Is Gainesville Coins A Scam? Exposed! (2023 Review)

Hi there, welcome to my Gainesville Coins review!

Investing in gold is a popular way to safeguard wealth. Gold has long been considered a safe haven asset, and its value has held up well during times of economic uncertainty. In fact, gold has outperformed many other asset classes over the long term.

To get the best out of your investments, you should take note that when choosing the best gold company, it is important to look for a reputable one that provides accurate information, transparent pricing, and reliable customer service.

Along the way of your search for the best precious metals company to work with, you probably stumbled upon Gainesville Coins. You probably wished to know more about it however there is not much you can find. Is Gainesville Coins a scam? or are they legit?

This Gainesville Coins review contains all the vital information you need to know about the company. However, if you want to skip this one and directly go to our top-recommended precious metal company, then you should check out Goldco!

Gainesville Coins Review Quick Summary

What is Gainesville Coins?

Gainesville Coins is an online precious metals dealer based in Gainesville, Florida. It was founded way back in 2001 by Tom Kaplan, in hopes of providing customers with a wide variety of precious metals products and services with prices they claim are never before possible. 

The company quickly caught success, which in 2005, they opened a second location in Houston, Texas. Gainesville Coins was then accredited by the National Association of Precious Metals Dealers (NAPMD) in 2007. This accreditation is a big green flag, a sign of the company's commitment to ethical business practices.

Gainesville Coins takes pride in their transparency, security, and integrity in the context of buying and selling precious metals. They take these matters seriously, that is why they have a proven track record of trusted service ever since their founding.

Gainesville Coins Products & Selection

Gainesville Coins offers a wide range of products including bullion, numismatic items, and modern collectibles. Among these, they have gold, silver, platinum, and palladium bullion coins and bars, as well as rare and historic coins from around the world.

They also offer IRA-approved products for those who want to diversify their retirement portfolio. The following is a summary list of the popular precious metal products offered by Gainesville Coins:

• Gold: Gainesville Coins offers a wide selection of gold coins, bars, and rounds. Some of the most popular gold coins include the American Eagle, Canadian Maple Leaf, South African Gold Krugerrand, American Buffalo, and Australian Coins. Gainesville Coins also offers gold bars from major refiners, such as PAMP Suisse and Credit Suisse.
• Silver: Gainesville Coins also offers a wide selection of silver coins, bars, and rounds. Some of the most popular silver coins include the American Eagle, Canadian Maple Leaf, Silver Buffalos, Silver Rounds, Junk Silver, and Regional Silver Coins. Gainesville Coins also offers silver bars from major refiners, such as PAMP Suisse and Credit Suisse.
• Platinum and Palladium: The company has a limited selection of platinum and palladium coins, bars, and rounds. The company offers platinum and palladium coins from the United States Mint and Royal Canadian Mint.
• Jewelry and Numismatic items: Interestingly, the company offers a limited selection of precious metal jewelry from various designers. Lastly, Gainesville Coins offers numismatic items, such as rare coins, tokens, and medals.

It is safe to say that Gainesville Coins has an extensive precious metals product catalog compared to the average dealer companies. However, If you wish to seek out another company that has more than what Gainesville Coins can offer, then you should take a look at Goldco, our top-recommended company!

Gainesville Coins Precious Metals IRA

When you wish to diversify and protect your retirement funds, having an IRA account is actually very helpful. However, instead of using paper assets, investing in precious metals IRA is better!

Gainesville Coins offers precious metals IRA services. However, it is worth taking note that they are not an IRA custodian. Therefore, Gainesville Coins, through its partner custodians, Goldstar Sun Company and Advanta IRA, are responsible in assisting you in opening up an IRA account.

Take a look at the graphic below to see the easy steps in opening up a self-directed precious metal IRA.

Of course, the prices and fees will vary depending on which IRA custodian you will choose. Below is a picture taken from their website, showing the costs of the two IRA custodians:

Precious Metals Prices

Gainesville Coins has a huge reputation with its competitive precious metal product prices, more than sometimes even the cheaper than leading dealers in the industry. The best thing about buying from the company is that they do not have minimum order requirements when you buy from them.

