IA No exemptions Last reviewed: April 2026

Rules of Gold in Iowa

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

Iowa Code §423.3 (Streamlined Sales and Use Tax Act) exempts "the sales price from the sale of coins, currency, or bullion" from state sales and use tax. "Bullion" is defined as bars, ingots, or commemorative medallions of gold, silver, platinum, palladium, or a combination, where the value of the metal depends on its content rather than form. "Coins" or "currency" are made of gold, silver, other metal, or paper that is or has been used as legal tender. All other bullion or numismatic items, accessories, and processed/jewelry items remain subject to Iowa sales tax.

Source As of 2026-04-25 · high confidence

Recognized as legal tender

Iowa has not enacted a statute recognizing gold or silver coin as legal tender for payment of debts. HF 2229 (90th General Assembly, 2024) — which would recognize US Mint gold/silver coins as legal tender, exempt all related transactions from sales/excise/income/capital gains tax, and direct the Division of Banking to study a state gold/silver coin depository — was introduced and referred to Commerce on January 31, 2024 and was not enacted. Companion / related bills SF 2108 and SF 2273 also did not advance to signing. Iowa remains absent from the seven-state legal-tender list as of 2026.

Source As of 2026-04-25 · medium confidence

Capital gains on bullion

Iowa enacted HF 659 (90th General Assembly, 2023-2024 session) exempting capital gains and losses from the buying and selling of bullion, coins, and currency from Iowa state individual income tax. Effective for tax year 2024 and after. The exempted scope uses the same bullion / coins / currency definitions as the §423.3 sales-tax exemption. Iowa moved to a flat 3.8% individual income tax beginning tax year 2025 (per earlier tax-reform legislation); the HF 659 exemption applies on top of that flat-rate framework, so qualifying precious-metals capital gains are excluded from Iowa taxable income entirely while non-exempt capital gains are taxed at 3.8%.

Source As of 2024-01-01 · high confidence

State bullion depository

Iowa has not enacted enabling legislation authorizing a state-administered or state-chartered bullion depository. HF 2229 (2024) included a directive to the Division of Banking of the Department of Insurance and Financial Services to conduct a feasibility study and report back by January 1, 2025; the bill was not enacted, so neither the study nor any depository authorization is in force.

Source As of 2026-04-25 · medium confidence

State gold & silver reserves

The Iowa State Treasurer does not hold physical gold or silver as a reserve asset. The 2024 Iowa Treasurer Annual Report describes a traditional cash-management portfolio (state operating funds, IPAIT pool, ISave 529 program); no precious-metals line item appears.

Source As of 2024-12-31 · medium confidence

Pension fund holdings

The Iowa Public Employees' Retirement System (IPERS) — approximately $41.0 billion in assets as of June 30, 2023 — does not hold physical gold or silver as a portfolio asset. IPERS's investment program is governed by the IPERS Investment Board (which includes the Iowa State Treasurer as custodian and member); the asset allocation follows a standard institutional pattern across public equity, fixed income, private equity, real estate, and inflation-sensitive assets, with no precious-metals or commodities line item disclosed.

Source As of 2024-06-30 · medium confidence

What this means for buyers

When you buy bullion in Iowa: 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 from bullion are explicitly excluded from state taxable income. Federal capital-gains tax still applies — typically the 28% collectibles rate for physical bullion held more than a year — but you avoid the state-level layer. Meaningful exit-tax advantage.

A mixed picture — some friction on entry or exit, but a real exemption to plan around. Read the fact cards above and consider how each rule applies to your transaction size.

Coin & bullion dealers in Iowa

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

Full directory

All American Bullion & Coins

Operating since 2016
PCGS Authorized

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Capital City Coins

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Chester’s Coins

NGC Authorized, PCGS Authorized; founder is former IA Numismatic Association…

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Hill Top Coins

Operating since 2000
PCGS Authorized, NGC Authorized, PMG Authorized

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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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