Illinois has long been an important manufacturing center and transportation hub. Agriculture, and food processing have been central elements in the state’s economy. Indeed, Chicago’s ties to the meatpacking industry extend back decades. Today, chemical products, steel, machinery, rubber, and electronics are large components of the state’s manufacturing sector.
Gold and silver mining has not played a large role, though Illinois has boasted several important coal mines over the years. Centered around the Chicago metro area, Illinois has a large population, approaching 13 million. Chicago, naturally, hosts many of the best Illinois gold and silver dealers, but many more are scattered throughout the state.
There is a large sales tax exemption for buying gold and silver bullion in Illinois, as well as paper currency and coins. The law states that the sales of any items of legal tender, medallions, and bullion are exempt from sales taxes in Illinois. Bullion is defined in the law to be any gold, platinum, or silver with a fineness of at least .980. Legal tender is defined as any currency or coin (gold, silver, and platinum coins included) that is legal tender in the United States or any other nation.
One important exception is specified in the law: legal tender coins and currency produced by the Republic of South Africa are still subject to the state sales tax rate of 6.25%. The law dates to 1985, during the Apartheid era. As it has not been repealed, investors must pay sales taxes when they buy gold Krugerrands in Illinois, as well as any other South African coinage or currency.
CBMint is not based in Illinois, so residents of Illinois do not have to pay any sales taxes when buying bullion online from CBMint. Please feel free to Browse our Selection of tax-free bullion products. You can read more details about the tax laws that apply when buying bullion and coins in Illinois here:
http://tax.illinois.gov/publications/bulletins/1985/FY85-33.PDF
Please note, we are not tax professionals or experts. Individuals are sometimes liable to pay local Use taxes. Contact your state and local tax authorities for all laws concerning taxes when buying bullion locally in Illinois.
Listed below is a small sample of featured bullion and coin dealers in the state of Illinois. If you would like to suggest any additional Illinois coin or bullion stores to add to this list, feel free to Contact CBMint and let us know.
One of the oldest and best Chicago Coin Shops, Kedzie Coins specializes in rare and collectible coins. Kedzie is a family-owned coin dealer and offers friendly, personalized service to both beginning coin collectors and seasoned investors. Kedzie focuses on high-grade US coins, proof coins, and mint sets, but also has an impressive range of silver and gold bullion coins, such as American Eagles and Canadian Maple Leafs. Kedzie Coins is renowned for helping investors track down hard to find rare coins. Kedzie Coins has an active eBay store, with coin prices and precious metal prices updated frequently.
5909 South Kedzie Avenue
Chicago, IL 60629
(773) 436-0777
The Chicago Precious Metals Exchange, or CPMEx, deals almost exclusively with precious metals such as gold, silver, platinum, and palladium. They buy and sell precious metals bullion, offering some of the best silver and gold prices in Chicago, IL. They assist buyers looking to invest in silver and gold, and often help such investors set up a Precious Metals IRA account. They do not have a showroom that is open to the public — instead, they ask customers looking to invest in precious metals to call ahead for an appointment. The Chicago Precious Metals Exchange maintains an updated website, where current silver prices, gold prices, and platinum prices are constantly updated.
30 Wacker Drive South – 22nd Floor
Chicago, IL 60606
(312) 854-7084
A Chicago institution for five decades, the Chicago Coin Company is one of the best gold and silver dealers in Illinois. They both retail and wholesale fine gold, silver, and platinum bullion coins, bars, and rounds. Their website features a list of gold and silver bullion products they actively buy from the public. Additionally, they have some of the lowest silver and gold prices in the Chicago area. Their collection of rare and historic coins is equally impressive, featuring such staples as Morgan silver dollars, 90% silver coinage, world silver and gold coins, slabbed coins, and proof coins. Their selection always changes, so be sure to visit their store in person. Chicago Coin offers coin appraisals at no cost.
6455 Archer Avenue West
Chicago, IL 60638
(773) 586-7666
Fox Valley Coins remains one of the largest Illinois coin dealers, with a huge selection of rare and collectible coins, as well as silver and gold bullion products. Fox Valley currently has three area store locations, making them among the best silver and gold dealers in the greater Chicago area. They buy and sell all types of numismatic coinage, precious metal bullion, scrap silver and gold, medallions, tokens, investment-grade coins, and foreign coins. Their Facebook page has frequent posts about their current and updated inventory, but it is still recommended to visit one of their locations to see what coins and bullion they have on offer.
2274 Ogden Avenue
Aurora, IL 60504
(630) 820-2800
Formerly known as Illinois Coin, iCoin is located in Joliet, a suburb of Chicago, and is renowned as one of the best coin shops in the Chicago, IL area. Their wide numismatic and collectible product offerings include jewelry, stamps, postcards, scrap silver and gold, and collectible US and foreign coins. iCoin also buys and sells many gold and silver bullion products, such as American Eagles, silver bars, 90% junk silver, and more. Their main focus, however, remains on historic and rare US coinage.
151 Springfield Avenue
Joliet, IL 60435
(815) 730-8808
Elmhurst Coins and Collectibles has a well-balanced selection of collectible coins and silver and gold bullion. They offer a range of rare and high-grade US and foreign coins, such as cents, 90% silver coins, Peace and Morgan silver dollars, state quarters, proof coins, and much more. They actively buy and sell gold and silver coins, such as American Silver Eagles, Gold Eagles (including pre-1933 US Gold Eagles), Krugerrands, Maple Leafs, and many other silver and gold world coins. Located in a west suburb of Chicago, Elmhurst is still one of the best coin and bullion dealers in Illinois, primarily due to their wide and ever-changing selection of products.
127 North Addison Street
Elmhurst, IL 60126
(630) 359-4140
