Making Gold and Silver Purchases in Michigan
Michigan’s name, which originates in the Ojibwe language and means “large water” or “large lake,” is well-chosen. This tenth most populous state, with the largest area east of the Mississippi, has as its border five lakes: four of the Great Lakes plus Lake Claire. This water-bounded state is also divided by water, the Straits of Mackinac, into two peninsulas, the Upper Peninsula and the Lower Peninsula, and boasts almost 65,000 inland lakes and ponds.
All of this water, however, still leaves plenty of room for people. With a population of about 10 million, it has often been a chosen destination for immigrants, while the metro area of its largest city, Detroit, is one of the most populous metropolitan areas in the country. Its capital is Lansing.
The state’s nickname, the Wolverine State, has deep roots that extend back into the Civil War, when General Custer nicknamed his troops from Detroit the Wolverines. It may go even further back to the 18th century, thanks to heavy trading in wolverine furs, or to a term of disparagement for the state’s occupants. Today, the name has stuck, and the creature has become the official mascot of the University of Michigan.
Michigan is best known for its automotive industry, supported in particular by the Detroit metropolitan area. In fact, the three major automotive companies in the United States all have their headquarters in or around Detroit. However, Michigan does also boast other economic strengths. Tourism is popular in the Upper Peninsula, while agriculture, technology, and manufacturing are also strongly present.
Sales Tax on Gold and Silver in Michigan
In Michigan, certain types of gold and silver products are exempt from the state sales tax. In particular, the General Sales Tax Act allows purchases of investment coins and bullion to be exempt.
Investment coins are defined as any form of official currency made from precious metals such as gold, silver, platinum, or palladium, whose value exceeds the coin’s face value. Bullion is defined as any bulk precious metal of gold, silver, or platinum, that is at least 90% pure. Purchasers of gold and silver in Michigan, however, may still be subject to capital gains taxes.
Local Gold and Silver Dealers in MichiganIf you are looking for gold and silver dealers in specific cities located in the state of Michigan, be sure to check out our other local directory pages.
Local coin shops in Ann Arbor, MI
Local coin shops in Detroit, MI
Local coin shops in Flint, MI
Local coin shops in Grand Rapids, MI
Local coin shops in Sterling Heights, MI
Local coin shops in Warren, MI
Local coin shops in Lansing, MI