Approximately 80% of Utah’s population lives in the Salt Lake City area, leaving much of the rest of the state sparsely populated. Tourism is a major industry here; Utah is well-known for its outdoor and recreational activities, with many national parks, monuments, ski resorts, and forests throughout the state.
Mining activities, including petroleum, coal, copper, gold, silver, and other minerals and fuels, are also important segments of Utah’s economy. An estimated two-thirds of Utah residents are Mormons, making it the most religiously homogeneous state, which has a significant impact on Utah culture.
Bullion Sales Tax in Utah
Within Utah, there is no sales tax collected on most coins, paper currency, and precious metals. Under state law, a sales tax exemption covers the sale of “Currency or coinage that is legal tender of the United States or of a foreign nation,” and “Sales of an ingot, bar, medallion or decorative coin containing at least 50 percent gold, silver or platinum that is not legal tender of any nation” (http://tax.utah.gov/forms/pubs/pub-25.pdf).
Note that this exemption does not include certain numismatic collectibles, such as tokens, which are not legal tender and not comprised of precious metals. Items that do not qualify for the exemption incur sales tax. The state sales tax rate is 4.7%, though there are often local taxes bringing the total tax rate as high as 8.35% in some areas.
In 2011, Utah passed a law making gold and silver official legal tender. U.S. Mint-issued gold and silver coins (such as the American Eagle) have been defined as currency, rather than assets. As a result, sales of such items are no longer subject to Utah’s 7% capital gains tax or any other state taxes. This is an important consideration for Utah precious metal investors, and may influence which bullion products they choose at local coin shops.
JM Bullion, being an out of state retailer, does NOT have to charge sales tax to Utah 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 UT
If you are looking for coin shops in specific cities located in the state of Utah be sure to check out our other local directory pages:
- Local coin shops in Salt Lake City, UT
- Local coin shops in West Valley City, UT
- Local coin shops in Provo, UT
- Local coin shops in West Jordan, UT
Below is a list of local precious metals dealers in Utah, including directions to each local shop.
Rust Rare Coin
Founded in 1966, Rust Rare Coin is a Salt Lake City coin dealer renowned as coin industry experts. They offer appraisals, and carry an extensive selection of U.S. and foreign coins, paper currency, and precious metals. Their specialties include high-grade U.S. coins and historical Mormon currency, and many of their items can be purchased online.
Rust Rare Coin also buys gold, silver, and coins from individuals. Buy and sell prices for many popular forms of bullion can be found on their website.
252 East 300 South
Salt Lake City, UT 84111
Olympus Gold and Rare Coins
Olympus Gold and Rare Coins carries gold and silver U.S. and world coins, along with rare coins and precious metal bullion. Their growing inventory is backed by an authenticity guarantee and 5-day return policy. An American Numismatic Association member, Olympus Gold and Rare Coins will work to track down elusive coins or help new investors learn more about coin collecting.
3161 South 700 East
Salt Lake City, UT 84106
Founded in 1984, American Coin specializes in buying and selling U.S. coins, especially gold and silver coinage. Many of their coins, as well as a selection of fine jewelry, can be found on eBay. American Coin believes that every investor or collector should be able to make an informed decision, and works to educate buyers and sellers about their coins. They publish a price list online with buy prices for many gold and silver coins.
1170 S. State St
Orem, UT 84097
Monarch Coin specializes in gold and silver coinage, such as American Silver Eagles, 40% and 90% silver US coins, Krugerrands, Canadian Maples Leafs, and privately-minted silver bars. Current buy and sell prices and premiums for the most popular gold and silver bullion products can be found on their website. Monarch Coin does offer a discount for bulk purchases, beginning at 200 ounces of silver or 10 ounces of gold.
211 East 3900 South
Salt Lake City, UT 84107
Legacy Rare Coins
Legacy Rare Coins specializes in high-grade modern and vintage coins. Their selection includes U.S. and world coins, along with bullion coins and bars, especially the American Eagle in gold and silver.
Legacy has a particularly wide selection of early U.S. coins and currency, as well as graded coins. Many of their coins can be purchased online. Legacy Rare Coins also buys all U.S. coins, bullion, and scrap gold.
4431 Commerce Dr
Murray, UT 84107
Local Gold and Silver Mints in Utah
Also browse the gold and silver mints local to Utah. Some of these mints offer retail products, while others are wholesale only.
Regency Mint produces gold, silver, and copper rounds and bars. Their products are eligible for precious metal IRAs. Also known as Quality Silver Bullion, this mint produces silver bars and rounds in various sizes from 1/10 ounce to 10 ounces, each .999 fine silver, with classic Liberty, Buffalo, and Morgan-inspired designs.
222 W. Center St. #1543
Orem, UT 84059
Thank you for reading our guide to gold and silver buying in Utah. If you know of any other coin or bullion shops in UT, please contact us so we can update our directory.