In Illinois, most purchases of precious metals are exempt from sales tax. This includes:

• Bullion. Gold, silver, or platinum with a purity of .980 or higher.
• Coins. Legal tender or currency from any nation except South Africa.
• Medallions. Made from precious metals.

Exceptions to this Tax Exemption in Illinois

• Krugerrands. Gold coins from South Africa are subject to sales tax. The state sales tax rate in Illinois is 6.25%. However, local municipalities can also add their own sales tax, meaning the total sales tax can be higher depending on the location. The average combined state and local sales tax rate in Illinois is 8.86%..
• Bullion with Purity less than .980. This includes some palladium and copper products.
• Accessory Items. Items such as holders, tubes or coin flips.
• Processed Items. Precious metals that have been made into jewelry, statues, or colorized coins.