In Indiana, the tax on precious metals can vary depending on the type of metal and the specific transaction. In Indiana, the sales tax on numismatic (collectible) coins can vary.

Taxable Products in Indiana

• Numismatic Coins NOT in IRAs. Collectible coins that are not permitted in IRAs are generally subject to sales tax. This includes many rare or valuable coins.
• Foreign Coins. Foreign coins, even if they are legal tender in their country of origin, are subject to sales tax.

Exemptions:

• Coins Permitted in IRAs. : Coins that are allowed as investments in Individual Retirement Accounts (IRAs) are exempt. This includes American Eagles, Proof American Eagles, coins issued under state laws, and U.S. legal tender.
• U.S. Legal Tender. All U.S. coins and currency, regardless of age or condition, are exempt.

Important Note: The information provided here is a general overview. The specific taxability of a numismatic coin can depend on various factors, including its type, composition, and intended use. It is always advisable to consult the latest Indiana Department of Revenue guidelines or a tax professional for the most accurate and up-to-date information regarding sales tax on numismatic coins.

General Rule: As a general rule, sales of tangible personal property, including precious metals like gold, silver, platinum, and palladium, are subject to the state 7% sales tax.

Online Purchases: While online purchases from out-of-state retailers may seem like a way to avoid sales tax, Indiana generally requires the collection of use tax on such purchases. Use tax is equivalent to the sales tax that would have been applied if the purchase had been made within the state.