MI No exemptions Last reviewed: April 2026

Rules of Gold in Michigan

What this means for me Coin & bullion dealers 4

The six facts

Statute-level rules. Each fact is sourced; click through to the primary citation.

Bullion exempt

Sales tax on bullion

MCL 205.54s, enacted in 1999 under the General Sales Tax Act, exempts the sale of investment coins and bullion from Michigan sales tax. No minimum purchase threshold applies. "Bullion" is defined as gold, silver, or platinum in a bulk state where value depends on metal content rather than form, with purity of not less than 900 parts per 1,000 (a notably lower 90% purity threshold than most states' 0.995-0.999 standards — Michigan's exemption captures more sub-standard refined metal forms). "Investment coins" means numismatic coins or other forms of money and legal tender manufactured of gold, silver, platinum, palladium, or other metal and issued by the United States government or a foreign government, with a fair market value greater than face value. Palladium qualifies as an investment-coin metal but not under the bullion definition.

Source As of 2026-04-26 · high confidence

Recognized as legal tender

Michigan has not enacted a statute recognizing gold or silver coin or specie as legal tender for payment of debts. Bills introduced in recent sessions have proposed an integrated package — the "MichCoin Act," establishing the office of the Michigan Bullion Depository in the Department of Treasury, authorizing gold/silver specie and gold/silver-backed digital currency, and recognizing specie as legal tender. HB 6214 (2023-2024) and HB 4086 (2025-2026, currently pending in the 103rd Legislature) are the operative vehicles; neither has been enacted. Michigan remains absent from the legal-tender state list as of 2026.

Source As of 2026-04-26 · medium confidence

Taxed

Capital gains on bullion

Michigan levies a flat individual income tax of 4.25% on all taxable income, with no preferential rate for capital gains and no distinction between short-term and long-term gains. Capital gains on physical gold and silver are taxed as ordinary income at the 4.25% flat rate. There is no precious-metals-specific exemption. HB 5577 (2024, Rep. Schriver) was introduced to repeal state capital gains taxes on gold and silver bullion and investment coins; it did not advance.

Source As of 2025-01-01 · high confidence

State bullion depository

Michigan has not enacted enabling legislation for a state-administered bullion depository. HB 6214 (2023-2024) and HB 4086 (2025-2026) — both proposing an "Office of the Michigan Bullion Depository" within the Department of Treasury — remain unenacted. HB 4086 is pending in the 103rd Legislature.

Source As of 2026-04-26 · medium confidence

State gold & silver reserves

The Michigan Department of Treasury does not hold physical gold or silver as a reserve asset. State financial statements disclose no precious-metals line item, and there is no statutory authority for such holdings.

Source As of 2026-04-26 · medium confidence

Pension fund holdings

Michigan's public pension systems — Michigan Public School Employees' Retirement System (MPSERS), Michigan State Employees' Retirement System (SERS), Michigan Judges Retirement System (JRS), and State Police Retirement System — are administered by the Michigan Office of Retirement Services (ORS), serving over 598,000 customers (approximately 288,000 active and 310,000 retired members). The State Treasurer serves as sole fiduciary for investment of pension assets across all four major plans. Standard institutional asset allocation; no precious-metals or commodities line item is disclosed.

Source As of 2024-09-30 · medium confidence

What this means for buyers

When you buy bullion in Michigan: investment-grade bullion is exempt from state sales tax. The exemption typically covers gold, silver, platinum, and palladium meeting standard investment-grade purity. Verify the exemption applies to your specific purchase — definitions and minimum-purity thresholds vary by statute.

When you sell or otherwise realize a gain: capital gains on bullion are taxed as ordinary income at Michigan’s state-tax rates, stacked on top of the federal 28% collectibles rate. This is a real drag on long-term holdings — consult a CPA before realizing a major position.

Mostly standard taxation; one carve-out worth knowing about. Confirm it covers your specific purchase before relying on it.

Coin & bullion dealers in Michigan

Verified retail dealers — sourced from state corporation registries, BBB, and trade associations.

Full directory

Jade Rare Coin

View dealer

Rare Coins of Michigan

Operating since 1971
PCGS Authorized, NGC Authorized

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Silver Superior Coins

Operating since 1984

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The First Dollar

Operating since 1974

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About this page. Legislative data captured by the Empirical Research Orchestrator. Each fact links to its primary source. State laws change — confirm material facts with your CPA or the state Department of Revenue before acting on a transaction. Fair Market Value does not provide legal or tax advice.

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