Buying silver in Illinois
Illinois does not charge sales tax on qualifying silver bullion and coins. Jewelry is taxed at the 6.25% state rate plus any local tax.
Silver has one national spot price in US dollars: the prices on this page are the same as on the silver price in the United States page. What differs in Illinois is tax, explained below.
Sales tax on silver in Illinois
Legal-tender coins, currency, medallions, gold and silver coinage, and bullion of at least 98% (980/1000) purity are exempt. Taxable items include bullion below that purity, South African Krugerrands, coins issued by other U.S. states, palladium (per dealer guides), and jewelry.
Tax when you sell silver in Illinois
Profits on silver are generally taxed by Illinois like other investment gains, under its income tax rules. At the federal level, the IRS treats bullion and most silver coins as collectibles: long-term gains (assets held more than a year) are taxed at your ordinary rate, capped at 28%, and short-term gains as ordinary income.
Buying and selling rules in Illinois
Dealers report a customer's sale to the IRS on Form 1099-B only for certain forms and quantities, such as 1-kilo gold bars, 1,000 ounces of silver bars or 25 or more Krugerrands or Maple Leafs; American Eagles and smaller lots are generally not reported. Any business that receives more than $10,000 in cash in one transaction or related transactions files IRS Form 8300. Bring a photo ID when you sell.
What you pay over spot
Dealers sell Silver Eagles, bars and rounds at a premium over the spot price shown here, which covers minting, shipping and the dealer's margin; small coins carry the biggest premiums. Jewelry adds design and labour. When you sell, dealers usually pay a little under spot for common bullion and the melt value, less a margin, for scrap.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.