Gold $2,328.88 0.38%
Silver $27.23 -0.07%
Platinum $922.17 -0.8%
Palladium $955.03 0.34%
McGruff Gold Dealers Ohio

Buy Gold Online in Ohio

Investing in gold can help you protect against the volatility of the U.S. Dollar. For centuries, people have been buying gold as its price has been consistently growing despite inflation and stock market crashes. Today, you can invest in gold by purchasing physical gold coins or bullion and even establishing a gold IRA.

There are multiple pawn shops and gold dealers available all across the major cities in Ohio, where you can buy gold online. However, you can also invest in gold by purchasing coins, bars, and bullion online and having them delivered to your doorstep.

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Ohio IRS Regulations

As all across the United States, the sale of precious metal products in Ohio is subject to a federal capital gains tax. This tax is applied to assets held by individuals for over a year. When the asset is sold at a higher price than the gold spot price it was bought at, the income from the sale is taxed. The tax rate is usually 0%, 15%, or 20% and depends on the profit you make from the transaction. However, it cannot be more than 28% of the sale price.

The federal capital gains tax rate is calculated based on the profit and filing status of the seller:

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

IRS-Approved Precious Metals

For a long time, the U.S. American Eagle coin was the only IRS-accredited product that could be traded. Today, the IRS has expanded the list of officially approved precious metal products available for sale.

The IRS approves all precious metal products that match the following requirements:

Gold products should have 99.5% purity, silver products should have 99.95% purity, and platinum and palladium products should have 99.95% purity.
Bars, rounds, and coins must be issued by refiners, assayers, or producers accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 900, or a national government mint. Moreover, the manufacturer should meet minimum fineness requirements of at least 99.5%.
Proof coins should be enclosed in original mint packaging, be in excellent condition, and come with a certificate of authenticity.
Small bullion coins should be produced according to exact weight specifications (except for 100-ounce gold, 400-ounce gold, 1,000-ounce silver, 50-ounce platinum, and 100-ounce palladium bars).
Non-proof bullion coins should be in brilliant, uncirculated, and undamaged condition.


There are multiple options for those searching to invest in gold.

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
Among palladium products, the Canadian Maple Leaf coin is the only asset currently accepted by the IRS.

IRS Forms

All precious metal and gold sellers must report their profits to the IRS. Sellers of most precious metals have to file Schedule D of Form 1040 on their annual tax return. For some other products, you must report using Form 1099-B instead. This applies to the following transactions only:

90% silver U.S. dimes, quarters, or half dollars at a $1,000 face value
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.

Ohio Taxes on Gold

Starting July 2021, the state of Ohio doesn’t charge sales tax on the sale of most gold and silver products. This is one of the reasons why many regard gold as a good investment in Ohio.

However, the sales tax may apply on some precious metal products if they have been processed by third parties into items that are valued at more than their face value. These are usually in the form of statues or colorized coins. Accessory items such as holders, tubes, coin flips, and gloves may also be subject to sales tax.

Gold Prices

The price of gold coins is mainly determined by their weight and gold content. Most new gold coins contain 99.9% gold, while older coins hold 90% or 92% gold. The higher the gold content and the heavier and larger the coin, the more it usually costs. However, some coins may cost more than their intrinsic value because of their rarity, scarcity, design elements, or demand.

Unlike coins, gold bars don’t have any historical or cultural significance, and their price is solely determined by their weight and gold content.

Types of Gold Coins, Bars, and Bullion in Ohio

There are four types of gold coins you can purchase:
Bullion
Bullions are collectible items that have a cultural or historical value. They can be obtained from certified dealers and come with a certificate of authenticity.
Proof
These are high-quality coins that are usually produced in limited quantities. They are manufactured by any of the four U.S. mints and also come with a certificate of authenticity.
Numismatic
These are old, collectible, and very rare coins that are valued higher than their face value because of their historical significance, design, and scarcity.
Semi-numismatic
Semi-numismatic coins take qualities from both bullion and numismatic coins. They are valued based on their rarity, artistry, scarcity, and purity.

Gold Bar Sizes

Gold bars are usually bought for long-term investing purposes. Gold bars typically weigh from a few grams to a few ounces. They are produced by government-accredited mints and come with a certificate of authenticity.

Gold bars can come in four different types:

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.
Hand-poured bars
Uniquely shaped with slight imperfections, showcasing the traditional goldsmithing process.
Hand-poured, cast, and minted ingots
A blend of old and new techniques, offering an artisanal, rustic appeal.

Precious Metals Buying Guide by State

Click on your state to learn more about purchasing gold or investing in a gold ira in your area.
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