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Gold buyers in Chicago: Cook County dominates Illinois's trade
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By GoldGuy. First published Oct 24, 2026; text updated Oct 25, 2026. Census data retrieved Oct 24, 2026; state tax rules checked Oct 24, 2026; melt values refresh with every price update.
Cook County is where Illinois's gold trade sits. In 2023 it had 140 of the state's 189 precious-metal wholesalers (74%) and 364 of its 714 jewelry stores (51%). It has about 41% of the state's people (Census CBP 2023, ACS 2024). Illinois does not tax government-issued gold coins or 98%-pure bullion. As of Oct 31, 2026 2:24 AM ET, 14k gold melts at $72.70 per gram.
Key facts
- Jewelry stores, Cook County: 364 (Census CBP 2023)
- Precious-metal wholesalers, Cook County: 140 (CBP 2023)
- Chicago median household income: $80,613 (ACS 2024)
- Illinois bullion sales tax: Exempt: legal tender, government-issued gold and silver coins, and bullion of 98%+ purity (checked Oct 24, 2026)
- 14k gold melt: $72.70/g (Oct 31, 2026 2:24 AM ET)
Cook County's share of Illinois
| Measure | Cook County | Rest of Illinois | Cook County share |
|---|---|---|---|
| Jewelry stores (CBP 2023) | 364 | 350 | 51% |
| Precious-metal wholesalers (CBP 2023) | 140 | 49 | 74% |
| Population (ACS 2024) | 5,182,617 | 7,527,541 | 41% |
Source: Census CBP 2023 (NAICS 448310, 423940) and ACS 2024 1-year county and state population.
Precious-metal wholesalers: the Chicago concentration
| Area | Precious-metal wholesalers (2023) | Per 100,000 residents | Change since 2019 |
|---|---|---|---|
| Cook County | 140 | 2.7 | -5 |
| Illinois | 189 | 1.5 | -12 |
| United States | 6,949 | 2.0 | - |
Source: Census CBP 2019 and 2023, NAICS 423940 (jewelry, watch, precious stone and precious metal merchant wholesalers), 592 employees locally in 2023. These are business-to-business firms, not a count of shops that buy from the public. Notes.
Cook County jewelry stores, 2019 to 2023
| Year | Jewelry stores, Cook County | Employees |
|---|---|---|
| 2019 | 391 | 2,003 |
| 2022 | 353 | 1,729 |
| 2023 | 364 | 1,822 |
| Area | Jewelry stores (2023) | Per 100,000 residents |
|---|---|---|
| Cook County | 364 | 7.0 |
| Illinois | 714 | 5.6 |
| United States | 19,897 | 5.9 |
Source: Census CBP 2019, 2022 and 2023, NAICS 448310 (jewelry stores); per-100,000 rates use ACS 2024 population. Notes.
What the Chicago numbers mean
Cook County has 2.7 precious-metal wholesalers per 100,000 residents, above the US rate of 2.0. It has 7.0 jewelry stores per 100,000 (US 5.9). A dense wholesale trade gives local buyers short routes to refiners and dealers. That can help competition for what you sell, but it says nothing about any one buyer.
The trend is gently down. Jewelry stores fell from 391 in 2019 to 364 in 2023 (-7%), and wholesalers from 145 to 140. Illinois as a whole lost jewelry stores over the same years (769 to 714).
Chicago's median household income is $80,613 (Illinois $83,211). 14.2% of residents are 65 or older (Illinois 17.9%). These figures describe the city. They say nothing about what any buyer will pay.
Illinois tax on gold coins and bullion
Exempt: legal tender, government-issued gold and silver coins, and bullion of 98%+ purity. Illinois does not charge Retailers' Occupation Tax on legal tender, currency, medallions, gold or silver coins issued by Illinois, the U.S. or a foreign government, or bullion. Coins made into jewelry are taxed. For this rule, bullion means gold, silver or platinum in bulk form that is at least 980 parts per 1,000 pure.
