IRA Eligible Platinum is one of the 4 popular precious metals that are usually allowed in a retirement account. While not just any platinum can be kept in your precious metals IRA depository, it is still a good option.
The IRS has set strict rules and regulations for the purity & availability requirements for the coins and bars of platinum used in retirement accounts. Even though some precious metal enthusiasts dislike these rules, they have their place.
You cannot use collectible and historical platinum bars and coins in an IRA. Some popular platinum coins & bars don’t even meet the minimum purity standards of the IRS, and thus they are not eligible for an IRA.
We will keep updating this page to make sure you receive the most up-to-date information on IRA Eligible Platinum coins & bars.
What is a Platinum IRA?
A platinum IRA, like a gold, silver, or mixed precious metals IRA, is a self-directed individual retirement account in which you can turn your cash into physical platinum. This account, which is held by a custodian, allows you to reap the same tax benefits as other IRAs while also enjoying the time-tested benefits of holding physical precious metal assets.
It’s essential to know that you’ll need a self-directed IRA (SDIRA) to buy precious metals like platinum directly from your IRA. Traditional IRAs usually only hold equities, bonds, mutual funds, and other common assets.
The Rules By IRS For IRA Eligible Platinum
You can keep physical Platinum in your precious metals IRA account. This gives amazing tax benefits which are usually limited to simple retirement plans. Owning your precious metal in physical coins & bars will give you confidence & flexibility in your IRA investment. The Internal Revenue Service has set the following rules for using platinum in a precious metals IRA.
As an investor, you must physically store your platinum at an approved vault depository. These vaults are secured and provide protection for the large quantities of precious metals stored in them. The vault depository must be approved by the IRS. Delaware Depository and Brinks Global Storage are two of the most popular and respected depositories in the market.
Every platinum coin or bar held by an IRA must have a purity level of 99.95% (.9995) or above. This is the most important rule and the IRS mandates it with strictness.
Only IRS-certified custodians can manage a self-directed IRA as an account trustee. You can choose between different custodians available in the market. Most commonly, your precious metals dealer/ broker is already partnered with one or several custodians, and they can help you with establishing your IRA vehicle.
IRA Eligible Platinum Coins
Below is the list of the most popular IRA-approved platinum coins in the market:
Australian Koala Platinum Coins: This best-selling coin is a product of Perth Mint. It maintains an annual production and is liked by investors as well as collectors.
American Eagle Platinum Coins: It is the official platinum bullion of the United States and the only U.S. government-guaranteed platinum coin. The reverse side of the coin gets a new design every year.
Isle of Man Noble Coins: Also known as the Manx Noble or the Platinum Noble, it was the first platinum investment coin popularized for wide purchase.
Canadian Platinum Maple Leaf Coins: Featuring Queen Elizabeth II on its observe and a maple leaf on the back, this coin is iconic in its design. It has a face value of $50 Canadian.
Austria Vienna Platinum Philharmonic Coins: This coin made history by being the Austrian Mint’s first Platinum offering in its history of 800 years. It is an uncirculated coin with a face value of 100 euros. This coin is also available in gold and silver, the former version being extremely popular.
South Africa Platinum Krugerrand Coins: The coin features the first president of South Africa on its observe and the reverse depicts the national animal of the nation, a springbok antelope.
Apart from the coins listed above, there are other IRA-eligible platinum coins as well, which meet the IRS’s requirements. You should still be careful to go for different coins. I strongly suggest avoiding any collectible, numismatic or commemorative coins just to be safe. Usually, these coins are not approved by the IRS and cannot be held in a precious metal IRA account. Shady dealers often push these coins to new investors as they are overpriced and ineligible for IRA.
IRA Eligible Platinum Bars
Only the platinum bars manufactured by NYMEX-approved and COMEX-approved assayers can be used by a precious metals IRA. The following is the list of IRA-eligible platinum bars most commonly used in an IRA:
Credit Suisse Platinum Bars: The observe of this bar features an image of the Credit Suisse logo and name along with the bar’s specifications. Credit Suisse was founded way back in 1956 and is trusted by thousands of investors around the world.
