What Are Silver American Eagle Bullion and Proof Coins?
When doing your research as to which coins, bullion, gold, silver, and other precious metals you can hold in your IRA, you may come across Silver American Eagle Bullion and Proof Coins. Each of these coins contains a minimum of one troy ounce of 99.9% pure silver and is widely considered one of the most beautiful American coins ever minted. Keep reading to learn more about Silver American Eagle Bullion and Proof Coins, how they are allowed in an IRA, as well as their characteristics, specifications, and history.
Silver American Eagle Bullion and Proof Coins: IRA-Allowable
According to Forbes, not all precious metal investments can be owned by an IRA. The basic rule is that an IRA is not allowed to own a collectible, and precious metals are defined as collectibles, whether the investment is in bullion or coins. Fortunately, there are exceptions to the general rule for gold, silver, platinum, and palladium that are held in certain forms.
Some of the rules of owning gold or other precious metals in an IRA include:
- Bullion coins that are legal tender can be owned by IRAs
- The coins also must have a 99.5% fineness level
- The American Eagle AEO +4.4% coins qualify as do some bullion coins issued by the states
- Canadian Maple Leafs can be held in an IRA
- South African Krugerrands and British Sovereign coins don’t meet the exception
- Older U.S. coins such as Double Eagles also don’t qualify
- Bullion bars and rounds of gold and silver also are allowed in an IRA when they are of 99.9% fineness
- You can’t transfer to your IRA coins or bullion you already own
Charachteristics and Specifications of Silver American Eagle Bullion and Proof Coins
The United States Mint provides descriptions of all IRA-allowed coins, including the Silver American Eagle Bullion and Proof Coins. According to their website, the obverse of Silver American Eagle Bullion and Proof Coins feature a refreshed depiction of Adolph A. Weinman’s full-length figure of Liberty in full stride, enveloped in folds of the flag. Her right hand is extended and she carries laurel and oak branches in her left. The design also includes Weinman’s traditional artist mark. The reverse depicts, since 2021, an eagle as it approaches a landing. It carries an oak branch as if to add it to a nest.
- IN GOD WE TRUST
- UNITED STATES OF AMERICA
- E PLURIBUS UNUM
- 1 OZ. FINE SILVER
- ONE DOLLAR
- Composition: 99.9% silver
- Weight: 1.000 troy oz. (31.103 grams)
- Diameter: 1.598 inches (40.60 mm)
- Edge: Reeded
- Obverse Designer: Adolf A. Weinman
- Reverse Sculptor: Michael Gaudioso, Medallic Artist
- Designer: Emily Damstra, Artistic Infusion Program
History of Silver American Eagle Bullion and Proof Coins
The U.S. Mint launched the American Eagle Coin Program in 1986 with gold and silver bullion coins for investors. The program has since expanded to include platinum and palladium coins. The Mint also makes proof and uncirculated versions of the American Eagle coins for collecting.
From 1986 to 2021, the reverse of the Silver American Eagle Bullion and Proof Coin depicted a heraldic eagle with a shield, grasping an olive branch in the right talon and arrows in the left. The design, by John Mercanti, symbolized strength and endurance. In 2021, the U.S. Mint marked the 35th anniversary of the American Eagle Coin Program with a refreshed design. Thanks to technological advancements in the design and minting process, the design now encompasses some of Weinman’s original details that were not previously possible. The design also adds his traditional artist mark.
About Priority Gold
American Eagle Bullion Coins can provide you with a way to add a small amount of physical gold, silver, platinum, or palladium to your investment portfolios. The gold bullion American Eagle coins are available in four sizes: one ounce, one-half ounce, one-quarter ounce, and one-tenth ounce. The silver, platinum, and palladium bullion coins are available in one-ounce sizes.
To own precious metals in an IRA you need a true self-directed IRA with a custodian. The IRS regulations require that the coins or bullion be in the possession of the custodian, who is IRS-approved. We can help. If you are ready to invest in gold, silver, or other precious metals to protect your savings and secure your future, Priority Gold is one of the most trusted precious metals dealers in the United States with BBB A+ Rating, AAA Rating with Business Consumer Alliance, and 5 Stars Rating with TrustLink.
We specialize in providing precious metals investment services with Security, Liability, and Great Convenience for customers. Our team is committed to helping to streamline their precious metals purchases at a fair price, selecting the right precious metals portfolios, and meeting their important financial objectives. We offer Free Storage for qualifying Gold & Silver IRA accounts, a fast & easy gold buying process, and smooth IRA Transfer. And gold shows up on schedule. Priority Gold guarantees the highest standards of customer service, which comes with honesty, professional conduct, and Ethical Code of Business.
For more information, visit us at prioritygold.com