If there’s anything most customers want to avoid, it’s paying sales tax. That’s why buying online had such an advantage over brick-and-mortar stores for so long. Did you know that Grand Rapids Coins charges no sales tax on purchases of coins bought in Michigan? There is no sales tax at all on coins or bullion in Michigan so all transactions that we make with our customers - either sales or purchases - are tax free as long as they’re purchased in the state.
Michigan’s Sales Tax Law
Prior to 1999 Michigan did charge a sales tax on transactions of coins, and it meant that there were fewer coin dealers and almost $2 million dollars fewer coin sales per year. That’s because rare coins and precious metals bullion are largely fungible products. If a buyer couldn’t find the coins he wanted in Michigan or didn’t want to pay sales tax, with the exception of very rare coins, it was possible to buy a similar coin from a buyer in a state with no sales tax. Many people who live in states with a sales tax on coins, like Ohio, will now travel to states like Michigan in order to avoid paying taxes of 6-8% of the sale price.