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Making Gold and Silver Purchases in Illinois

As the 6th most populous state in the U.S., with a population of 12.8 million and the 25th largest, with an area of 57,914 square miles, Illinois seems to have much going for it. Four U.S. presidents have strong connections to the state. In the 19th century, Abraham Lincoln was the Representative for Illinois’ 7th District and, at one time, Ulysses Grant tried his hand at farming there. When that was unsuccessful, he sold firewood on the streets of St. Louis.

In addition, Ronald Reagan was born and raised in Illinois and Barack Obama served in the Illinois Senate and, just before becoming president, had represented Illinois in the U.S. Senate.

Moreover, the state is distinguished in other ways. It was the first to ratify the Thirteenth Amendment to the United States Constitution, which abolished slavery nationally. Its economy, standing at $859,067 million, is the fifth largest in the U.S., contributing around 4.3 percent of total U.S. GDP. The name Illinois is French, given by French settlers to Native American tribes that lived in the region. In 1818, Illinois became the 21st U.S. state. 

The capital of Illinois is Springfield, but the state’s most well-known city is, perhaps, Chicago, where the largest futures exchange in the world, the Chicago Mercantile Exchange, can be found.

Chicago became important, first as a port on Lake Michigan, and then as a rail hub. By 1857, it was Illinois's largest city. Notably, the first artificial self-sustaining nuclear chain reaction in the world took place in Illinois, on the campus of the University of Chicago. The Chicago Pile-1 was the world's first nuclear reactor.

There are now six operating nuclear power plants in Illinois: Braidwood, Byron, Clinton, Dresden, LaSalle, and Quad Cities. Nabisco, the manufacturer of cookies and snacks, has set another record. The company’s plant in Chicago is the largest bakery in the world employing more than 1,200 workers and producing around 320 million pounds of snack foods annually. The facility covers 1.8 million square feet, about the size of 31 football fields.

Chicago was also the habitat of the infamous Al “Scarface” Capone. Capone, although born in New York City, gained notoriety in Chicago, after rising to leadership of the Chicago South Side Mafia.

Sales Tax on Gold and Silver in Illinois

Since January 11, 1985, sales of certain “legal tender”, “medallions”, and “bullion” are no longer subject to sales tax. "Legal tender" is defined as "currency, gold coins, silver coins, and any other item accepted as money in the country in which it is issued."

"Medallions" are defined as "coins, other than legal tender, which are issued by a government body, usually as a memorial." "Bullion" is defined as "gold, silver, or platinum in a bulk state with a purity of not less than 980 parts per 1,000." However, South African Krugerrands are still subject to Illinois state sales tax of 6.25%. Note that some local authorities may add their own taxes.

Local Gold and Silver Dealers in Illinois

If you want to visit or contact coin shops or precious metal dealers located in specific cities in the state of Illinois, be sure to check out our other local directory pages.

Local coin shops in Chicago, IL
Local coin shops in Aurora, IL
Local coin shops in Joliet, IL
Local coin shops in Rockford, IL
Local coin shops in Naperville, IL
Local coin shops in Elgin, IL
Local coin shops in Peoria, IL
Local coin shops in Springfield, IL

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