Illinois Rules of Gold

Illinois Rules of Gold


Are Gold and Silver Recognized as Legal Tender? - No.

Sales Tax Laws on Gold and Silver - Since January 11, 1985, gold and silver coins, medallions, and bullion have been exempt from sales tax according to the Illinois Department of Revenue.

Is Capital Gains Tax Levied on Gold and Silver? - Yes.

Do the State's Laws Allow for a State Bullion Depository? - No.

Does the State Hold Gold and Silver Reserves? - No.

Does the State Hold Physical Gold and/or Silver in Government Pension Funds? - No.

If you are looking for gold and silver dealer or coin shops in specific cities located in state of Illinois be sure to check out our other local coin shop pages:

Chicago Coin Company

6455 W. Archer Ave.

Chicago, IL 60638

(773) 586-7666

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.

Kedzie Koins

5909 South Kedzie Ave.

Chicago, IL 60629

(773) 436-0777

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 buyers 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.

Fox Valley Coins

4S100 IL-59

Naperville, IL 60563

(630) 820-2800

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.


151 Springfield Ave.

Joliet, IL 60435

(815) 730-8808

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.

Chicago Precious Metals Exchange, LLC

141 W Jackson Blvd Ste 1204

Chicago, IL 60606

(312) 854-7084 

Chicago Precious Metals Exchange specializes in gold and silver bullion, and works mainly with precious metal enthusiasts, 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.

Elmhurst Coins and Collectibles

127 North Addison Street

Elmhurst, IL 60126

(630) 359-4140

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.