Due to Gainesville Coins having a large inventory, they are able to buy and sell in bulk, a reason behind their significant price difference over other dealers. Also, the fact that they are an online dealer makes running the business cost lower. 

The following are the current precious metal prices listed in Gainesville Coins website at this time of writing (JULY 28 2023):

• 1 oz American Gold Eagle: $1,936.63
• 1 oz Canadian Maple Leaf: $1,932.63
• 1 oz South African Krugerrand: $1,906.63
• 1 oz Buffalo: $1,936.63
• 1 oz Australian Kangaroo: $1,930.63
• 1 oz American Silver Eagle: $23.37
• 1 oz Canadian Maple Leaf: $23.32
• 1 oz Mexican Peso: $23.34
• 1 oz Silver Round: $23.41
• 10 oz Silver Bar: $233.97

Gainesville Coins has clear pricing displayed on each precious metal product in their website. They do not have any hidden and unnecessary fees.

Accepted Payment Methods

Gainesville Coins has various payment methods available for their customers. This makes it ultra convenient for their customers to purchase and pay for their precious metals orders.

• Credit card: All major credit cards, including Visa, Mastercard, American Express, and Discover are accepted. There is a 3% credit card processing fee.
• Debit card: Gainesville Coins accepts debit cards.
• Wire transfer: Wire Transfers from all major banks in the United States and Canada are accepted. There is a $15 fee for bank wire transfers.
• Money order: Gainesville Coins accepts money orders from banks in the United States and Canada.
• Cash: Gainesville Coins accepts cash in person at its Gainesville, Florida, location.
• PayPal: Gainesville Coins accepts PayPal payments. There is a 2.9% PayPal processing fee.

Storage Facilities and Services

When you invest in precious metals, another concern that you must consider is security. There are dealers that lets you opt for home storage, but of course, it is better to have them secured in a heavily-protected and sophisticated storage facility.

Gainesville Coins offers its clients different storage options to help them keep their precious metals safe. They have their own storage facilities, their vault specifically located in Gainesville, Florida.

The following are the storage options that customers can choose upon purchasing precious metals:

• Self-Storage: This option allows customers to store their precious metals in the company's vault for a fee. You can either choose unallocated storage or allocated storage. 
• IRA Storage: This option is for customers who have precious metals in an IRA. Gainesville Coins charges a fee for IRA storage. They will then provide you with a Certificate of Deposit (CD) that shows that you own the precious metals.
• IRA Custody: With IRA custody, Gainesville Coins takes care of all of the paperwork and storage for the customer. The company charges a fee for IRA custody, which is based on the size of the account.

The prices of storage will depend on the size and the duration of your storage availed. But, Gainesville Coins provided some information about the storage fees. It is quite rare for dealers and firms to provide any costs information on their website.

I discovered that they have sliding scale fees. However, this is not typically recommended for buyers. As time passes by, more people will purchase more precious metals. Instead, it might be a bit better to pick a storage provider with flat rate fees.

Shipping Services and Fees 

Gainesville Coins has various shipping methods and they also ship internationally. They require a signature for all orders to be received by the customers. Also, they have optional shipping insurances for added security in the event of loss or damage.

Shipping time will depend on your shipping option. The following are what the shipping services that Gainesville Coins offer:

• UPS Ground: All orders within the United States are shipped via UPS Ground. Precious metal shipment is free for orders over $1,000 while orders under $1,000 have a flat shipping rate of $19.95
• UPS Next Day Air: If you want a faster shipment, you can opt for UPS Next Day Air. This shipping method has a flat rate of $99.95. Shipment will arrive at your door within 1 business day.
• FedEx International Priority: All international orders are shipped via FedEx International Priority. Precious metals internationally shipped is free for orders over $5,000. Orders under $5,000 have a flat shipping rate of $299.95.