Sources: Illinois Dept. of Revenue, PIO-101 Illinois Tax Matrix; 86 Ill. Adm. Code 130.1910. Checked Oct 24, 2026. These rules cover buying; they are general information, not tax advice. Selling gold can raise a federal capital-gains question instead: see how to sell silver and gold.
Melt values for Chicago sellers
Gold is worth the same in Chicago as anywhere else: weight times purity times the spot price. As of Oct 31, 2026 2:24 AM ET, gold spot is $3,876.40/troy oz. Online dealers' published buy prices for bullion: 1 oz American Gold Eagle 98.9% of melt (Hero Bullion); 1 oz Gold Krugerrand 97.7% of melt (Hero Bullion); 1 oz gold bar (.9999) 97.9% of melt (Hero Bullion). Checked Oct 31, 2026 2:32 AM ET.
| Karat | Melt per gram | Melt per pennyweight |
|---|---|---|
| 24k | $124.50 | $193.63 |
| 22k | $114.24 | $177.67 |
| 21k | $109.05 | $169.59 |
| 18k | $93.47 | $145.36 |
| 14k | $72.70 | $113.06 |
| 10k | $51.93 | $80.76 |
Plug in your own weight with the pawn shop gold price calculator, which also shows what share of melt an offer is.
Melt = grams × purity × spot ÷ 31.1035 (spot: gold-api.com). Local offers for jewelry and scrap are below melt; the gap depends on the buyer.
Chicago residents (ACS 2024)
| Measure (ACS 2024) | Chicago | Illinois | United States |
|---|---|---|---|
| Population | 2,721,326 | 12,710,158 | 340,110,990 |
| Median household income | $80,613 | $83,211 | $81,604 |
| Residents age 65+ | 14.2% | 17.9% | 18.0% |
| Households with retirement income | 15.6% | 24.3% | 24.4% |
| Median home value | $341,200 | n/a | n/a |
Source: Census ACS 2024 1-year estimates (tables B01003, B19013, B19059, B25077, S0101), city limits of Chicago. Notes.
Frequently asked questions
Are there coin shops in Chicago?
Yes, but Census does not count coin shops on their own. The nearest official measures are 364 jewelry stores and 140 precious-metal wholesalers in Cook County in 2023 (County Business Patterns).
How many gold buyers are in Chicago?
No official count exists. Many of Cook County's 364 jewelry stores do not buy gold, and many of its 140 wholesalers deal only with the trade. Ask each buyer directly and get a written price per gram.
Where is the best place to sell gold in Chicago?
We do not list or rank local businesses. Cook County holds 74% of Illinois's precious-metal wholesalers and 51% of its jewelry stores (Census CBP 2023), so you can compare many written offers. The best one is the highest once you check it against melt.
Chicago takeaways
- Use melt as the ceiling: 20 g of 14k is $1,454.01 as of Oct 31, 2026 2:24 AM ET.
- Get several written offers per gram. Cook County has 364 jewelry stores, but Census does not say which buy gold.
- Buying bullion afterwards? The Illinois exemption needs 98% purity. 14k jewelry is taxed when bought.
More local gold-selling data
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All city pages · Pawn shop gold price calculator · Gold jewelry value by karat · 14k gold price per gram · How to sell gold step by step
Bullion Price Check publishes price data and does not buy, sell or lend on gold. No business on this page is listed, rated or endorsed. General information, not financial or tax advice.
Notes: establishment counts are from the U.S. Census Bureau, County Business Patterns 2023 (the latest year published; NAICS 2017 codes 448310 jewelry stores and 423940 jewelry, watch, precious stone and precious metal merchant wholesalers), county level, retrieved Oct 24, 2026. Population, income, age and retirement-income figures are from the U.S. Census Bureau, American Community Survey 2024 1-year estimates, retrieved Oct 24, 2026. Per-100,000 rates divide 2023 business counts by 2024 population, so they mix years and are approximate. Census does not count pawnshops, coin shops or gold buyers as such: a jewelry-store count includes stores that never buy gold, and pawnshops are filed under a broader lending code that we do not use. ACS figures are survey estimates with margins of error.