Illinois offers numerous places to buy and sell gold and silver. Whether you’re a coin collector or an investor, the state has opportunities for you. This article provides an updated 2024 guide to help you navigate the top places in Illinois to buy and sell gold and silver coins, bullion, and platinum. If you’re in Illinois, this article is essential for finding trusted and reputable dealers.
Outline
- Why Buy Gold and Silver in Illinois?
- Top Coin Shops in Illinois
- Best Places to Buy Gold and Silver Bullion in Illinois
- Where to Buy American Gold Eagle Coins in Illinois
- Understanding Sales Tax on Gold and Silver in Illinois
- Where to Sell Gold and Silver in Illinois
- How to Choose a Reliable Dealer in Illinois
- The Significance of Platinum and Palladium in Metal Exchange
- Local Gold and Silver Dealers in Chicago
Why Buy Gold and Silver in Illinois?
Purchasing gold and silver in Illinois comes with key benefits tailored to coin collectors and investors. The state of Illinois has robust markets that offer a wide variety of gold and silver products, from bullion to rare coins. Also, investing in these metals hedges against inflation and uncertainty ensures your assets grow over time.
Illinois also boasts reputable dealers and coin shops that provide authentic and certified gold and silver coins. Coupled with a historical and cultural affinity for precious metals, Illinois stands out as a prime location for acquiring valuable gold and silver coins and bullion.
Top Coin Shops in Illinois
If you’re looking for top coin shops in Illinois, you can’t go wrong with these popular choices. Chicago Coin Company stands out for its wide selection of collectible coins and precious metals. Located in the heart of Chicago, they offer extensive inventory and professional appraisals.
For those closer to Joliet, Illinois, Joliet Coin is another reputable shop known for its vast selection of gold and silver coins, along with high-quality customer service. They specialize in rare coins, including sterling silver, providing a unique edge for collectors.
Local Gold and Silver Dealers in Chicago
Chicago, being a major city, boasts numerous reputable gold and silver dealers. Chicago Coin Company is a leading choice, well-known for its vast inventory, fair pricing, and expertise in gold and silver coins. They provide a reliable platform for both buyers and sellers, ensuring every transaction is smooth and satisfactory.
Additionally, Safe Haven Coins offers a trusted location for those looking to buy or sell gold and silver. Their knowledgeable staff and extensive product range ensure that every transaction meets high standards. They are known for quality and transparency.
Other Top Wholesale Gold and Silver Dealers in Chicago
- A-1 Jewelry & Coin, LTD
- Address: 1827 W. Irving Park Road, Chicago, IL 60613
- Phone: 773-868-0300
- Hours: Mon to Fri 9 am to 6 pm, Sat 9 am to 5 pm
- Services: Retail, Auctions, Wholesale, Buying and Estate Liquidation, Appraisals, and Newsletter
- Specialties: US Coins, Dollars, Gold Coins, 19th Century Silver Coins, and more.
- Archie’s Coins
- Address: 5516 W. Devon Avenue, Chicago, IL 60646-4021
- Phone: 773-774-1433
- Hours: Mon to Fri 10 am to 6 pm, Sat 10 am to 5 pm
- Services: Wholesale, Retail, Auctions, Buying and Estate Liquidation, Appraisals, and Newsletter
- Specialties: US Coins, Gold Coins, Modern Coins, and Ancient Coins.
- Brian Andrew & Associates
- Address: 333 North Michigan Avenue, Suite 2412, Chicago, IL 60601
- Phone: 312-541-8320
- Hours: Mon to Fri 11:00 am to 4:30 pm
- Services: Coin Dealers & Supplies
- Specialties: Early US Type.
- Archie, Inc.
- Address: 6455 W. Archer Avenue, Chicago, IL 60638
- Phone: 773-586-7666, 800-895-2246
- Hours: Mon to Fri 8:30 am to 4:30 pm, Saturday 8 am to 2 pm
- Services: Retail, Appraisals, Wholesale, and Buying and Estate Liquidation
- Specialties: US Coins, Dollars, Gold Coins, and World Coins.
- Gold Dust Coin, Inc.
