Coin shops & coin dealers in Lima, OH

When you sell

Yes - bring identification. A licensed precious metals dealer must record your name, age, residence, driver's license number or other personal ID, and a short physical description (ORC 4728.06).

A licensed dealer must keep each item it buys in Ohio until 5 days after the purchase (ORC 4728.09(A)).

When you buy

Gold, silver, platinum and palladium bullion that meets the federal futures-delivery fineness standard is exempt from Ohio sales and use tax. The Tax Department lists that standard as gold .995, silver .999 and platinum/palladium .9995.

Ohio does not charge sales or use tax on any coin composed primarily of gold, silver, platinum or palladium. The Tax Department reads "primarily" as more than 50%.

Who licenses dealers

A business that buys articles made of or containing gold, silver, platinum, other precious metals or jewels, and holds itself out to the public (for example by advertising) as willing to buy them, must have a precious metals dealer license from the Ohio Department of Commerce, Division of Financial Institutions (ORC 4728.01-4728.02). A licensed pawnbroker does not need a second license (ORC 4728.02(B)).