Table of Contents
- 1 Top IRA-Approved Platinum Coins
- 2 Requirements for Platinum by the IRS
- 3 Platinum Coins Approved for IRA Investment
- 4 Platinum Bars Approved for IRA Investment
- 5 How To Set Up A Precious Metals IRA With Platinum
- 6 Benefits of Adding Platinum to Your IRA
Top IRA-Approved Platinum Coins
As an investor, you know that it is important to diversify your portfolio. While stocks and bonds are a great foundation, adding precious metals can help to protect your assets in the event of a stock market crash or economic downturn. One way to add precious metals to your portfolio is through individual retirement accounts (IRAs). In this blog post, I will explore some of the most IRA-approved platinum coins on the market.
Platinum is a white metal that is often used in jewelry and industrial applications. It is also one of the rarest precious metals, making it a valuable addition to any portfolio. When it comes to investing in platinum, there are a few things you need to keep in mind. First, platinum is not as liquid as gold or silver. This means that it can be more difficult to buy and sell platinum coins on the open market. Second, platinum prices can be volatile, so it is important to monitor the market closely before making any investment decisions.
Requirements for Platinum by the IRS
There are a number of requirements the IRS has put in place when it comes to allowing investors to add physical platinum to a precious metals IRA. To ensure the investment is made in a way that provides the most benefit to the precious metals ira account holder and doesn’t put them at risk of penalties, it’s important to be aware of these guidelines.
The first major requirement is that platinum must be in the form of coins or Platinum bars that are specifically approved by the IRS for precious metals IRA investment. The IRS has specifically approved certain coins for this purpose, which we will discuss later in the article.
The second requirement is to do with the purity levels of the platinum. Just like gold coins the coins must be at least .9995 fine, which is considered “five nines” purity. This is the highest level of purity that is typically available.
The next requirement has to do with where the coins are stored. The IRS requires that the coins be stored in an approved depository. This is to ensure that the platinum is properly protected and insured. You will not be able to store the coins in your home or office if you are buying them for a platinum ira.
Finally, there are requirements for reporting. When you add platinum to your IRA, you will need to file a Form 5500-EZ. This form is used to report any changes made to your retirement account.
Platinum Coins Approved for IRA Investment
There are six platinum coins that have been approved by the IRS, for investment in an IRA. They are:
- American Eagle Platinum bullion coins
- Australian Koala Platinum
- Canadian Maple Leaf Platinum
- Isle of Man Noble
- South Africa Platinum Krugerrand
- Austria Vienna Platinum Philharmonic
I will take a more detailed look at each one.
American Eagle Platinum bullion coins
The American Eagle Platinum bullion coin is a collector’s item with a long and interesting history. The coin was first minted in 1997 by the United States Mint, and it quickly became popular among collectors and investors. The coin is available in four different sizes: 1 ounce, ½ ounce, ¼ ounce, and 1/10 ounce. Each size has a different face value, ranging from $100 to $10. The coin is also unique because it is one of the few bullion coins that is struck in 99.95% platinum.
The American Eagle Platinum bullion coin has a beautiful design that features Lady Liberty on the obverse (front) side and an eagle in flight on the reverse (back) side. The coin’s design is inspired by the “Goddess of Liberty” sculpture by Augustus Saint-Gaudens, which is featured on the $20 Saint-Gaudens Gold Coin.
The American Eagle Platinum bullion coin is an ideal choice for investors looking for a precious metal with a high monetary value. It is also a popular choice for collectors due to its rarity and stunning design.
Australian Koala Platinum
The Australian Koala coin is a platinum coin that was first minted in 1988. The coin features a likeness of a koala on one side and the Australian coat of arms on the other. The Koala coins are available in four sizes: 1/10 oz, 1/4 oz, 1/2 oz, and 1 oz. The coins are legal tender in Australia and have a face value of $100 AUD.
The Australian Koala coin proved to be very popular with investors and collectors alike. The coins were initially produced with .9995 purity, but this was increased to .9999 in 1989. In 2000, the Perth Mint began using “lunar” designs on the reverse side of the coin, featuring a different animal from the Chinese Zodiac each year.
Canadian Maple Leaf Platinum
The Canadian Maple Leaf Platinum coin is one of the most popular coins in the world. First minted in 1988, the coin is made of .9995 pure platinum and features a portrait of Queen Elizabeth II on the obverse and a maple leaf on the reverse. The coin is available in a variety of sizes, from 1/20 oz to 1 oz, and has a face value of $50 (CAD).
The Maple Leaf Platinum coin is produced by the Royal Canadian Mint, which is renowned for its high-quality precious metal coins. The Mint also produces Gold Maple Leafs and Silver Maple Leafs, as well as a number of other popular coins.
