Welcome to my "Is Gainesville Coins A Scam?" review!
(Updated for November 2020!)
There are numerous precious metals dealers and sellers out there. Of course, as a precious metals buyer, you prefer to do business with an excellent dealer, right?
Well, we are about to review one of the dealers in the industry today: Gainesville Coins. So, how do they work? Are they legit? Is Gainesville Coins a scam?
That's what we are about to uncover in this review! So without any further ado, let's get started.
Gainesville Coins Review Quick Summary
Name: Gainesville Coins
Owner and president: Michael Yaffe
Type: Precious metals buyer and seller, marketplace
Best for: 3/5
What is Gainesville Coins?
Gainesville Coins is an authorized full-service precious metals dealer based in Lutz, Florida. They are a family-owned business, headed by owner Michael Yaffe. Gainesville Coins entered the precious metals industry in 2000.
Founded under extensive experience and knowledge about precious metals, Gainesville Coins offers excellent services as well as products.
To add to the business' credibility, Gainesville Coins is a member of several authoritative bodies in the industry, such as:
- Industry Council for Tangible Assets (ICTA)
- The American Numismatic Association (ANA)
- Coin Net and the Certified Coin Exchange (CCE)
Gainesvillie Coins is also an authorized dealer for both the Numismatic Guaranty Corporation (NGC) and the Professional Coin Grading Service (PCGS).
Lastly, they are an authorized distributor for several major government mints in the world. Some of these are:
- Monnaie de Paris (France)
- New Zealand Mint
- U.S Mint
- Royal Mint (UK)
- Royal Australian Mint
- The Perth Mint (Australia)
Below are some rewards that Gainesville Coins have received over the years:
Gainesville Coins claims that they have a huge inventory of products, making them a great wholesaler with more competitive prices compared to other dealers. Apart from that, they have tiered pricing on most of their products.
This means that clients can benefit from discounts if ever they purchase large amounts of product.
Gainesville Coins has a wide range of products to offer. They have both gold and silver coins and bars.
Furthermore, they also offer other metals such as platinum, palladium and copper. The main types of products they offer are numismatics, bullion and collectible items.
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:
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:
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.
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.
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:
How does it work?
If you wish to buy, sell or do business with Gainesville Coins, there are two ways that you can do so:
You can either go to their website, or visit their showroom in Lutz, Florida. The website is an online marketplace, meaning, you can place your orders online through there and have your products delivered to you.
You can also contact Gainesville Coins by phone.
Payment and Shipping
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.
As for shipping, there are costs that you have to pay for. You will find out the moment you place your order online.
The shipping time usually varies depending on the mode of payment. All of the orders are fully insured in case of loss or damage along the way.
So, how are their reviews? Well, they received only 2.2 out of 5 from the BBB. Not only that, they have received 11 complaints on BBB in the last 3 years! Doesn't give you a warm and fuzzy feeling, now does it?
WARNING: Be sure to only deal with trusted precious metals firms!
Here are some complaints:
Pros and Cons
- Offers precious metals IRA services
- Wide range of products
- A member of several authoritative bodies
- Received rewards
- You can sell to them
- Sliding scale fees for the storage options
- Received quite a few complaints
- LOW ratings
- No direct storage facility and precious metals IRA service
Is Gainesville Coins a scam?
Now let's conclude this review by answering the question, "Is Gainesville Coins a scam?".
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 "Is Gainesville Coins A Scam?" 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 Goldco! Goldco 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!