Iowa, the Hawkeye State, is a Midwestern state between the Mississippi and Missouri rivers, an area sometimes known as the “American Heartland” or the Corn Belt. Though best known for corn fields, in fact Iowa has a diverse agricultural and manufacturing-based economy.
The state has many hobbyist gold prospectors; small deposits of both gold and silver can be found here. Iowa is also home to several well-regarded coin dealers, most are located in the capital and largest city, Des Moines.
Bullion Sales Tax in Iowa
Iowa does not charge sales tax on any amount of bullion or coins, because there is a tax exemption for such items. According to Iowa state law (http://www.iowa.gov/tax/educate/79120.pdf), “The sales price from sales of coins, currency, or bullion is exempt from tax.” Under the law, ‘bullion’ refers to any form of gold, silver, platinum, or palladium where the value is dependent on the metal content, rather than the form.
‘Coins’ or ‘Currency’ refers to any metal or paper which is intended for, or has been used for, legal tender. Because of this exemption, Iowa investors get more value for their money when buying from in-state coin dealers. Items that do not fall under this exemption are taxed at the state sales tax rate, which is currently 6%.
JM Bullion, being an out of state retailer, does NOT have to charge sales tax to Iowa 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 IA
If you are looking for coin shops in specific cities located in the state of Iowa be sure to check out our other local directory pages:
- Local coin shops in Des Moines, IA
- Local coin shops in Cedar Rapids, IA
- Local coin shops in Davenport, IA
Below is a list of local precious metals dealers in Iowa, including directions to each local shop.
Chester’s Coins & Gifts
Chester’s Coins is a local Iowa coin dealer founded by Scott Nichols, a former president of the Iowa Numismatic Association. An authorized NGC and PCGS dealer, this is a full-service coin shop that buys, sells, trades, and appraises all forms of coins and bullion, including rare and ancient coins, paper currency, gold, and silver.
Chester’s strives to offer a wide range of coins at every price point from $1 to $5000. They do have minimum purchase requirements for certain gold and silver bullion coins (such as 20 coins, 500 silver ounces, or $1000 face value for junk silver), though they can often source single coins at a slightly higher premium.
221 Main Street
Ames, IA 50010
Ron’s Coins, a Cedar Rapids coin dealer, is known for confidentiality and integrity. Their services are available by appointment only; the shop does not publicize walk-in hours. Ron’s Coins buys and sells rare and historical coins, along with jewelry, coins and bullion made of gold, silver, platinum, and palladium.
Ron’s is a PCGS and NGC authorized dealer and a US Mint authorized dealer that strives to offer one-on-one service for every customer. Their most popular products include American Eagle bullion coins, Engelhard silver bullion, and US Mint proof sets. Their appraisal fee is $35 per hour unless they purchase your collection.
222 3rd Street SE, Suite 417
Cedar Rapids, IA 52401
Capital City Coins & Bullion
Capital City Coins offers competitive rates and promises to match or beat the prices offered by other local coin dealers. They buy, sell, trade, and appraise jewelry, coins, bullion, and precious metal scrap. Appraisals are free, and Capital City Coins offers after hours appointments any day of the week. Their products include gold and silver bullion bars, raw and slabbed coins, and paper currency.
7576 Hickman Rd
Des Moines, IA 50324
Quad City Coin & Antique Company
Quad City Coin is a small Iowa coin dealer specializing in US and foreign coinage. They regularly search the 7-state area around Iowa to purchase coins and collectibles from individual investors and other dealers.
In recognition of their location in a small Midwest town, Quad City Coin offers an expansive selection online. Quad City is a member of the American Numismatic Association and the Iowa Numismatic Association.
2395 Tech Dr #10
Bettendorf, IA 52722
Christopher’s Fine Jewelry & Rare Coins
Christopher’s Fine Jewelry & Rare Coins specializes in precious metal jewelry and coins. Their coin selection includes US and foreign coins and currency, proof and mint sets, and precious metals (gold, silver, platinum, and palladium).
Christopher’s buys gold and silver bullion, scrap, and jewelry, and also offer appraisals for a fee of $35 per hour, which is waived if the shop purchases the collection. Their precious metal offerings include the most popular forms of gold and silver bullion, in a wide variety of sizes to suit any investor’s budget.
3427 Merle Hay Rd.
Des Moines, IA 50310
Royal Metals Group
Royal Metals Group specializes in gold and silver bullion. Their products are available online or by calling their Bettendorf office. Royal Metals offers a monthly silver buying program and offers advisers and other resources to help investors make the right physical precious metal purchases. They offer gold and silver bars, rounds, and coins from around the world, many of which are IRA eligible.
2420 18th St
Bettendorf, IA 52722
Thank you for reading our guide to gold and silver buying in Iowa. If you know of any other coin or bullion shops in IA, please contact us so we can update our directory.