Isle of Man Noble coins
The Isle of Man Noble coin is one of the most famous and popular coins in the world. It was first minted in 1979, and since then has been struck in various sizes and designs. The obverse of the coin typically features a portrait of Queen Elizabeth II, while the reverse side depicts the image of a Viking longship. The Noble coin is also unique in that it is minted from platinum, making it one of the rarest and most valuable coins in circulation.
The coin was designed by engraver Arnold Machin, and featured a portrait of the Queen on the obverse side. The reverse side depicted a Viking longship, which was meant to represent the Isle of Man’s Scandinavian heritage.
In 1980, a proof version of the Noble coin was released, which featured a different design on the reverse side. This design depicted three triskeles, which are ancient Celtic symbols. In 1982, another proof coin was released, this time with a new obverse design featuring a bust of Queen Elizabeth II by British sculptor Rafael Maklouf.
South Africa Platinum Krugerrand
The South Africa Platinum Krugerrand coin is a platinum bullion coin minted by the South African Mint. It was first introduced in 2017, and is modelled after the Gold Krugerrand, which was first minted in 1967. The Platinum Krugerrand has a face value of 50 rand, and is available in 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz denominations. The obverse side of the coin features a portrait of Paul Kruger, the Boer statesman who served as President of the South African Republic from 1883 to 1900. The reverse side depicts a Springbok antelope, which is the national animal of South Africa.
The Platinum Krugerrand was introduced as a way to commemorate the 50th anniversary of the Gold Krugerrand. The coins are produced at the South African Mint in Pretoria. As with the Gold Krugerrand, the Platinum Krugerrand is not intended for circulation, but rather for investment purposes. The coin is popular among investors due to its purity (99.95%) and low premium over the spot price.
Austria Vienna Platinum Philharmonic
The Austrian Mint celebrates the Vienna Philharmonic Orchestra on the Vienna Philharmonic coin. The obverse of the coin shows the Great Organ of the Musikverein in Vienna, Austria. The reverse of the coin shows eight different instruments of the orchestra. The instruments are the Vienna horn, bassoon, harp, four violins, and cello.
The Austrian Mint first released the platinum coin in October 2016 in six different sizes: 1/25 oz, 1/10 oz, 1/4 oz, 1/2 oz, 1 oz, and 2 oz. In September 2017, they released two more sizes: 4 oz and 8 oz.
Platinum Bars Approved for IRA Investment
There are four main platinum bars that can be added to your self directed platinum ira. They are:
- Valcambi Platinum bars
- Credit Suisse Platinum bars
- PAMP Suisse Platinum bars
- Engelhard Platinum bars
How To Set Up A Precious Metals IRA With Platinum
whether you are looking to set up a specific platinum ira or add platinum to your precious metal ira with other precious metals, there are a number of things you need to do and keep in mind. Below are the top tips on how to set up your platinum ira.
There are a few things you need to do in order to set up your precious metal IRA. First, you will need to find a company that specializes in handling IRAs that invest in precious metals. You can find a list of some reputable precious metal companies here. Once you have found a custodian, you will need to open up a self-directed IRA with them. This simply means that you, not the custodian, will be making investment decisions for the account.
The next step is to fund your account. You can do this by rolling over funds from an existing retirement account, such as a 401(k) or traditional IRA. You can also make annual contributions of up to $5,500 ($6,500 if you’re over the age of 50). Once your account is funded, you can begin buying precious metals.
Benefits of Adding Platinum to Your IRA
Platinum is a rare metal that is often viewed as a valuable addition to any portfolio. Its rarity, in combination with its many industrial uses, gives platinum a level of stability that can provide investors with peace of mind.
There are many benefits to adding platinum to your IRA. For one, platinum is a very rare metal. In fact, it is so rare that there is only enough platinum mined each year to fill the palm of your hand. This limited supply, combined with increasing demand from industry, makes platinum a very valuable commodity.
Another benefit of investing in platinum is its stability. Unlike other commodities, such as oil or gas, platinum prices are not highly volatile. This makes it an ideal investment for those looking for stability in their portfolio.
Additionally, platinum is a very useful metal. It is used in a variety of industries, including jewelry production, automotive manufacturing, and chemical processing. This diversified demand helps to insulate the price of platinum from fluctuations in any one sector.
Finally, adding platinum to your IRA can provide you with significant tax advantages. Platinum is classified as a “precious metal” by the IRS, which gives it special tax treatment. Specifically, platinum IRA assets are not subject to capital gains taxes. This can save you a considerable amount of money over time.
If you are looking for a way to add stability and value to your portfolio, investing in platinum may be the right choice for you. Consult with your financial advisor to learn more about how platinum can help you reach your investment goals.