IL No exemptions Last reviewed: April 2026

Rules of Gold in Illinois

What this means for me Coin & bullion dealers 5

The six facts

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

Bullion exempt

Sales tax on bullion

35 ILCS 120/2-5(18) (Retailers' Occupation Tax Act) exempts "legal tender, currency, medallions, or gold or silver coinage issued by the State of Illinois, the government of the United States of America, or the government of any foreign country, and bullion." Bullion is defined as gold, silver, or platinum (and palladium per DoR interpretation) in a bulk state with purity not less than .980 fine, sold by metal content rather than form. Implementing rule: 86 Ill. Adm. Code §130.1910(c). Important carve-outs: (1) Krugerrands have been excluded from the exemption since 1985 per DoR General Information Letter ST-21-0006; (2) coins or bullion incorporated into jewelry lose exempt status; (3) coins valued for numismatic/decorative reasons rather than metal content are not exempt.

Source As of 2026-04-25 · high confidence

Recognized as legal tender

Illinois has not enacted a statute recognizing gold or silver coin or specie as legal tender for payment of debts within the state. No active legal-tender bill was identified in the 2021-2026 legislative window. Illinois is among the states the Sound Money Defense League categorizes as not having "reaffirmed its constitutional duty" on monetary metals, distinct from Oklahoma (SB 862) and Utah (HB 157) and the seven states with affirmative recognition statutes.

Source As of 2026-04-25 · medium confidence

Taxed

Capital gains on bullion

Illinois levies a flat individual income tax of 4.95% on all taxable income (35 ILCS 5/201), with no preferential rate, exclusion, or special deduction for capital gains. Both short-term and long-term capital gains — including gains on physical precious metals — are taxed as ordinary income at 4.95%. Illinois has no precious-metals capital-gains exemption analogous to those in Arizona, Idaho (HB 40 / 2025), Utah, or Wyoming.

Source As of 2026-04-25 · high confidence

State bullion depository

Illinois has not enacted enabling legislation authorizing a state-administered or state-chartered bullion depository. No active depository-authorization bill was identified in the 2021-2026 legislative window.

Source As of 2026-04-25 · medium confidence

State gold & silver reserves

The Illinois State Treasurer does not hold physical gold or silver as a reserve asset. No statutory authority exists for such holdings, and state financial reports disclose no precious-metals line item.

Source As of 2026-04-25 · medium confidence

Pension fund holdings

Illinois's major public pension systems — Teachers' Retirement System (TRS), State Employees' Retirement System (SERS), Illinois Municipal Retirement Fund (IMRF), State Universities Retirement System (SURS), Judges' Retirement System (JRS), and General Assembly Retirement System (GARS) — do not hold physical gold or silver as portfolio assets. TRS's 2024 Annual Comprehensive Financial Report describes a traditional institutional asset allocation (public equities, fixed income, private equity, real estate, and "diversifying strategies" at 6% target) with no precious-metals or commodities line item.

Source As of 2024-06-30 · medium confidence

What this means for buyers

When you buy bullion in Illinois: 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 Illinois’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 Illinois

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

Full directory

Archie’s Coins

Operating since 1955
NGC Authorized, PCGS Authorized

View dealer

Distinctive Coins

Operating since 1977
PCGS Authorized, NGC Authorized

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Harlan J. Berk, Ltd.

Operating since 1947

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Icoin Inc

Operating since 1980

View dealer

PGS Gold & Coin

Operating since 2008
BBB Accredited, A+ rated; PCGS Authorized

View dealer

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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