IRS Rule 408(m)(3): Which Gold Coins Qualify for an IRA
What actually qualifies, by name
| Coin or bar | Fineness | Basis for eligibility |
|---|---|---|
| American Gold Eagle (all 4 sizes) | 91.67% (22k) | Named exception, 408(m)(3)(A) via 31 U.S.C. §5112 |
| Canadian Gold Maple Leaf | 99.99% | Meets 99.5% bullion standard, 408(m)(3)(B) |
| American Gold Buffalo | 99.99% | Meets 99.5% bullion standard, 408(m)(3)(B) |
| Austrian Gold Philharmonic | 99.99% | Meets 99.5% bullion standard, 408(m)(3)(B) |
| Australian Gold Kangaroo/Nugget | 99.99% | Meets 99.5% bullion standard, 408(m)(3)(B) |
| British Gold Britannia (2013+) | 99.99% | Meets 99.5% bullion standard, 408(m)(3)(B) |
| Refiner bars (exchange-accredited) | 99.5%+ | Meets bullion standard, 408(m)(3)(B) |
| South African Krugerrand | 91.67% (22k) | Generally not eligible – below fineness bar, not named in (A) |
| Numismatic / pre-1933 U.S. gold coins | Varies | Generally not eligible – valued for rarity, not bullion content |
Per 26 U.S. Code Section 408(m), via Cornell Law School’s Legal Information Institute (see Sources). Individual custodians may apply additional restrictions beyond the statutory minimum – confirm eligibility with your specific custodian before purchasing.
The two-part rule, in plain language
408(m)(3)(A) handles coins by name, not by testing their purity against a formula: it permits any coin described in 31 U.S.C. Section 5112, the statute that actually authorizes the U.S. Mint to produce coins – which is how the American Gold, Silver, and Platinum Eagles qualify even though the Gold Eagle, at 91.67% fine, would otherwise fail the general bullion standard.
408(m)(3)(B) is the general rule for everything else: bullion – coins or bars – qualifies if it meets a minimum fineness (0.995 for gold, 0.999 for silver, 0.9995 for platinum and palladium) and is held by a bank or an IRS-approved nonbank trustee rather than the IRA owner personally. This is the same custodian requirement discussed in our storage-safety guide – it isn’t a separate rule, it’s built into this same statute.
Why the American Gold Eagle is the one real exception
Congress wrote the Eagle exception directly into the law by cross-referencing the coin statute rather than a purity threshold, which is why it’s often described as “the one non-bullion-grade coin that’s still IRA-eligible.” No other widely-marketed coin gets this same treatment – a coin either meets the 99.5% fineness bar under (B), or it needs its own explicit statutory citation like the Eagle has under (A). There isn’t a general “well-known coin” exception beyond what the statute actually names.
Why the Krugerrand usually doesn’t qualify
The Krugerrand is a legitimate, widely recognized bullion coin – it’s just not IRA-eligible under this statute in most cases. At 91.67% fine, it falls short of the 99.5% bullion standard in (B), and unlike the American Eagle, it isn’t a coin described in 31 U.S.C. Section 5112, so it doesn’t get the (A) exception either. Most Gold IRA custodians exclude it for exactly this reason – it’s a statutory gap, not a quality judgment about the coin itself.
A real red flag to watch for
Be skeptical of any sales pitch that frames a numismatic or “rare” coin as IRA-eligible based on its rarity, grading, or collector demand rather than its fineness or a specific named statutory exception. Section 408(m)(1) treats collectibles generally as a prohibited IRA investment – (m)(3) is a narrow carve-out for specific bullion, not a general “gold is gold” allowance.
Comparing premiums on eligible products? See our Gold IRA vs. Physical Gold guide →
Frequently Asked Questions
What does IRS Section 408(m)(3) actually say?
It names specific IRA-eligible coins (like the American Eagle) under subsection (A), and permits 99.5%+ fine bullion held by an approved custodian under subsection (B).
Is the American Gold Eagle really an exception to the purity rule?
Yes – at 91.67% fine it fails the general 99.5% bullion standard, but qualifies anyway as a coin specifically named under subsection (A).
Does the Krugerrand qualify for a Gold IRA?
Generally no – it’s 91.67% fine (below the bullion standard) and isn’t named as an exception the way the American Eagle is.
Which coins and bars generally do qualify?
American Gold Eagles, plus 99.5%+ fine coins and bars like the Canadian Maple Leaf, American Buffalo, and Austrian Philharmonic.
Why are numismatic (rare/collectible) coins generally excluded?
Collectibles are generally prohibited IRA investments under 408(m)(1); the (m)(3) exception covers specific bullion, not rarity-based value.
- 26 U.S. Code Section 408 (Individual Retirement Accounts), via Cornell Law School Legal Information Institute – law.cornell.edu/uscode/text/26/408 – full text of subsection (m), including (m)(1) collectibles rule and (m)(3) coin/bullion exceptions.
- 31 U.S. Code Section 5112 (Denominations, specifications, and design of coins), via Cornell Law – law.cornell.edu/uscode/text/31/5112 – statutory basis for the American Eagle coin series referenced by 408(m)(3)(A).
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