WI No exemptions Last reviewed: April 2026

Rules of Gold in Wisconsin

The six facts

Statute-level rules. Each fact is sourced; click through to the primary citation.

Bullion exempt

Sales tax on bullion

Wisconsin Statute § 77.54(71) exempts from the state's 5% sales/use tax (plus applicable local up to 1.75% county/stadium tax) "the sales price from the sale of and the use or other consumption of precious metal bullion." Created by Assembly Bill 29 (2023 Wisconsin Act 149), signed by Gov. Tony Evers 2024-03-21, effective 2024-03-23. Wisconsin became the 43rd state to enact a bullion sales-tax exemption. Distinctive definition: "precious metal bullion" = coins, bars, rounds, or sheets containing at least 35 percent gold, silver, copper, platinum, or palladium that are either marked with weight, purity, and content OR minted by a government authority on the basis of weight, purity, and content. Notable features: (1) copper is included alongside the standard Au/Ag/Pt/Pd cluster — distinctive in the dataset (most states explicitly exclude copper); (2) 35% PM threshold is the most lenient in the entire dataset (compare UT 50%, MI/MO 0.900, OH/IN 0.999, ND 0.999, MA 99.9%-bullion-bars-only); (3) the broader definition reaches "sheets" alongside the standard coins/bars/rounds form factors. Exclusions (still taxable): jewelry, works of art, scrap metal, electronics — i.e., other tangible personal property containing PM in part or in whole. Implementation guidance: Wisconsin Tax 11.79(4) (administrative code).

Source As of 2024-03-23 · high confidence

Recognized as legal tender

Wisconsin has not enacted a statute recognizing gold or silver coins or bullion as legal tender for payment of debts. Comprehensive search of Wisconsin Legislature 2021-2026 sessions identified no active legal-tender, depository, or specie bill. Wisconsin's sound-money activity has focused on the bullion sales-tax exemption (AB 29 / 2023 Wisconsin Act 149) rather than legal-tender recognition. Wisconsin remains absent from the legal-tender state list as of 2026.

Source As of 2026-04-26 · medium confidence

Taxed (30% LT deduction)

Capital gains on bullion

Wisconsin taxes capital gains as ordinary income through its 4-bracket individual income tax system. TY 2025 brackets: 3.50% (taxable income up to $14,680 single), 4.40% ($14,680-$29,370), 5.30% ($29,370-$323,290), and 7.65% (over $323,290 single). Critical feature: 30% long-term capital-gains deduction under Wis. Stat. §71.05(6)(b) — taxpayers exclude 30% of net long-term capital gains from Wisconsin taxable income (60% for capital gains from sale of farm assets). So a $100,000 LT capital gain is treated as $70,000 for Wisconsin tax purposes. Effective top-bracket LT bullion rate = 7.65% × 0.70 = 5.355%. Short-term gains receive no deduction and face the full 7.65% rate. Wisconsin's 30% LT deduction joins South Carolina's 44% LT deduction (effective 3.36% top LT rate) and Vermont's 40% LT exclusion (effective 5.25% top LT rate, bullion eligibility uncertain) as substantial LT cap-gains deductions in the dataset.

Source As of 2025-01-01 · high confidence

State bullion depository

Wisconsin has not enacted enabling legislation authorizing a state-administered or state-chartered bullion depository. No depository-authorization bill identified in 2021-2026 sessions. The Wisconsin State Treasurer has no statutory authority to operate a depository or hold physical bullion as a state asset. Per Sound Money Defense League coverage, "Wisconsin law does not currently allow for a state bullion depository."

Source As of 2026-04-26 · medium confidence

State gold & silver reserves

The Wisconsin State Treasurer does not hold physical gold or silver as a reserve asset. Wisconsin statutes do not authorize state-treasury PM holdings. (Note: the Wisconsin State Treasurer's office is comparatively limited in scope vs other states' treasurers, with most state-funds investment authority residing in the State of Wisconsin Investment Board for pension assets. State funds management is handled through the Department of Administration.)

Source As of 2026-04-26 · medium confidence

No disclosure

Pension fund holdings

The Wisconsin Retirement System (WRS, ~$130B AUM) — managed by the State of Wisconsin Investment Board (SWIB, created 1951) — is one of the top 10 largest US public pension funds and is fully funded. SWIB also manages the State Investment Fund (SIF) and other state trust funds. SWIB's investment philosophy emphasizes a "disciplined, prudent, and innovative" approach designed to weather varied economic environments; published asset-allocation summaries reflect standard institutional categories (public equities, fixed income, real assets, alternatives) without enumerating physical-precious-metals exposure. Field marked `No-public-disclosure` rather than definitive `No` because the alternatives sleeve composition is not fully enumerated in publicly-available summary documents — physical PM exposure is presumed minimal-to-zero but cannot be ruled out without ACFR-level review. WRS's fully-funded status creates lower urgency for inflation-hedge allocations than underfunded pensions face.

Source As of 2024-12-31 · medium confidence

What this means for buyers

When you buy bullion in Wisconsin: investment-grade bullion is exempt from state sales tax. The exemption typically covers gold, silver, platinum, and palladium meeting standard investment-grade purity. Verify the exemption applies to your specific purchase — definitions and minimum-purity thresholds vary by statute.

When you sell or otherwise realize a gain: capital gains on bullion are taxed as ordinary income at Wisconsin’s state-tax rates, stacked on top of the federal 28% collectibles rate. This is a real drag on long-term holdings — consult a CPA before realizing a major position.

Mostly standard taxation; one carve-out worth knowing about. Confirm it covers your specific purchase before relying on it.

Coin & bullion dealers in Wisconsin

Verified retail dealers — sourced from state corporation registries, BBB, and trade associations.

Full directory

Allouez Rare Coin Gallery

PNG (Professional Numismatists Guild) member

View dealer

Derzon Coins

Operating since 1950

View dealer

Greater Milwaukee Coin

NGC, PCGS

View dealer

Paragon Numismatics

Operating since 1987
PCGS Authorized, NGC Authorized (grading submission services)

View dealer

Shorewood Coin Shop

Operating since 1979

View dealer

About this page. Each fact on this page links to its primary source. State laws change, so confirm material facts with your CPA or the state Department of Revenue before acting on a transaction. Fair Market Value does not provide legal or tax advice.

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