- Address: 3115 S. Halsted Street, Chicago, IL 60608-6601
- Phone: 312-842-4240
- Hours: Mon to Fri 9 am to 4 pm
- Services: Wholesale, Retail, Auctions, Buying and Estate Liquidation, Appraisals, and Newsletter
- Specialties: US Coins, Gold Coins, Mint Errors, and World Coins.
- Harlan J. Berk, Ltd.
- Address: 31 N. Clark Street, Chicago, IL 60602-2806
- Phone: 312-609-0016
- Hours: Mon to Fri 8:30 am to 4:30 pm
- Services: Wholesale, Retail, Auctions, Buying and Estate Liquidation, Appraisals, and Newsletter
- Specialties: US Coins, Dollars, Gold Coins, and Ancient Coins.
- Kedzie Koins & Jewelry, Inc.
- Address: 5909 South Kedzie Avenue, Chicago, IL 60629
- Phone: 773-436-0777
- Hours: Mon to Sat 10 am to 5 pm
- Services: Wholesale and Retail
- Specialties: US Coins, Bullion Coins, Gold Coins, and World Coins.
- Standard Numismatics LLC
- Address: Chicago, Illinois 60610
- Phone: (888) 331-2646
- Hours: Mon to Fri 10 am to 5 pm, Sat 10 am to 3 pm
- Services: Wholesale, Appraisals, and Buying and Estate Liquidation
- Specialties: US Coins, Dollars, Gold Coins, and Colonial Coins.
- Subak Inc.
- Address: 79 West Monroe St., Ste 1008, Chicago, IL 60603
- Phone: 312-346-0609
- Hours: Mon to Fri 9 am to 5 pm
- Services: Wholesale, Buying and Estate Liquidation, and Appraisals
- Specialties: US Coins, Gold Coins, and Ancient Coins.
- Majestic Rarities
- Address: 501 N Clinton St Apt 2503, Chicago, IL 60654
- Phone: (312) 914-5314
- Services: Buying and Estate Liquidation
- Specialties: Mint Errors, World Coins, and Bullion Coins.
This thorough guide ensures that whether you’re buying or selling, you have access to a wide range of reputable dealers in Chicago, each offering unique strengths and specialties.
Detailed Specialties of Chicago Dealers
- Archie’s Coins
Located on Devon Avenue, Archie’s Coins specializes in a wide array of coins including US Coins, Gold Coins, and 19th Century Silver Coins. They offer services from wholesale to estate liquidation, making them a versatile choice for collectors. - Harlan J. Berk, Ltd.
Situated on Clark Street, Harlan J. Berk, Ltd. Excels in US Coins, Dollars, and Bullion Coins. With services that include appraisals and auctions, they cater to both novice and seasoned collectors. - Gold Dust Coin, Inc.
Found on Halsted Street, this dealer provides a mix of retail and wholesale services, with specialties in Mint Errors, Ancient Coins, and Modern Coins. Their comprehensive newsletter keeps clients informed on the latest in coin collecting. - Kedzie Koins & Jewelry, Inc.
Offering both wholesale and retail services, Kedzie Koins stands out for its focus on World Coins and Bullion Coins. Located on Kedzie Avenue, they are a go-to for diverse coin interests. - Standard Numismatics LLC
Known for their emphasis on 19th Century Silver Coins and Early Type, Standard Numismatics provides appraisal services and estate liquidation, making them a critical resource for collectors looking to refine their collections.
By weaving these detailed specialties into your search, you ensure finding the right dealer to meet your specific coin and precious metals needs in Chicago. Whether you’re a seasoned collector or just starting, these dealers offer the expertise and inventory to support your collecting journey.
When exploring the offerings from dealers in Chicago, you’ll find an impressive range of coins and collectibles. Here’s a glimpse of what collectors can expect:
- US Coins and Dollars: From classic coins to modern issues.
- Gold Coins: A staple for both collectors and investors.
- 19th and 20th Century Silver Coins: Perfect for history enthusiasts.
- Commemoratives and Modern Coins: Adding variety to any collection.
- Early Type and Early Copper Coins: For those interested in the origins of American coinage.
- Nickel Coinage and Small Cents: A must-see for numismatists.
- Patterns and Colonial Coins: Rare finds that tell a story.
- Territorial Issues and Tokens/Medals: Unique pieces with historical significance.
- Mint Errors: Fascinating errors that can be valuable.
- Bullion Coins: Ideal for those focusing on investment.
- Ancient and World Coins: Expanding collections beyond American borders.
- Currency: From historical bills to modern banknotes.
Whether you’re a seasoned collector or just starting out, these shops offer a treasure trove of options to explore, ensuring every visit is a rewarding experience.
Best Places to Buy Gold and Silver Bullion in Illinois
If you’re searching for gold and silver bullion in Illinois, your best bet is to visit established dealers who offer certified bullion products. Accurate Precious Metals is renowned for providing unparalleled quality and customer trust. Although located in Oregon, they offer an online store that offers a convenient way to buy gold and silver bullion and have it shipped directly to your Illinois address.
In Illinois, major dealers such as Chicago Coin Company and Safe Haven Coins also cater to investors looking for bullion bars and coins. Both shops offer a range of bullion and coins authenticated by certified professionals.
Where to Buy American Gold Eagle Coins in Illinois
American Gold Eagle coins are among the most popular gold coins due to their recognition and liquidity. Chicago Coin Company is a well-known dealer in Illinois offering American Gold Eagle coins. Their reputation for fair pricing and quality makes them a go-to choice for investors.
Joliet Coin also stocks American Gold Eagle coins, along with other rare and collectible coins. Their expert staff ensures that each transaction adheres to the highest standards, making it a reliable place to buy your American Gold Eagle coins.
Understanding Sales Tax on Gold and Silver in Illinois
Understanding the sales tax implications of buying gold and silver in Illinois is crucial for making informed investment decisions. Depending on several factors, the purchase of gold and silver bullion may be subject to sales tax in Illinois. Currently, certain bullion transactions can be exempt from sales tax if they meet specific criteria.
In Illinois, the specifics of sales tax exemptions can be complex, particularly when different jurisdictions within the state impose varying local taxes. While Illinois state law provides potential exemptions for bullion, additional county or city taxes may still apply, similar to how legal tenders are taxed in different regions, like the Republic of South Africa, where a 6.25% state sales tax and additional county or city taxes are levied.
To navigate these intricacies:
- Consult with local dealers: They are often well-versed in the nuances of local tax laws and can offer advice tailored to your specific transaction.
- Contact the Illinois Department of Revenue: They can provide authoritative guidance on the sales tax law for precious metals, including any recent changes or updates.
This proactive approach will ensure you follow the law and make the most of your investment, avoiding unexpected tax liabilities and maximizing your returns.
Understanding Sales Tax Exemptions for Precious Metals in Illinois
In Illinois, many precious metal transactions are exempt from sales tax, making the state an attractive location for investors. Here’s a breakdown of what this means for buyers:
- US and Foreign Legal Tenders: When purchasing American or international legal tender coins in Illinois, you won’t incur sales tax. This includes coins that are considered as legal currency in their respective countries.
- Bullion and Medallions: Transactions involving bullion—precious metals in bulk form—are also tax-free. This exemption covers a wide range of bullion products, whether they are cast or minted.
However, an important exception applies to coins and bullion from the Republic of South Africa, which are subject to a 6.25% state sales tax. Local counties and cities may add additional taxes to these transactions.
By taking advantage of these exemptions, investors can maximize their returns when buying precious metals in Illinois.
Where to Sell Gold and Silver in Illinois
If you’re looking to sell gold and silver in Illinois, dealer reputation and offered prices play a pivotal role. Most local coin shops, such as Chicago Coin Company and Joliet Coin, buy gold and silver under transparent conditions. Both shops offer professional appraisals and competitive buy-back prices, making the selling process easy.
Additionally, Accurate Precious Metals, though headquartered in Oregon, offers a mail-in gold-buying service accessible to anyone in the United States. This convenient option allows you to sell your gold and silver with ease, receiving the best price and prompt payments.
How to Choose a Reliable Dealer in Illinois
Choosing a reliable dealer for buying and selling precious metals in Illinois involves considering several factors. Trustworthiness, verified inventory, and customer reviews are primary indicators of a reliable dealer. Chicago Coin Company and Joliet Coin both enjoy excellent reputations within the community.
