Illinois Precious Metals Sales Tax
What Precious Metals Are Taxed Illinois?
Sales Tax on Precious Metals (Coins and Bars) in Illinois
Are you looking to buy or sell gold, silver, platinum, or palladium coins and bars in Illinois? Here’s the latest on state sales tax rules for bullion and coins.
Does Illinois Charge Sales Tax on Precious Metal Coins and Bars?
Illinois does NOT charge state sales tax on most precious metal coins and bullion bars.
As of January 1, 2018, Illinois law exempts the following from state sales tax:
Gold, silver, or platinum bullion (bars, ingots, or coins) with a purity of at least .980
Legal tender coins issued by the United States or any foreign government
This exemption is outlined in Illinois Compiled Statutes 35 ILCS 120/2-5(29).
What is still taxable?
Items that do not meet the minimum purity (.980) or are not legal tender coins, such as jewelry or medallions, remain subject to sales tax (but these are outside the scope of this guide).
Local sales tax:
Illinois’s exemption applies statewide, so local governments cannot add additional sales tax on exempt precious metals coins and bars.
Summary Table: Illinois Sales Tax on Precious Metals Coins and Bars
| Product Type | State Sales Tax | Local Sales Tax | Notes |
|---|---|---|---|
| Bullion coins and bars (≥.980) | No | No | Exempt statewide |
| Legal tender coins | No | No | Exempt statewide |
| Coins/bars < .980 purity | Yes | Yes | Subject to sales tax |
Official Government Resources
Disclaimer
Disclaimer: Sales tax laws and rates regarding precious metals coins and bars in Illinois may change without notice. This page provides general guidance only. Please consult your local tax authority or a qualified tax professional, and check official state resources for the most current and accurate information before making any precious metals transactions.
If you want to buy or sell precious metal coins and bars in Illinois, most standard bullion and legal tender coins are tax-exempt. Always verify your specific products and stay updated with the Illinois Department of Revenue and Illinois Compiled Statutes.
Sales tax is assessed according to where one is shipping the purchase to.
Safe Haven Metal uses an advanced sales tax computation system to calculate the correct precious metals’ sales tax applicable to your zip code. Making your purchase the best price with the most accurate tax automatically calculated for you. Now all you need to do is figure out which precious metals you are going to buy next with Safe Haven Metal.
