In Michigan, the general state sales tax rate is 6%, but many coin and bullion purchases are exempt from sales tax.
Here's how it applies:
- Investment coins – Sales tax exempt.
- This includes U.S. and foreign coins that have a fair market value greater than their face value, including most collectible (numismatic) coins and bullion coins.
- Bullion – Sales tax exempt.
- Gold, silver, platinum (and qualifying palladium coins) meeting the statutory definition are exempt.
- Paper currency
- Currency sold as collectible or investment money is generally treated as an investment coin/other form of money under Michigan's exemption and is typically not subject to sales tax.
- Postage stamps
- Collectible stamps are generally taxable, although uncancelled U.S. postage sold by the U.S. Postal Service or an approved postal provider is not taxable.
