Illinois Sales Tax for Precious Metals
As defined in 86 Chap 1 Ill Adm Code §130.120(aa), the following bullion and numismatic items are EXEMPT from sales tax when shipped by Gainesville Coins to an Illinois address:
- Gold, silver, or platinum bullion in a bulk state, refined to a purity of not less than .980 fine, and sold according to its precious metal content and not form;
- U.S. or foreign legal tender;
- Legal tender gold or silver coinage;
- Legal tender currency of the U.S. or foreign country;
All other bullion or numismatic items and accessories sold by Gainesville Coins are subject to Illinois state sales tax.
"Legal tender" is defined as "currency, gold coins, silver coins, and any other item accepted as money in the country in which it is issued."
"Medallions" are defined as "coins, other than legal tender, which are issued by a government body, usually as a memorial."
Our Use Tax Account ID is 4320-3043. Illinois Business Authorization effective 02/22/2021.
Illinois Tax Code - Sales Tax Exemptions For Precious Metals
Section 130.120 Nontaxable Transactions
The tax does not apply to receipts from sales:
aa) of legal tender, currency, medallions, or gold or silver coinage issued by the State of Illinois, the government of the United States of America or the government of any foreign country and bullion [35 ILCS 120/2-5(18)], unless the items are transferred as jewelry and therefore subject to tax. This exemption existed prior to the enactment of Section 2-70 and will not sunset;
Tax By State
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia