- Are Gold and Silver Recognized as Legal Tender? - No.
Sales Tax Laws on Gold and Silver - The sales tax in Ohio is 5.75%, which applies to all sales of precious metals. This is only the basic rate, and you can expect to face additional fees in certain places. In Columbus, for instance, you can expect to pay a total of 7.5%. The other differences are listed below:
Cleveland — 8%
Toledo — 7%
Cincinnati — 6.75%
Akron — 6.75%
Dayton — 7.25%
As far as precious metals are concerned, Ohio laws are not straightforward and have changed over the years. Previously there was a tax exemption for coins and bars bought for financial strategy purposes, but this exemption was removed.
- Is Capital Gains Tax Levied on Gold and Silver? - Yes.
- Do the State’s Laws Allow for a State Bullion Depository? - No.
- Does the State Hold Gold and Silver Reserves? - No.
- Does the State Hold Physical Gold and/or Silver in Government Pension Funds? - No.
Call GSI Exchange Ohio Operations at 1 (614) 503-0258 For All IRA or 401(k) Rollovers, CD's, Money-Market or Annuity Conversions to Physical Gold or Silver Coins or Bars
For Cash or Smaller Transactions Visit These Vetted-Local Gold and Silver Dealers in OH
If you are looking for gold and silver dealer or coin shops in specific cities located in state of Ohio be sure to check out our other local coin shop pages:
The Coin Shop Cleveland, LLC
17012 Lorain Avenue
Cleveland, OH 44111
Located in Cleveland, The Coin Shop was founded in 1979, and is a member of the American Numismatic Association. A PCGS and NGC authorized dealer, they buy and sell all forms of U.S. and foreign coinage and precious metal bullion.
The Coin Shop is especially interested in purchasing silver dollars and 40% or 90% silver U.S. coinage. Buy prices for many of their items are listed on their website. The Coin Shop also carries jewelry, coin collecting supplies, and gold testing equipment.
Crown & Eagle
5303 North High Street
Columbus, OH 43214
While Crown & Eagle focuses on stamp collecting, they do carry an array of coins, paper currency, and gold and silver bullion. This Columbus coin dealer offers appraisals and runs periodic auctions of stamps and coins. Crown & Eagle is a small shop noted for personal attention and knowledgeable service.
American Coin & Collectibles
3501 East Livingston Ave.
Columbus, OH 43227
American Coin & Collectibles, founded in Columbus more than three decades ago, specializes in U.S. coins and currency. They buy, sell, trade, and appraise certified coins, silver bullion, and more.
American Coin also carries foreign coins and currency, jewelry, scrap gold and bullion, and coin collecting supplies, and is known for offering a good mix of collectible coins and precious metals.
Franklin Street Coins
10742 Reading Rd
Cincinnati, OH 45241
Franklin Street Coins, founded in 1998, specializes in rare coins and currency. Their inventory is focused on U.S. coins and paper money. They also have ancient coins from Greece, as well as historic coins from around the world.
Franklin Street Coins is a member of the American Numismatic Association, and was founded to help collectors seeking elusive coins to complete a set. They also buy all types of rare coins from individuals.
Dixie Coins and Stamps
4722 South Dixie Drive
Dayton, OH 45439
Founded in 1977, Dixie Coins and Stamps is a family-run coin shop that buys and sells all U.S. and foreign coins, including gold coins, proof sets, silver dollars, and paper currency. They also deal in gold and silver bullion, stamps, and jewelry.
Dixie Coins offers a wide range of collectors supplies, and offers appraisals. The shop features a bid board for silent auctions running every two weeks, and a small selection of their coins can be found on eBay.
Local Gold and Silver Mints in OH
Also browse the gold and silver mints local to Ohio. Some of these mints offer retail products, while others are wholesale only.
Ohio Precious Metals LLC
4722 South Dixie Drive
Dayton, OH 45439
Ohio Precious Metals LLC is a precious metal refinery and mint dealing in gold, silver, platinum, and palladium. Founded more than 35 years ago, the company calls itself one of the world’s most environmentally conscious refineries. OPM makes use of recycled silver and gold from their refinery division to produce bullion bars. Their products include gold and silver bars of .999 or higher fineness, beginning at 1 troy ounce. They produce an eye-catching 400 ounce gold bar, with a retail price of more than $600,000.