March 23

3 comments

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


Is Gainesville Coins A Scam

Welcome to my Gainesville Coins review!

(Updated for 2022!)

Investing in gold is a popular way to safeguard wealth and choosing a legitimate gold company is crucial for protecting your investment.

Look for a reputable company that provides accurate information, transparent pricing, and reliable customer service. In this article, we'll review Gainesville Coins and the importance of choosing a legit gold company and provide tips to help you make an informed decision.

So Is Gainesville Coins A Scam? Read this review to find out and also to learn how to avoid scam gold companies in the future!

Gainesville Coins Review Quick Summary

Name: Gainesville Coins

Website: gainesvillecoins.com

Owner and president: Michael Yaffe

Type: Precious metals buyer and seller, marketplace

Price: Varies

Best for: 3/5

Is Gainesville Coins A Scam logo

What is Gainesville Coins?

Gainesville Coins is an online precious metals dealer based in Florida that offers a wide selection of gold, silver, platinum, and palladium bullion, as well as rare coins.

The company claims to have competitive prices, high-quality products, exceptional customer service, and innovative security features. 

Gainesville Coins Products & Selection

Gainesville Coins is an online precious metals dealer that offers a wide range of products. They provide gold, silver, platinum, and palladium bullion coins and bars, as well as rare and historic coins from around the world.

Popular products offered by Gainesville Coins include American Eagle coins, Canadian Maple Leaf coins, South African Krugerrands, Australian Kangaroo coins, and Chinese Panda coins. They also offer IRA-approved products for those who want to diversify their retirement portfolio.

In addition to coins, Gainesville Coins also provides numismatic books and supplies for collectors.

Is Goldco a scam precious metals picture

Diversify and protect your precious metals investments with this firm!


It is the TOP recommended firm in the precious metals industry.

Gainesville Coins Services

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 offer a Precious Metals IRA service through its partner custodians, Goldstar Sun Company and Advanta IRA.

The steps are below:

Is Gainesville Coins A Scam Precious Metals IRA process steps

Sell to us

Apart from buying precious metals from Gainesville Coins, you can also sell your gold, silver, platinum or palladium to them. Here's the details for how to do so:

Is Gainesville Coins A Scam How to Sell

Secure Storage

When you invest in precious metals, another concern that you must consider is security. Of course, you can keep your metals in your house. However, it is probably a better choice 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.

You can check the storage options they offer on their website.

GainesVille Coins Fees

Products

The prices of precious metal products from Gainesville Coins greatly differs. You can check them out on their website. They have a well-established catalog that shows all of the products available for purchase.

Precious Metals IRA

Below is a picture taken from their website, showing the costs of the two IRA custodians.

Is Gainesville Coins A Scam Precious Metals IRA prices

Storage

Gainesville Coins also provided information about 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.

Below are the sliding scale fees of Gainesville Coins precious metals storage through its partner, Goldstart Trust Company:

Is Gainesville Coins A Scam Storage Fees

How to Order from GainesVille?

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.

Payment and Shipping Times

With Gainesville Coins, there are 4 different payment methods that you can choose from:

  • Cash (but only when you are in their showroom. They don't accept cash payments via mail)
  • Credit card (they accept MasterCard, Visa, American Express and Discover)
  • Bank wire
  • Check, cashier's check or money order.

Gainesville Coins offers free shipping for all orders over $149 to customers in the United States. For orders under $149, shipping costs vary based on the order total and the shipping location. International shipping is also available, but additional fees and restrictions may apply.

Gainesville Coins typically ships orders within 1-3 business days after payment is received. However, this estimate may vary depending on the availability of the products ordered and other factors. Once an order is shipped, customers can track their package using the tracking number provided by Gainesville Coins.

Gainesville Coins also offers expedited shipping options for customers who need their orders delivered more quickly. These options include USPS Priority Mail, UPS 2nd Day Air, and UPS Next Day Air.

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.

Ratings and Reviews (Updated 2023)

So, how are their reviews? Well, they received only 3.03 out of 5 from the BBB. Not only that, they have received 13 complaints on BBB in the last 3 years! Doesn't give you a warm and fuzzy feeling, now does it?

Gainesville Coins BBB Complaints Screenshot

Here are some of their ratings from review sites:

  • BBB - 3.03 out of 5, based on 32 customer reviews. A+ BBB rating Accredited Business.
  • SiteJabber - 2.8 out of 5, based on 16 reviews.
  • Yelp - 2 out of 5, based on 29 reviews.
  • Gold Dealer Reviews - 3.2 out of 5, based on 107 reviews.

Reviews

Is Gainesville Coins A Scam Review_1
Is Gainesville Coins A Scam Review 2
Is Goldco a scam precious metals picture

WARNING: Be sure to only deal with trusted precious metals firms!


Click here to see the best of the best!

Gainesville Coins  Reviews & Complaints

Here are some complaints:

Is Gainesville Coins A Scam Complaint 2
Is Gainesville Coins A Scam Complaint 3
Is Gainesville Coins A Scam Complaint 1
Is Gainesville Coins A Scam Complaint 4
Is Gainesville Coins A Scam Complaint 6
Is Gainesville Coins A Scam Complaint 5

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 2018, 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 companies Augusta Precious Metals and Goldco that have loads of positive reviews.

Pros and Cons

Pros

  • Offers precious metals IRA services
  • Wide range of products
  • A member of several authoritative bodies
  • Received rewards
  • You can sell to them

Cons

  • Sliding scale fees for the storage options
  • Received quite a few complaints
  • LOW ratings
  • No direct storage facility and precious metals IRA service

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 Metals Firm!

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 Augusta Precious Metals! Augusta Precious Metals is a multi-awarded and renowned precious metals firm, specializing in precious metals IRAs.

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!

0/5 (0 Reviews)
  • Gainsville Coins said my large order placed 9-2-22 would ship 10 days after my check cleared. It has been 4 weeks since my check cleared and I hear NOTHING from the company. They do not reply to email or voicemail messages. I have spoken to Nate twice and today 10-10-22 he refused to let me speak with anyone in the “fulfillment department” and tells me today I will be getting an email to let me know the shipping date. They advertise on line that they have these items in stock but they don’t! I asked him if they have a lot of complaints from the state atty general’s office and he said it’s not something he cares to deal with it discuss. I suppose contacting Floridas attorney general should be my next step if the items are not sent to me right away.

  • Gainville coins will not contact me and has my money never buy from them. I want them to be shut down for scamming

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