Elgin lies in northern Illinois, about 35 miles northwest of Chicago, with which it shares the Fox River. Situated in Cook and Kane counties, the city had a total population of around 112,603 in 2018, making it the seventh-largest city in Illinois. Elgin has a total area of 37.7 square miles. Elgin gained considerable fame in the late nineteenth century, after Gail Borden established a condensed milk factory there in 1866.
The city may be one of the beneficial consequences of the notorious Indian Removal Act of 1830, which resulted in the forced removal of Native Americans from their settled lands east of the Mississippi. The Act granted the president authority to grant unsettled lands west of the Mississippi to Native Indians in exchange for their existing domains. The expulsion of the Indians left the fertile lands ripe for settlement by migrants.
As can be imagined, the ejection from their ancestral homelands did not go down at all well with the Indian Nations and many resisted. In 1932, one such pocket of resistance resulted in a conflict, now known as the Black Hawk War that saw thousands of soldiers march to Illinois to do battle with the Indians.
Many, attracted by what they saw, returned to settle there. The good news spread to New York, where James and Hezekiah Gifford lived. The two brothers, following the “go west” trend journeyed to Illinois, eventually founding the settlement of Elgin in April 1835.
Sales Tax on Gold and Silver in Elgin
Generally, there is no sales tax in the state of Illinois on sales of precious metals, including legal tender, medallions, and bullion. However, South African Krugerrands are still subject to sales tax. In Elgin, to the State tax of 6.25%, must be added Elgin City tax of 1.5% and a Special tax of 0.75%, to give a total tax of 8.5%.
Local Gold and Silver Dealers in Elgin
Dubin Rarities has been trading and appraising coins and precious metals for more than 35 years, so collectors can rest assured that they’re dealing with professionals when they take their business to Dubin’s.
They are renowned for their knowledge and expertise in all things related to coins, stamps, and other collectibles. They are committed to honesty and integrity when it comes to their customers.
200 Applebee St #213
Barrington, IL 60010
Fox River Coins & Cards
100 Sauk Dr
Batavia, IL 60510
Gold & Jewelry Direct
200 S Western Ave
Carpentersville, IL 60110
H D Coins & Cards
221 W Main St
St Charles, IL 60174
859 N LA Fox St
South Elgin, IL 60177
Me & Dad's Collectibles
720 E State St
Geneva, IL 60134
Northern Illinois Coin and Stamp, Inc.
Northern Illinois Coin and Stamp, Inc., opened in the 1960’s as a one-stop shop for all of your coin and bullion collection needs. They are an authorized dealer of the Numismatic Guaranty Corporation, offering customers a huge inventory of coins from all over the world, spanning across decades.
They sell U.S. Mint coin and bullion collections, including presidential proof sets, American Silver Dollars, commemorative sets, Silver American Eagles, and silver prestige sets. They also deal in coins from all over the world, including selections from Canada, Australia, Germany, France, and India, just to name a few. Customers will also find paper currency, coin supplies, stamps, and jewelry at Northern Illinois Coin and Stamp, Inc.
1100 Larkin Ave.
Elgin, IL 60123
Perry's World Coins
959 N LA Fox St
South Elgin, IL 60177
PGS Gold and Coin
Locally owned and operated in Palatine, Illinois, PGS Gold and Coin touts itself as one of the most professional, trustworthy gold exchange companies in the area. Although they have only been in operation since 2008, PGS has made its mark in the gold buying community, offering customers a safe, friendly place to sell their unwanted precious metals and diamonds.
830 West Northwest Highway, Suite 8
Palatine, IL 60067
Tri County Coins & Collectibles
Whether you’re a veteran of the coin collecting game or a newcomer, Tri County Coins & Collectibles is the perfect place to continue or start your hunt for the perfect new additions to your collection. The shop trades in an expansive selection of coins and bullion, ensuring that you’ll find just what you’re looking for.
111 North Main St.
Elburn, IL 60119
Thanks for reading our guide to buying gold and silver bullion and coins in Elgin, IL. If you know of any other coin or bullion shops in the city of Elgin, please contact us at Metals.com so we can update our directory.