Accurate Precious Metals also stands out for surpassing these standards. It offers a long history and a customer-focused approach. They are also poised to offer storage solutions in the future, adding to their comprehensive services.
How to Verify if a Dealer is Authorized in Chicago
Verifying whether a precious metal dealer is authorized is a crucial step before making any purchases. Here’s how you can ensure you’re dealing with a reputable business in Chicago:
Check Licensing and Registration
- State Requirements: Start by checking whether the dealer is registered with the Illinois Secretary of State. Authorized dealers should be properly licensed to operate in Illinois.
- Professional Affiliations: Look for memberships with reputable industry organizations, such as the Industry Council for Tangible Assets (ICTA) or the Professional Numismatists Guild (PNG). Membership in these groups often requires adherence to high industry standards.
Research Online Reviews and Ratings
- Customer Feedback: Utilize platforms like Yelp or the Better Business Bureau (BBB) to read reviews from past customers. These can provide insights into the dealer’s credibility and service quality.
- Ratings: Check the dealer’s rating with the BBB, which can indicate how the business has resolved any consumer complaints.
Verify with Industry Resources
- Official Listings: Use resources such as the U.S. Mint’s list of authorized dealers, which is an excellent way to ensure the legitimacy of a precious metals dealer.
Contact the Dealer Directly
- Ask Questions: Don’t hesitate to call or visit the dealer and ask direct questions about their licensing and experience. An authorized dealer should be transparent about their qualifications and business practices.
By taking these steps, you can confidently verify that you are dealing with an authorized and reputable precious metal dealer in Chicago.
The Significance of Platinum and Palladium in Metal Exchange
While gold and silver dominate the market, platinum and palladium also hold vital roles within the metals exchange market. Both metals are often used in industry, including automotive manufacturing and electronics, which adds to their investment value.
Accurate Precious Metals and local Illinois dealers, like Chicago Coin Company, often offer platinum and palladium products. These products let investors diversify their portfolios and hedge against market volatility.
Local Gold and Silver Dealers in Chicago
Chicago, being a major city, boasts numerous reputable gold and silver dealers. Chicago Coin Company is a leading choice, well-known for its vast inventory, fair pricing, and expertise in gold and silver coins. They provide a reliable platform for both buyers and sellers. Beyond the basics of buying and selling, coin dealers in Chicago offer a diverse array of services designed to meet various collector and investor needs.
Comprehensive Services Offered:
- Retail: Access a wide selection of coins and collectibles for every level of enthusiast.
- Auctions: Participate in dynamic auctions to find rare and unique pieces.
- Wholesale: Benefit from bulk purchasing options ideal for larger investments or resellers.
- Estate Liquidation: Receive expert assistance in appraising and selling entire collections.
- Appraisals: Obtain accurate valuations for your coins to ensure you’re making informed decisions.
- Newsletter: Stay updated with the latest market trends, insights, and exclusive offers.
These additional services reflect the depth of expertise and customer-focused approach that Chicago‘s coin dealers bring to the table, catering to a wide range of numismatic interests and needs.
Additionally, Safe Haven Coins offers a trusted location for those looking to buy or sell gold and silver. Their knowledgeable staff and extensive product range ensure that every transaction meets high standards. They are for quality and transparency.
Services Offered by Gold and Silver Dealers in Chicago
If you’re in Chicago and interested in buying or selling gold, silver, or other precious metals, you’ll find a range of dealers offering various services. Here’s what you can expect from local storefronts:
Core Services
- Retail and Wholesale Sales
Many dealers cater to both individual collectors and wholesale buyers. They offer a variety of coins and bullion, including US coins, world coins, and gold coins. - Buying and Estate Liquidation
If you have a collection you’re looking to sell, these dealers can assist with buying your precious metals or helping liquidate estates, ensuring you get a fair market value. - Auctions
Some dealers organize auctions, giving collectors and sellers a platform to bid on or sell rare coins and metals. - Appraisals
For those who need valuations for insurance or selling purposes, professional appraisal services are available to assess the worth of your coins and collectibles.
