- 31 U.S.C. § 5112, the coin specifications the tax code points to
- McNulty v. Commissioner, 157 T.C. No. 10 (2021), on physical possession
- US Mint published specifications for American Eagle coinage
Metals Retirement is an independent research site. We are not a broker, dealer, custodian, law firm or investment adviser, and nothing here is investment, legal or tax advice. Eligibility rules change and custodian policies vary, so verify with your own custodian and tax professional before you buy. We may be compensated by providers we compare, at no cost to you, and that compensation never determines what this page says qualifies. Last reviewed 26 July 2026.