Iowa Sales Tax on Gold and Silver
CHECKED 2026-10-28. NOT TAX ADVICE.
Iowa does not charge sales tax on gold, silver, platinum or palladium bullion or on coins and currency that are or were legal tender.
Bullion means bars, ingots or commemorative medallions where the value depends on the metal content, not the form. Coins and currency are those made of gold, silver, other metal or paper that are or have been legal tender. The statute does not list rounds by name, and the Iowa rule on old coins sold above face value was not checked for conflicts.
General state sales tax rate: 6%. Iowa Code 423.3(91). The 6% rate is from the Tax Foundation midyear 2026 table.
Where this comes from
Iowa Code section 423.3, subsection 91 (Iowa Legislature). Checked 2026-10-28. Local sales taxes and rules for specific items can differ, so read the source before you rely on it.
Under IRS Form 1099-B instructions, a sale of precious metals in a form and quantity that matches a CFTC-approved futures contract (for example, at least 25 gold coins of a covered type) can require the broker or dealer to report it; a single coin sale does not, and sales to the same customer within 24 hours are added together. irs.gov
General information only. This is not tax advice. Rules change and have exceptions.
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Quick answers
Does Iowa charge sales tax on gold and silver bullion?
Iowa does not charge sales tax on gold, silver, platinum or palladium bullion or on coins and currency that are or were legal tender. Bullion means bars, ingots or commemorative medallions where the value depends on the metal content, not the form. Coins and currency are those made of gold, silver, other metal or paper that are or have been legal tender. The statute does not list rounds by name, and the Iowa rule on old coins sold above face value was not checked for conflicts.
Where does this Iowa rule come from?
Iowa Code section 423.3, subsection 91 (Iowa Legislature): https://www.legis.iowa.gov/docs/code/423.3.pdf. Lustre checked it on 2026-10-28.
Is this tax advice?
No. It is general information from the source above. Rules change and have exceptions. Check with the state tax agency or a tax professional.