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Making Gold and Silver Purchases in Ohio

Ohio might not be the most famous of states, nor the largest (it ranks just 34th out of all 50 states). However, as the 10th most densely populated state in the nation, it is home to more than 11 million people, the seventh largest population in the nation.

Ohio’s 44,825 square miles are bounded by Michigan, Pennsylvania, Indiana, and the Ohio River, most of which, despite its name, belongs to Kentucky and West Virginia. Ohio is a bit more northern than many people believe—its northern border is not a state but a country—Canada. Named after the Ohio River, the state of Ohio was the 17th state to join the United States. Its largest city is Columbus, which also serves as its capital.

This unique state is known for producing Presidents. In fact, eight of the nation’s leaders have hailed from Ohio, and the state has, as a result, earned the nickname “Mother of Presidents.” Some Presidents include: William Henry Harrison, Ulysses S. Grant, William McKinley, and William Taft, to name a few.

Ohio is also an important, and effective, business hub. In 2010, it ranked second in the entire nation as the best place for business and has won multiple awards for its friendly business atmosphere. Perhaps thanks to this atmosphere, Ohio’s economy ranks seventh in the entire nation.

Other business-related accolades heaped upon the state including praise regarding business taxes, business-friendly policies, litigation environment, and regulatory environment. Areas, where Ohio thrives, include trade, transportation, healthcare, and education.

Sales Tax on Gold and Silver in Ohio

Sales tax on gold and silver was eliminated in certain cases by the passage of Senate Bill 172 in 2016. In particular, the law exempted “investment metal bullion and investment coins.” This exemption even applies to bullion that the owner does not physically possess. Investment coin is defined as any coin that is made of any of the most common precious metals, such as gold or silver.

As a result, it is becoming easier, and less expensive, to purchase precious metals from Ohio. However, your gold and silver purchases may still be subject to capital gains taxes within the state.

Local Gold and Silver Dealers in Ohio

If you are interested in finding a coin or bullion shop in a particular location in Ohio, check out our other local directory pages.

Local coin shops in Columbus, OH
Local coin shops in Cleveland, OH
Local coin shops in Cincinnati, OH
Local coin shops in Toledo, OH
Local coin shops in Akron, OH
Local coin shops in Dayton, OH