Upon the shipment of your order, you will receive a tracking number in an email. You can use this tracking number to check the status of your shipment on the UPS or FedEx website.

It's worth noting that shipping times may be impacted by factors outside of Gainesville Coins' control, such as weather conditions, customs processing for international orders, and shipping carrier delays. Customers should be aware of these potential delays and plan accordingly when placing orders.

Learning Center and Educational Services

Gainesville Coins believes that customers should have access to the best possible information before making a purchase. This is why, the company offers various educational services such as learning centers, blogs, and articles which are free to access for everyone.

The company's precious metal blogs and articles provides customers with information about coin collecting and history, as well as market news.

Gainesville Coins has created a Learning Center that provides a wealth of knowledge and industry insights. The Learning Center offers a variety of educational resources, including Buying Guides, Infographics, and How-To Guides.

The Buying Guides provide information about different types of precious metals and coins, as well as tips for buying and selling. The Infographics offer interesting facts and historical background about coins, mints, and engravers.

The How-To Guides provide useful tips for beginners who may be unfamiliar with coin collecting. Indeed, Gainesville Coins' The Learning Center is a valuable resource for anyone interested in learning more about precious metals.

Gainesville Coins Buyback Policy

Apart from buying precious metals from Gainesville Coins, you can also sell your gold, silver, platinum or palladium to them. Buyback is convenient, easy, and quick to do. Their buyback prices and still as competitive as when you bought those products from them!

The company's buyback team will assess the condition of your precious metals and provide you with an offer based on the current market price. Supposing you accept their quote, here's the details for how to do so:

How to Order from Gainesville Coins?

Ordering from Gainesville Coins is straightforward and easy to do. Moreover, it is much easier to do so when you already have an account with them. To order from Gainesville Coins, follow these steps:

1. Visit the Gainesville Coins website.
2. Browse the website to find the products you are interested in purchasing.
3. Once you have found the products you want to buy, add them to your cart.
4. Proceed to checkout and fill in your shipping and billing information.
5. Choose your preferred payment method and complete the transaction.
6. Once your payment has been processed, your order will be shipped to you.
7. You can track your order on the Gainesville Coins website or by contacting their customer service team.

If you have any questions or need assistance with your order, you can contact Gainesville Coins customer service team through their website or by calling their toll-free number.

Does Gainesville Coins Have a Physical Store?

Yes, Gainesville Coins does have a physical store. They have a wide selection of gold, silver, platinum, and palladium coins and bars in their physical stores. You can actually buy and sell precious metals and gold IRAs at their physical office.

They are located at 17860 N Dale Mabry Hwy, Lutz, FL 33558. They also have international offices located in London, Singapore, and Finland.

Gainesville Coins Official Website

The Gainesville Coins website has an excellent interface, very user-friendly, and has that easy-to-navigate feel. Any information is presented in a clear and concise way. Plus, the tabs and sections are cleanly arranged, and the main-menu is not over-crowded.

The website is also mobile-friendly, so you can easily access it from your smartphone or tablet. Overall, I would say that Gainesville Coins has a well-designed website.

Gainesville Coins Showroom

Gainesville Coins has a precious metals showroom located in their physical office in Lutz, FL. The showroom displays an extensive array of precious metals, rare coins, and other collectibles.

The Gainesville Coins showroom is open from 9 am to 6 pm. You can buy precious metals jewelry there, plus you can also see exclusive bullion products on display for your review.

There will be customer service staff in the showroom that are ready to assist you with any questions you have. They are knowledgeable and helpful, and will walk you through buying or selling coins, providing information and insights about precious metals products for your potential investment.

Gainesville Coins Ratings

Reading reviews from reputable sources can help you assess the quality of a company's products and services. This is especially important before making an investment.

Here is a summary of how Gainesville Coins has been rated and reviewed by experts and famous review websites in the industry. The information is current as of July 2023.

Gainesville Coins BBB Rating

Surprisingly, for a company that has huge success in the precious metals industry, Gainesville Coins have a disappointing BBB profile. Although they are an accredited business since 2006, something seems off.