Valcambi Platinum Bars: Valcambi is known for its precise craftsmanship and quality. This bar features a mirror-like finish and a modern design.
Engelhard Platinum Bars: The Engelhard name is owned by BASF, the largest chemical producer in the world. These bars are some of the best in the market.
PAMP Suisse Platinum Bars: This bar features a beautiful illustration of Lady Fortune on its observe. With a 999.5 purity level and its availability, this bar is one of the best for an IRA account.
Platinum Bullion Products Not Allowed In IRA
When you are starting out as an IRA investor, it is important that you know which bullion products are eligible for a precious metal IRA. Popular bullion dealers and brokers promote platinum coins that are collectible or don’t have the purity levels required to be legible for IRA investment. Below is a list of the most popular platinum bullion products that are not allowed in an IRA.
Somalia Platinum Elephant Coins: These coins originated in Zambia in the African Wildlife Series. But as it is deemed a collectible by the IRS, it cannot be used by a precious metals IRA.
China Platinum Panda Coins: These coins were produced in China from 1987 to 2005. These coins are very rare (except for the 2004 and 2005 versions) and due to this reason, they are not eligible for an IRA.
Switzerland Platinum Shooting Thaler Coins: These coins were minted to commemorate free shooting tournaments at the Swiss Confederation.
Tonga Soul Olympics Proof Coins: These coins were manufactured to commemorate the Summer Olympics of 1988 held in Seoul, Korea. There are only 2,000 sets of these coins worldwide, they are very collectible. But cannot be used by a precious metal IRA.
Cook Islands Platinum Coins: These coins stand out from the others with their matte finish and their unique observe which features the historical ship, The Bounty.
We strongly recommend that you avoid any kind of commemorative, collectible, or numismatic coins. These coins are usually marketed heavily on marketplaces but the IRS won’t allow you to add them to your IRA investment portfolio. Opportunistic sales representatives will try to persuade you into buying these as they charge a high premium for such products. Investors have a hard time breaking even on these investments.
Why You Should Invest In IRA-Eligible Platinum
There are several benefits of investing some of your precious metals funds into platinum. First off, it helps diversify your portfolio and makes it less susceptible to turbulence in value. Unlike a 401k, your precious metal IRA won’t be dollar-denominated and the constant decline of the US dollar won’t ruin the value of your platinum.
Many investors turn to precious metals as an investment when the dollar starts plummeting in order to safeguard their assets & wealth against inflation. The prices of platinum and other precious metals are inversely proportional to the decline of the dollar.
In other words, the more the dollar depreciates, the higher the value of your precious metal investment will be.
Respect analysts and researchers concur that platinum and other precious metals like it will grow significantly in value over the coming decade. And as platinum is rarer than silver and gold, its value has a higher chance of skyrocketing in the coming times.
Below are some of the most commonly asked platinum IRA questions:
What is Platinum IRA?
Platinum IRA accounts are quite similar to their gold and silver counterparts. It is a self-directed retirement account. The account holder has control over the assets. Unlike a conventional IRA, a self-directed retirement account has a wider variety of options to choose from. YOu can use real estate, mortgages, private equities and precious metals in a self-directed IRA.
Your Platinum IRA bullion products must have a min. finess of .9995, and come from sovereign mints or credited assayers. The value of platinum goes up as gold drops, which makes it an amazing vehicle for diversifying your portfolio.
What is a Platinum IRA Rollover?
If you an IRA account (or multiple IRA accounts) in an employer retirement plan, you can move all or some of the assets into a platinum IRA account. A rollover takes place when some assets are transferred directly to your platinum IRA custodian/trustee by the plan administrator.
What are the benefits of a Platinum IRA?
Platinum is a highly resistance asset and is safe from fiat currency devaluation. Its value increases when Gold decreases, making it good for diversification. In the long run, experts concur platinum is even better than stocks.
How to set up a Platinum IRA?
First, you need a self-directed IRA account. We recommend you check out our list of the best precious metals IRA companies and choose from there. A good precious metals IRA company will do all the heavy lifting for you, and set up your platinum IRA in a few weeks.