Buying gold in Iowa
Iowa does not charge sales tax on qualifying gold bullion and coins. Jewelry is taxed at the 6% state rate plus any local tax.
Gold has one national spot price in US dollars: the prices on this page are the same as on the gold price in the United States page. What differs in Iowa is tax, explained below.
Sales tax on gold in Iowa
Coins, currency and bullion are exempt with no minimum. Bullion means bars, ingots and commemorative medallions of gold, silver, platinum or palladium valued by metal content. Jewelry and craftsmanship-priced items are taxable.
Tax when you sell gold in Iowa
Profits on gold are generally taxed by Iowa like other investment gains, under its income tax rules. At the federal level, the IRS treats bullion and most gold coins as collectibles: long-term gains (assets held more than a year) are taxed at your ordinary rate, capped at 28%, and short-term gains as ordinary income.
Selling gold or gold jewelry to a dealer in Iowa
- License: No statewide license for gold, precious metal or secondhand dealers was found. Pawnbrokers are licensed and regulated by cities: Iowa Code 537.1202(5) refers to licensed pawnbrokers whose rates and charges are regulated by city ordinance or state statute, and Des Moines licenses pawnbrokers under Chapter 30 of its Municipal Code. The National Pawnbrokers Association says local authorities have jurisdiction over pawnshops.
- Hold period: No state hold period found. Local holds were not confirmed.
- What the dealer records: No state rule. Example (Des Moines pawnbrokers): at the time of purchase, record in ink on police-supplied log sheets the seller's name, address, date of birth, Iowa driver's license or ID number (or Social Security number with photo ID), sex, age, height, race and type of photo ID. Pawnbrokers also collect a per-visit transaction fee set by the city.
- What sellers need: Example (Des Moines): seller shows photo ID; details are logged as above.
- The law: No state precious metal or secondhand dealer act found. Iowa Code 537.1202(5) (pawnbrokers regulated by city ordinance are largely outside the Iowa Consumer Credit Code, except Truth in Lending disclosure rules). Example local law: Des Moines Municipal Code Chapter 30, Sections 30-295.1 and 30-301 (Ordinance 14,290, effective January 1, 2004).
Dealers report a customer's sale to the IRS on Form 1099-B only for certain forms and quantities, such as 1-kilo gold bars, 1,000 ounces of silver bars or 25 or more Krugerrands or Maple Leafs; American Eagles and smaller lots are generally not reported. Any business that receives more than $10,000 in cash in one transaction or related transactions files IRS Form 8300. Bring a photo ID when you sell.
What you pay over spot
Dealers sell Gold Eagles, Buffaloes, bars and rounds at a premium over the spot price shown here, which covers minting, shipping and the dealer's margin; small coins carry the biggest premiums. Jewelry adds design and labour. When you sell, dealers usually pay a little under spot for common bullion and the melt value, less a margin, for scrap.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.