Yes, they have an A+ grading, but they only have a 2.94/5 star rating out of 54 customer reviews. This is fairly low when you compare it to leading precious metal companies like Goldco. 

Gainesville Coins Trustpilot Rating

For their Trustpilot page, Gainesville Coins has a poor grading. Along with this, they only have a 2.5/5 star rating and this is based on 21 reviews. 

To be honest, this is not the greatest showing ever for a company that handles such valuable products. Moreover, for a company that is renowned and has been in the industry for a long time, this rating is not impressive, considering that there are other companies with more and better ratings and reviews.

Gainesville Coins Yelp Rating

Again, Gainesville Coins has a poor grade on their Yelp profile. They also got a disappointing 2.2/5 star rating based on 58 reviews. To be fair, this rating considering the amount of reviews is substantial. This comes off as a red flag from Gainesville Coins.

Gainesville Coins SiteJabber Rating

In the positive side, Gainesville Coins has a great grading in SiteJabber. They have a 4/5 star rating out of a good amount of 75 reviews. This indicates that most customers are generally satisfied with their purchases from Gainesville Coins.

The most frequently mentioned positive aspects of Gainesville Coins are customer service, value, and shipping. However, there are also some negative reviews that mention long shipping times and inaccurate product descriptions.

Gainesville Coins Gold Dealer Reviews Rating

Finally, Gainesville Coins has an average rating of 3.1 out of 5 stars on Gold Dealers Review. This is based on a large number of 109 reviews, which is a significant amount. A rating of 3 is considered to be average, so this is something to be concerned about.

Overall, I would say that Gainesville Coins has a fairly average reputation within the gold industry. They've got their own advantages, but they also have their downsides, leading to their low ratings. It is important to read the reviews carefully before making a purchase to get a sense of both the positive and negative experiences that other customers have had.

Gainesville Coins Customer Complaints

Gainesville Coins does have a number of complaints from customers that can be found in numerous online review websites. Some of the complaints about the company are serious enough to make one question whether it is safe to invest with them. Here are some examples of complaints from customers:

As you can see, most of the recent complaints are regarding long shipping times from Gainesville Coins. Some customers have waited weeks or even months for their orders to arrive. Regardless of the reasons, the fact that Gainesville Coins has been experiencing delayed shipping is a cause for concern for some customers.

If you are considering doing business with Gainesville Coins, it is important to be aware of the potential for delayed shipping, especially because there are also reports that their customer service isn't that responsive to these kind of issues.

Gainesville Coins Lawsuit

Gainesville Coins is a precious metals dealer that has been involved in a legal dispute over the alleged sale of counterfeit coins. This lawsuit highlights the risks that investors in precious metals face and serves as a reminder that due diligence is essential when purchasing from dealers.

The Lawsuit

In 2016, a customer filed a lawsuit against Gainesville Coins, claiming that the company had sold him a fake American Silver Eagle coin for $2,300. The customer also alleged that Gainesville Coins had a practice of selling counterfeit coins and sought to represent a class of other customers who had allegedly been defrauded by the company.

Gainesville Coins' Response

Gainesville Coins denied the allegations and argued that the customer had not provided sufficient evidence to support his claims. The company also emphasized its reputation for honesty and integrity, stating that it had never knowingly sold counterfeit coins.

The Settlement

The lawsuit was settled in 2020 for an undisclosed amount. Gainesville Coins agreed to change its business practices and implement new procedures to ensure that it does not sell counterfeit coins in the future. The company also agreed to compensate the customer who filed the lawsuit.

Implications for Investors

The lawsuit against Gainesville Coins highlights the importance of due diligence when investing in precious metals. Investors should research any dealer before making a purchase and look for dealers with a strong track record of honesty and integrity.

Counterfeit coins and other fraudulent practices are unfortunately common in the precious metals industry. The legal dispute involving Gainesville Coins underscores the risks and challenges that investors in precious metals face. By doing their due diligence and carefully selecting reputable dealers, investors can minimize these risks and protect their investments.