Specialized Services
- Expertise in Rare and Modern Coins
Dealers often have specialties, from mint errors to commemoratives and early US types. - Consultations and Newsletter Subscriptions
Stay informed and updated with industry trends through consultations, assuring that your investments align with current market conditions. - Collector Sales and Supplies
Whether you are looking for unique items to add to your collection or supplies to maintain your coins, these services cater to collectors of all levels.
Additional Offerings
- Stamp and Antique Dealer Services
Some locations double as antique shops, where you can find not just coins but also collectibles like stamps and vintage items. - Jewelers and Jewelry Buyers
Besides coins, several dealers also operate as jewelers, allowing for trade or sale of precious stones and metal jewelry.
All these services aim to support both beginners and seasoned collectors, ensuring a comprehensive experience when dealing with precious metals in Chicago. Whether you’re buying, selling, or simply appraising, local dealers offer a trusted and knowledgeable resource.
When looking to buy or sell precious metals in Chicago, understanding when local dealers are open is crucial. Here is a concise guide to the typical hours of operation for gold and silver dealers in the area.
Wholesale and Retail Schedules
Most dealers in Chicago operate Monday through Saturday, but exact hours vary:
- Monday to Friday: Many dealers open between 8:30 AM and 11:00 AM and close anywhere from 4:30 PM to 6:00 PM.
- Saturday: Saturday hours generally start at 8:00 AM and extend to between 2:00 PM and 5:00 PM, depending on the dealer.
- Sunday: It’s uncommon for dealers to be open on Sundays.
Exceptions and Variations
- Extended Hours: Some locations may offer extended hours on one specific weekday, often opening as early as 8:00 AM or closing as late as 7:00 PM.
- Limited Weekend Operation: A few dealers may only be open for a limited time on weekends or may have restricted Saturday hours compared to weekdays.
This broad overview should help you plan your visits to gold and silver dealers in Chicago effectively by aligning with their typical operating hours. Always confirm with individual dealers for the most accurate information before planning your trip.
Frequently Asked Questions
What are Gold Bullion and Silver Bullion?
Gold bullion and silver bullion refer to precious metals in bars or ingots of various weights and grades. Bullion is primarily valued based on its purity and weight, and it is a preferred form of investment due to its high liquidity and recognition.
Can I Buy and Sell Gold and Silver Online?
Yes, buying and selling gold and silver online is both efficient and convenient. Accurate Precious Metals offers a strong online platform. Clients from across the United States can use it to buy and sell gold and silver bullion, coins, and other precious metals from home.
How do American Gold Eagle Coins differ from Other Gold Coins?
American Gold Eagle coins are highly recognizable and backed by the United States government. Unlike other gold coins, American Gold Eagles offer a blend of gold, silver, and copper, enhancing their durability and appeal to investors and collectors alike.
Are there Taxes on Buying and Selling Metals in Illinois?
Sales taxes on precious metal transactions in Illinois depend on specific conditions. Certain purchases may qualify for tax exemptions based on their form and use. Consulting with a local dealer or the Illinois Department of Revenue can provide clarity concerning the sales tax requirements.
Where is the Best Place to Store My Gold and Silver?
While Accurate Precious Metals does not currently offer storage solutions, they plan to introduce secure storage facilities in the future. Meanwhile, exploring local banks and private depositories in Illinois provides secure options. You can store your gold and silver investments there safely.
Summary
After exploring the various options for buying and selling gold and silver in Illinois, it’s clear that Accurate Precious Metals stands out as the best place to shop. They offer free shipping on orders above a certain amount, and they are an online store that ships nationwide. Additionally, their mail-in gold buy service provides maximum convenience for sellers anywhere in the United States. Choose Accurate Precious Metals for the best prices and trusted service in gold and silver bullion.
Most Important Points to Remember:
- Accurate Precious Metals offers free shipping on orders above a specific amount.
- Their online store ships to any U.S. address, ensuring convenience.
- Mail-in gold buy service is available for nationwide sellers.
- Reputable Illinois dealers include Chicago Coin Company and Joliet Coin.
- Understanding sales tax on precious metals is crucial for compliance and investment optimization.
