Gold $2,415.52 0.77%
Silver $31.70 1.45%
Platinum $1,053.79 3.77%
Palladium $1,025.27 -0.47%

Buy Gold Online in Iowa

Gold was first discovered in the Iowa River in Hardin County in 1853. As news of the discovery spread, more than 3,000 people descended on the Eldora area in search of wealth.

To this day, Iowans buy precious metals and invest in gold to protect themselves from economic uncertainties and preserve their wealth. While it is popular to invest in gold, residents also invest in silver, platinum, and palladium as a way to diversify their portfolios.

However, if you're looking to buy gold, invest in silver, or explore other precious metals, make sure you are up to date with federal and state laws. When you’re ready to buy gold online, visit a gold dealer’s website to browse their products and choose gold coins and bars to invest in.

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Iowa IRS Regulations

When selling physical gold or other precious metals after holding them for more than a year, investors must pay federal capital gains tax to the IRS. This is because the IRS views investments in precious metals as capital assets that fall under the collectibles category.

The capital gains tax rate will depend on the profit you make from the sale. Depending on your income, the rates range from 0% to 15% to 20%, with a maximum of 28%. The capital gains tax rates for 2023:

Filing Status0%15%20%
SingleUp to $44,625$44,626 to $492,300Over $492,301
Head of householdUp to $59,750$59,751 to $523,050Over $523,051
Married filing jointlyUp to $89,250$89,251 to $553,850Over $553,851
Married filing separatelyUp to $44,625$44.626 to $276,900Over $276,901

Note that you will not be required to pay capital gains tax until after the sale of your precious metals is complete.

IRS-Approved Precious Metals

The IRS has strict regulations when it comes to the types of assets allowed in a precious metal IRA. So, if you're considering opening one, take into account the following requirements:

The minimum purity standards are as follows: gold 99.5%, silver 99.9%, and platinum and palladium must be 99.95% pure.
Bars, rounds, and coins must be produced by an accredited or certified refiner, manufacturer, or assayer. The producer must be accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 9000, or a national government mint. The producer must also meet minimum fineness requirements.
Proof coins must be encapsulated in complete, original mint packaging. They must also be in excellent condition and include a certificate of authenticity.
Small bullion bars must be manufactured to exact weight specifications.
Non-proof bullion coins must come in brilliant, uncirculated condition and be free from all damage.

IRS-Approved Gold Products Include:

American Eagle bullion or proof coins
Australian Kangaroo or Nugget bullion coins
Australian Lunar Series coins
Austrian Philharmonic bullion coins
British Britannia (2013 or newer)
Canadian Maple Leaf coins
Chinese Panda coins
Credit Suisse – PAMP Suisse bars
U.S. Buffalo bullion coins

IRS-Approved Silver Products Include:

American Eagle bullion or proof coins
America the Beautiful coins
Australian Kookaburra coins
Austrian Vienna Philharmonic coins
British Britannia (2013 or newer)
Canadian Maple Leaf coins
Chinese Panda coins
Mexican Libertad bullion coins

IRS-Approved Platinum Products Include:

American Eagle bullion or proof coins
Australian Koala bullion coins
Canadian Maple Leaf bullion coins
Isle of Man Noble bullion coins
The only IRS-approved palladium product is the Canadian Maple Leaf coin.

IRS Forms

Investors must report all earnings from the sale of gold and other precious metals to the IRS. To do this, gold sellers must fill out Schedule D of Form 1040 on their yearly tax returns.

Nevertheless, Form 1099-B may also be necessary depending on the kind of metal sold, such as:

90% silver U.S. dimes, quarters, or half dollars at a face value of $1,000
Twenty-five or more one-ounce gold Maple Leaf, Krugerrand, or Mexican Onza coins
One-kilogram or 1,000-troy-ounce gold and silver bars

Iowa Taxes on Gold

According to Iowa law, gold and silver products are exempt from sales taxes, making gold a good investment option. However, investors need to pay sales taxes on copper products, coins that do not qualify as legal tender, accessory items, and processed items.

Accessory items include holders, tubes, and coin flips. Processed items are precious metals that have been processed by third parties to make other items, such as gold statues.

Gold Prices

Several factors influence the price of gold, including mint, purity, rarity, condition, size, dealer, and demand. Generally, the higher the grade of gold and the larger the coin or bar, the higher the price. Still, gold prices have risen steadily over the decades, making it a relatively stable long-term investment option.

Types of Gold Coins, Bars, and Bullion in Iowa

Gold coins come in different sizes ranging from an ounce to one-tenth ounce. They also come in varying qualities. For instance, older coins minted in the 1800s contain 90% to 92% gold. In contrast, newer coins minted after 2006 are made of 99.9% gold. In addition, some dealers may also sell alloyed gold coins that are made up of 91.7% gold, with the remainder made of silver or copper.

The gold coin price is often based on the size and gold content. However, some coins can cost more than the gold spot price based on rarity, demand, and design elements.

There are four types of gold coins:

Bullion coins were primarily used as a form of currency. However, they are now used for collectible and investment purposes. These coins are typically purchased to protect against inflation and the volatility of the stock market. The value of bullion coins is attributed to the item’s rarity and aesthetic beauty.
Proof coins are the highest quality gold investments and are often produced in limited quantities. These coins are produced by U.S. Mints and come with a certificate of authenticity.
Numismatic coins are rare collectible coins. They are valued more for their historical and artistic significance rather than their fineness or gold content.
Semi-numismatic coins include the characteristics of both bullion and numismatic coins. They are valued based on their rarity and artistry, as well as finesses and purity.

Gold Bar Sizes

Gold bars come in various sizes, ranging from a few grams to 10 ounces. They hold a minimum purity standard of 99.5%. Each gold bar is stamped with its weight in gold, fineness, and serial number. The gold bar price is most often based on purity, gold content, and size. These bars come in a variety of styles, including:
Hand-poured, cast, and minted ingots
A blend of old and new techniques, offering an artisanal, rustic appeal.
Hand-poured bars
Uniquely shaped with slight imperfections, showcasing the traditional goldsmithing process.
Cast bars
Showcases modern precision with clean lines and a uniform matte finish, optimized for easy storage.
Minted bars
Highly refined, featuring high-gloss finish, sharp edges and tamper-evident packaging for added security.

Gold Buying Guide by State

Click on your state to learn more about investing in gold, silver, and other precious metals in your area.
US Map

Best Gold Dealers Near Me


American Hartford Gold


Augusta Precious Metals


Birch Gold Group



Buy Gold in Your Iowa City

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