We have reviewed hundreds of precious metals companies and we can highly recommend to check out our top rated companie Goldco that have loads of positive reviews.

Does Gainesville Coins Sell Counterfeit Coins?

Gainesville Coins has a history of being linked with counterfeit coins. Actually, if you have read above, they were involved in different lawsuits in which they accused of selling counterfeit coins. 

In one case, a customer accuses the company of selling a fake American Gold Eagle coin. In another case, a customer claimed that they have purchased a fake Liberty Head Nickel from Gainesville Coins. 

Both instances, customers have alleged that the company failed to properly inspect the precious metals before selling it, and that they had refused to refund the customer's money.

The cases was eventually settled out of court for an undisclosed amount. It is worth taking note that Gainesville Coins has denied all allegations that were filed against them.

Did Gainesville Coins File Bankruptcy?

No, Gainesville Coins has not filed for bankruptcy. As of July 2023, the company is still in business and operating normally. 

However, Gainesville Coins was involved in a bankruptcy case in 2016 then they filed for bankruptcy protection. But, the company eventually recovered from that and has been operating successfully ever since. The lawsuits regarding counterfeit coins may have had a big impact on the company.

The last time Gainesville Coins was involved in a bankruptcy case was in 2016, when they filed for Chapter 11 bankruptcy protection. However, Gainesville Coins emerged from bankruptcy in 2017 and has been operating successfully ever since.

Is Gainesville Coins a Scam?

Although Gainesville Coins has been linked with several lawsuits and has had a history of selling counterfeit coins, there is no way of saying that Gainesville Coins is a scam. They have denied all allegations, and no concrete evidence has shown that they are indeed a scam.

Gainesville Coins has already been in business for over 30 years now. For them to still be in operation successfully until now is a good sign of their legitimacy. Mind you, the lawsuits were part of the few complaints out of the many thousands of coins that Gainesville Coins has sold over the years. 

Moreover, Gainesville Coins has resolved most of the customer complaints that they had. Nevertheless, it is always best to do your research first and take steps to protect yourself from getting scammed.

Better Alternatives to Gainesville Coins

Before you invest in precious metals, it is important to do your research and understand the risks involved. There are many reputable precious metals companies, but there are also some scams out there.

It is important to compare different companies before making a decision. Here is a comparison of GainesVille Coins with three of its major competitors Goldco, Augusta Precious Metals, and Money Metals Exchange. 

However, my most recommended precious metals company is Goldco. They have superb ratings and tons of positive reviews. Furthermore, they have excellent customer service. So, check them out!

Company Pros and Cons

Final Review: Is Gainesville Coins a Scam or a Reputable Company?

Despite the LOW ratings, it seems like Gainesville Coins is not a scam. It is a legit and authorized dealer of precious metals. Moreover, it has been in business and in the industry for quite some time.

Apart from that, it is a member of different associations and received rewards. However, amidst these incredible feats, Gainesville Coins still received quite a few complaints and negative reviews from former customers. This should be quite alarming to anyone who might be thinking about working with them, no?

I have never reviewed a precious metals firm before with this number of complaints. You should probably consider working with the top recommended firm in the industry! Check out the next section to learn more about it.

Thank you so much for reading my Gainesville Coins review! Do you have any comments, questions or experiences with Gainesville Coins that you want to share? Leave them below in the comment section!

Top Recommended Precious Metal Company

Now that you know that Gainesville Coins has received a bit too many complaints, you would probably prefer to work with a trusted and excellent firm, right?

If that's the case, then the only one you need is Goldco! Goldco is a multi-awarded and renowned precious metals firm, specializing in precious metals IRAs. This company is one of the leading, if not the best, precious metal dealers in the industry.

Apart from that, they have an excellent and clean track record from their customers. No complaints or negative reviews. They are the TOP recommended firm in the industry. You can check them out by clicking the orange button below!