Buying Gold and Silver in Illinois
Illinois is home to Chicago, the third-largest city in the United States by population and the most populous city in the Midwest. If you’re buying precious metals in Illinois, you’re in luck! The state has a wide range of coin shops, bullion dealers, and specialty collector stores to help you build your stack, collection, or metals portfolio. Most of Illinois’ highest-rated local bullion dealers are located in Chicago, which is the trade and commerce metropolis of the state of Illinois.
If you plan to buy precious metals in Illinois, you should be aware that the state does charge a sales tax on certain bullion products, including:
- Low-Purity Bullion (Below 98%)
- Palladium and Copper Products
- Accessories
- Processed Bullion Products
All other precious metal investments are tax-exempt in the state of Illinois, which is great news for stackers whose portfolios primarily focus on high-purity coins, bars, and rounds. Remember – these state taxes on precious metals apply to all purchases within the state, even those made online, so long as they’re shipped to an address in Illinois.
Buying Precious Metals Online vs. Locally In Illinois
Should you buy precious metals online or locally in Illinois? Whether you’re a seasoned investing pro or this is your first purchase, deciding where to get your precious metals is an important step in the investing process. Online bullion dealers are becoming a bigger and bigger industry in the United States. Buying precious metals online allows investors to take advantage of large inventories, competitive shipping fees, high-quality customer service, and lower prices than you’ll often find at local shops. On the other hand, buying metals locally can help you negotiate prices, save money on shipping, and become more involved with your local bullion investor community.
Trying to decide between buying precious metals locally in Illinois or at an online dealer? Let’s take a look at the advantages and disadvantages of both options.
Buying Bullion Locally
- Direct Inspection: Examine your purchases firsthand for quality and authenticity.
- Competitive Pricing: Negotiate deals directly, potentially reducing markups.
- Personalized Experience: Build personal relationships with local dealers/collectors.
- Unique Offerings: Access rare or unique coins or bars sometimes hard to find online.
- Flexible Negotiation: Enjoy tailored agreements through direct, face-to-face discussions.
- No Shipping Fees: Pick up and transport your investments for free from a local shop.
Buying Precious Metals Online
- Large Inventories: Explore a wide range of available products at online shops.
- 24/7 Ordering: Lock in prices and place orders 24/7 instead of waiting.
- Investor Resources: Learn more about products and investing using online tools.
- Easy Price Comparison: Easily compare multiple dealers to find discounts and save.
- Real-Time Pricing: Take advantage of spot price drops to buy based on the latest value of metals.
- Discounts/Deals: Save money using coupons, one-time deals, or limited promotions.
Top-Rated Illinois Gold and Silver Dealers By Region
-
Chicago Coin Dealers
Oakton Coins and Collectibles
4547 Oakton Street
Skokie, IL 60076
Located near the city limits of Chicago, Illinois, Oakton Coins and Collectibles is a coin and bullion dealer that has been serving the Chicago area since 2014. The shop buys bullion and offers appraisals on all precious metal items. Oakton Coins and Collectibles also offers a wide range of numismatic coins, including foreign coins, as well as modern bullion, collectibles, jewelry, and stamps.
Archie’s Coins
5516 W Devon Avenue
Chicago, IL 60646
Since opening in 1955, Archie’s Coins has served customers in the Chicago area. The shop buys all types of precious metals, including scrap gold, silver, and platinum. Archie’s also specializes in numismatic items, antiques, and other collectibles. A member of PCGS and NGC, Archie’s Coins offers no-risk appraisals on all sorts of numismatic items.
Harlan J Berk Ltd
31 N Clark Street
Chicago, IL 60602
Harlan J Berk Ltd is a Chicago-based coin dealer specializing in ancient coins, as well as other antiquities. The shop is run by Aaron Berk, a renowned specialist in ancient coinage and the host of The Ancient Coin Podcast, a popular program focused on the history, grading, and authentication of ancient coins. Harlan J Berk Ltd has established a reputation in the Chicago area as a leading dealer of high-quality ancient coins. The shop also sells a select number of rare U.S. coins.
Gold and Silver Taxes in Illinois
There’s no federal sales tax on precious metals, but each state sets its own rules for which purchases are sales taxable. In Illinois, most high-purity bullion products are tax-exempt, but certain categories of purchases are considered taxable.
Want to learn more about your tax burden when buying precious metals in the state of Illinois? Check out our full guide by clicking the link below!
Precious Metals Sales Taxes in Illinois
Some precious metal purchases are taxed in Illinois, but others are tax-exempt. Wanna learn more about how much you’ll pay in taxes if you buy gold, silver, or other precious metals in Illinois? Click the link below to read more.