The diverse midwestern state of Illinois is best known as the Land of Lincoln. Long an important manufacturing center, Illinois has historically been home to important coal mining towns, as well as a vibrant jazz and blues culture. The state offers several notable longstanding coin dealers, especially within the city of Chicago.
Bullion Sales Tax in Illinois
According to Illinois tax law (http://tax.illinois.gov/publications/bulletins/1985/FY85-33.PDF), “legal tender, medallions, and bullion are exempt from the sales tax.” Under the law, legal tender includes paper currency, as well as coins (gold, silver, or other metals) used in transactions in any state, the United States, or any foreign country except the Republic of South Africa. “Medallions” are any non-legal tender coin issued by a governmental body.
“Bullion” is any gold, silver, or platinum with a purity of at least 0.980. This sales tax exemption is fairly broad, covering nearly every type of rare/historic coins and precious metal bullion commonly found in a coin shop. Note that under Illinois state law, South African Krugerrand bullion coins remain taxable; when passed in 1985, this regulation led to a significant drop of gold and silver Krugerrand sales within the state.
JM Bullion, being an out of state retailer, does NOT have to charge sales tax to Illinois residents. Browse our selection of tax-free gold and silver products. Please note that we are not tax experts, and individuals may be liable to pay local Use tax.
Local Gold and Silver Dealers in IL
If you are looking for coin shops in specific cities located in the state of Illinois be sure to check out our other local directory pages:
- Local coin shops in Chicago, IL
- Local coin shops in Aurora, IL
- Local coin shops in Joliet, IL
- Local coin shops in Rockford, IL
- Local coin shops in Naperville, IL
- Local coin shops in Elgin, IL
- Local coin shops in Peoria, IL
- Local coin shops in Springfield, IL
Below is a list of local precious metals dealers in Illinois, including directions to each local shop.
Chicago Coin Company
Chicago Coin Company, founded in 1955, is among the state’s oldest coin dealers. They have a huge coin research library, and provide free verbal appraisals. This is a large retail and wholesale gold, silver, and coin buyer and seller.
Their website offers a complete list of the gold and silver products they are currently purchasing. A small selection of their coins can be found on eBay; their large Chicago storefront offers a more expansive inventory. Each year, Chicago Coin donates staff time and money to at least one local charity.
6455 W. Archer Ave.
Chicago, IL 60638
Kedzie Koins, a longstanding Chicago coin shop, specializes in historical US coins and other rare coinage. They also carry platinum, gold, and silver bullion and coins. They have been in the same location for over three decades, and are a family-owned coin dealer known as one of the best in the Midwest.
They cater to beginning collectors and experienced investors alike, with coins available in every price range. In particular, they are known for their wide selection of top-quality rare coins for discerning collectors. Many of these coins are available for purchase via eBay, where the inventory is updated daily; others can only be purchased through their showroom. If you are searching for an elusive coin, submit a request to receive their assistance tracking it down.
5909 South Kedzie Ave.
Chicago, IL 60629
Fox Valley Coins
One of the largest Illinois coin dealers, Fox Valley buys and sells nearly every type of coin and bullion imaginable. They have three locations, each offering inventory ranging in price from under a dollar to tens of thousands of dollars. Fox Valley also offers regular live auctions of collectible coins.
Their inventory includes US and foreign coins and currency, proof and graded coins, commemorative medallions, collecting supplies, and precious metals (silver and gold). They post inventory updates daily via Facebook, so prospective customers can easily see when new products come in stock.
2274 Ogden Ave.
Aurora, IL 60504
iCoin, also known as Illinois Coin, is a Joliet coin shop known for their wide selection. They offer gold and silver, jewelry, stamps, and postcards in addition to U.S. and foreign coins. iCoin is particularly interested in purchasing rare or historical US coins, as well as scrap gold and silver. A portion of their inventory is sold via eBay auctions.
151 Springfield Ave.
Joliet, IL 60435
Chicago Precious Metals Exchange, LLC
Chicago Precious Metals Exchange specializes in gold and silver bullion, and works mainly with precious metal investors, rather than collectors of rare or historical coins.
They buy and sell physical precious metal bullion, and are available to assist their clients in setting up or managing a precious metal IRA. Most of their services are available by appointment only.
The Chicago PMEx website offers up-to-the-minute updates on their sell prices for gold, silver, platinum, and palladium.
30 S. Wacker Dr 22nd Fl
Chicago, IL 60606
Elmhurst Coins and Collectibles
Elmhurst Coins buys and sells gold, silver, coins, and related items, including US and foreign coins, American Gold Eagles, all foreign gold and silver coins, gold jewelry, proof and mint sets, and paper currency. They offer a small selection of their inventory, primarily graded and rare U.S. coins, on eBay.
127 North Addison Street
Elmhurst, IL 60126
Thank you for reading our guide to gold and silver buying in Illinois. If you know of any other coin or bullion shops in IL, please contact us so we can update our directory.