In Iowa, most collectible coins and paper currency are subject to sales tax.
- State sales tax: 6%
- Local option sales tax: Up to an additional 1% in many jurisdictions.
- Total tax: Typically 6% to 7%, depending on where the sale occurs.
Coins and Currency
Iowa generally treats the following as taxable tangible personal property when sold as collectibles:
- U.S. coins
- Foreign coins
- Paper currency
- Proof and mint sets
- Numismatic items
- Collector stamps
The Iowa Administrative Code specifically states that coins sold to numismatists or collectors are taxable when they are sold for more than their face value. It also distinguishes collectible coins from ordinary circulating currency exchanged at face value.
