Not every silver coin or bar qualifies for an IRA. IRC Section 408(m)(3) sets a minimum fineness of .999 for silver held in a retirement account (gold’s minimum is .995, platinum and palladium .9995), and the metal must come from a national government mint or a manufacturer accredited by NYMEX/COMEX or an equivalent recognized assayer. American Silver Eagles are specifically exempted from the fineness test by statute, but most other silver products still have to clear the .999 bar.

Even metal that meets the purity test has to be held by the IRA’s custodian at an approved depository — IRC 408(m) treats personal possession of IRA-owned bullion as a taxable distribution. Before buying anything for a Silver IRA, confirm with the custodian, in writing, that the specific coin or bar is on their approved list; dealers occasionally market “IRA eligible” products that still need custodian confirmation before purchase.