IRA-Approved Platinum

Investing in platinum is more complex than gold or silver, especially when the discussion is IRA investing. Many investors need to pay more attention to buying platinum for retirement savings because they know little about IRA-approved precious metals. You need not be that person.

IRA Platinum Requirements

The following are the specific requirements physical platinum should meet to be allowed in a precious metals IRA:

• The platinum bars or coins you purchase for IRA investing must be at least 99.95 percent pure or be .9995 fine. The minimum fineness requirements are greater than gold and silver. Not to mention, platinum jewelry is not allowed since they usually don’t meet the fineness requirements or specific other criteria.
• The platinum bar or coin must have been minted by a COMEX- or NYMEX-approved refiner/assayer or a national government mint.
• You must set up the IRA under the purview of a custodian who’ll act as the account trustee. You, however, have the right to choose your custodian. The IRA account custodian will help you set up and manage the retirement account.
• The platinum purchased must be stored at an IRS-approved depository. You cannot keep the precious metals at your home, a private property, or anywhere the IRS (Internal Revenue Service) doesn’t recognize. Not to mention, the IRS-approved vaults are more secure and safe than any private safe.

Note that platinum coins and bars with historicity may not be allowed into a platinum IRA too, as they could trade for a more significant premium, making them non-feasible from an investment perspective. They may also not meet IRS’ purity standards for platinum.

IRA-Approved Platinum Coins

Below are some popular platinum bullion coins for an IRA:

• American Eagle Platinum Bullion Coin: The American Eagle coin is a platinum variant of the top-rated gold coin. And like the gold version, the American Eagle platinum is the official bullion of America. Unsurprisingly, American Eagle Platinum coins are among the most popular platinum bullion.
• Canadian Maple Leaf Platinum Coin: The Canadian Maple Leaf platinum coin is Canada’s equivalent to the American Eagle. It’s an investor- and collector-friendly bullion coin, and the platinum version is rarer and more valuable than most platinum coins.
• Austrian Vienna Philharmonic Platinum Coin: Like the other two coins, the Vienna Philharmonic platinum coin looks identical to its gold and silver variants. The platinum coin is relatively new compared to the other two versions but on par with them in popularity and value.
• South African Krugerrand Platinum Coin: This Krugerrand coin is the pure platinum version of the instantly recognizable and popular gold coin. Unlike the gold Krugerrand, however, the platinum coin is .9999 fine or 99.99 percent pure.
• Australian Platinum Kangaroo Coin: The Kangaroo series of coins is arguably the most popular Aussie bullion coin. The platinum Kangaroo coin was launched recently in 2018. But because of the pedigree of the lineup’s silver and gold variants, this platinum coin has quickly climbed up the popularity ladder.
• Platinum Britannia Coin: This British coin is the platinum version of its gold variant. The Royal Mint has issued the coin since 2018 with a millesimal fineness of .9995 or 99.95 percent purity.  
• Australian Koala Platinum Coin: The Australian Koala gold coins are less popular than the gold variants of the above coins. However, its platinum version is relatively well-known because there aren’t as many precious platinum bullion coins.
• Isle of Man Noble Coin: The Isle of Man is another coin without a famous gold cousin. The Isle of Man is a British protectorate that continues to be an independent region. It’s known for issuing high-quality precious metal coins, which includes the Isle of Man platinum bullion.

Note that the aforementioned platinum coins aren’t the only ones worth their salt. We are almost certain several other pure platinum coins make the IRA cut and can replace one or more of the abovementioned coins, particularly the last few. If you come across a pure platinum bullion coin that meets all IRS requirements, invest in them instead of the above-mentioned coins. When hunting for other platinum coins, try to steer clear of rare coins, commemorative or special edition coins, etc., as they command a premium and won’t be eligible for an IRA.

IRA-Eligible Platinum Bars

Unlike coins, not much thought or deliberation goes into choosing platinum bars since their purity is given. In other words, bars made of platinum or other precious metals are pure. But because bullion bars are not as popular for investment as coins and are almost ignored by collectors, there aren’t many recognizable names making bullion bars in platinum or other precious metals. The notable names include Valcambi, Credit Suisse, PAMP Suisse, Engelhard, Johnson Matthey, and Argor-Heraeus.

Platinum bars come in different sizes. They can range from 1 oz or less to up to a kilogram or more. Their form factors, however, are quite identical. There’s not much differentiation on the design front, too, particularly on the front. Some manufacturers try to differentiate with their emblems on the rear or by carving up a completely new design pattern. Compared to coins, a bullion bar has the name of its mint or manufacturer projected much more than the item’s specifics.

PAMP Suisse platinum bars, for instance, have the famous Fortuna design imprinted on their backs, setting them apart from other bullion bars that usually have their logos emblemed repeatedly in a pattern, like the Valcambi CombiBar or Credit Suisse platinum bar. By the way, Engelhard is no longer operating, and its platinum bars could be hard to find. Don’t invest in platinum bars made by a generic or lesser-known mint since it will not only not qualify for an IRA but will also be harder to liquidate.

Platinum Coins Not Eligible for an IRA

A platinum coin won’t be allowed in a self-directed IRA (SDIRA) if it’s not pure enough. And if the mint that makes the coin is also not in the good books of or unrecognized by the IRS, the coin won’t be allowed in an IRA, even if it meets purity requirements. Some coins that don’t qualify for an IRA include Chinese Platinum Panda, Swiss Platinum Shooting Thaler, Tonga Platinum Seoul Olympics, Cook Islands Platinum, and Somalia Platinum Elephant. Besides these coins, several other platinum bullion coins may not make it to a precious metals IRA account. Do your research and talk to your custodian for specific information.  

Read more: IRA Approved Gold

Conclusion

Although not on the level of gold or silver, there are enough platinum bars and coins to invest under a precious metals IRA setup. The ones mentioned above are among the few but some of the best options for platinum IRAs.

Ensure your platinum purchases are right. Unlike gold, platinum prices don’t go up during an economic lull. If you buy a platinum coin or bar when industries are flourishing, you’ll likely pay a premium. You may be unable to recuperate that later when reselling the item.