Welcome to my Gainesville Coins Review.
There are a lot of precious metal providers out there. If you are looking out for the best ones, you only need to do your research which includes reading reviews.
In this Gainesville Coins Review, you will learn everything you need to know about it. Will it be worth it? Or is it just another scam?
Let's find out.
If you wish to jump straight to our top-recommended precious metals company, click here!
Gainesville Coins Review Quick Summary
Name: Gainesville Coins
Owner: Michael Yaffe
Price: Varies depending on your investments
What is Gainesville Coins?
Gainesville Coins is a family-owned business based in Lutz, Florida. This company is a precious metals dealer. The owner Michael Yaffe founded the company in 2000.
It showcases great services and products. When the owner started this company, he already possessed great knowledge about the field.
There’s no need to doubt this company’s credibility, not when they’re members of these authoritative bodies in the same industry:
- Industry Council for Tangible Assets (ICTA)
- The American Numismatic Association (ANA)
- Coin Net and the Certified Coin Exchange (CCE)
Moreover, Gainesville Coins are known as an authorized distributor of some huge and famous government mints in the world such as:
- Monnaie de Paris (France)
- New Zealand Mint
- U.S. Mint
- Royal Mint (UK)
- Royal Australian Mint
- The Perth Mint (Australia)
They’re also an authorized dealer of Numismatic Guaranty Corporation and the Professional Coin Grading Service.
Gainesville Coins Products
The company also offers IRA-eligible gold such as 1 oz American Gold Eagle Coins and 1 oz American Gold Buffalo.
Platinum, palladium, and copper are also some of the metals they offer. And if you purchase several of their products, the company will give you a discount.
The major products Gainesville Coins offer are bullion, numismatics, and some collectible items such as pre-1933 gold, biblical coins, Roman empire coins and Greek gold coins.
Gainesville Coins Services
Precious Metals IRA
If you have retirement funds you want to be secured, an IRA account would be a much greater option.
IRA service is also being offered in Gainesville Coins. More specifically, they can help clients set up their own self-directed IRA.
This is because with a self-directed IRA, you have 100% control on your account. It is up to you what type of assets you want to invest on. It could be precious metals, paper assets, real estates, the list goes on.
The company has partnered with the custodian, Advanta IRA to deal with all of the precious metal IRA services that clients need.
Below are the steps that you must follow to get started.
Below is a list of some IRA-eligible products that you can choose from!
- Austrian Philharmonics
- American Eagle
- Pamp/Credit Suisse Bars .999 Fine
- Gold Bars-.995+Fine that are accredited by Comex, Nymex, LME, LBMA, Liffe, NYSE, CBOT or ISO 9000
- Australian Nugget/Kangaroo
- Canadian Maple Leaf
- U.S. Buffalo Uncirculated version
- Australian Kookaburra
- American Eagle
- Silver Bars-.999+ Fine that are accredited by Comex, Nymex, LME, LBMA, Liffe, NYSE, CBOT or ISO 9000
- Austrian Philharmonic
- Canadian Maple Leaf
- Isle of Man Noble Coins
- Platinum Bars-.9995+Fine that are accredited by Comex, Nymex, LME, LBMA, Liffe, NYSE, CBOT or ISO 9000
- American Eagle
- Australian Koala
- Canadian Maple Leaf
- Bars that are .9995+ Fine that are accredited by Comex, Nymex, LME, LBMA, Liffe, NYSE, CBOT or ISO 9000
When you invest in precious metals, most of the time you are offered the option to keep the products in your home.
You can definitely do that, except it's not safe. It's safer if you store your precious metals in a secured storage facility.
Aside from the mentioned precious metals, the company also offers various storage options for your products. You can check all the available storage on their company website.
Just be sure to fill up 3 documents to start processing your secure storage with Gainesville: Secure Storage solution agreement, Storage Deposit Form and Packing Slip.
"Sell to us"
You can also sell your precious metals to Gainesville Coins. Unlike other companies, Gainesville Coins does not have any minimum requirement for selling coins and products to them.
You only need to follow the steps below.
How much Gainesville Coins will pay for will depend on their Bid Price (per troy ounce) for generic silver and gold.
You need to take note that the prices of precious metals fluctuate throughout the day. This means that the company cannot lock in the exact same amount that you will be paid until they have received your items.
Also, there are no seller's fee or final value fees when you sell to the company, unlike auction houses.
Another feature or service that Gainesville Coins offer to its clients is the portfolio tracker.
This is a free feature that allows clients to keep track of their precious metals holdings and how they have performed over time.
Gainesville Coins Prices
If you wish to see all the prices of Gainesville Coins' precious metals, you can check them out on their website.
They feature a catalog there that shows all their products and their corresponding prices.
Before, Gainesville had 4 partnered custodians who will provide the IRA services. However, currently, there is only one that remains, Advanta IRA.
In Gainesville Coins' website, they showed fees that they have outline for an account that costs $50,000 or less. These fees may vary for accounts that cost more than $50,000.
- One-Time Establishment Fee - $50
- Annual Maintenance Fee - $75
- Transaction Fee - $40
Although it's not usual for firms and dealers to show details about costs on their websites, Gainesville Coins provide information about it on their website.
Below is a table of the annual charges for both gold and silver. However, take note that storage fees will be billed quarterly.
Take note that there will be a $15 minimum storage charge for each month. With that, the minimum quarterly storage charge is $45.00 per quarter.
Assets Market Value
Gold storage fee
Silver storage fee
$0 to $99,999
$100,000 to $499,999
$500,000 to $999,999
$1,000,000 to $2,999,999
$3,000,000 to $4,999,999
$5,000,000 and over
How does it work?
If you want to reach out to Gainesville Coins and discuss business, you can either visit their website, visit their showroom personally in Lutz, Florida, or give them a call.
If you just intend to buy products, you can easily do it on their website.
Payment and Shipping
Gainesville Coins has 4 payment methods for you:
- Cash (this is only applicable when you are in their showroom, cash payments via mail is not allowed)
- Credit card (MasterCard, Visa, American Express, and Discover)
- Bank Wire
- Check, cashier's check, or money order
You will see the shipping fee after you place your order online. The shipping time will depend on the payment method you will choose, and all your orders are fully insured.
Gainesville Coins FAQs
Does it ship internationally?
Yes, Gainesville Coins ships all around the world. However, international orders can only be paid in full via bank wire.
The company only accepts international credit cards for authorization. With that, the authorization hold for international orders is 10% of the bank wire amount.
How secure is Gainesville Coins storage?
The company utilizes a UL rated vault facility. Moreover, all precious metal assets are covered by a comprehensive insurance policy.
This will protect your investments from physical loss, theft or damage.
Is the secure storage segregated?
Yes. All precious metal assets are stored separately and will never be mixed with other clients' assets.
Can I put precious metals I already own into my new Precious Metal IRA?
No. This is very important that all precious metals must be purchased after your IRA has been set up.
Are collectible coins eligible for IRA?
Yes, there are certain collectible coins that are IRA-eligible. Currently, there are only two: American Proof Gold and Silver Eagle.
Gainesville Coins Ratings and Reviews
Below are the online ratings and reviews of Gainesville Coins.
- BBB - 3.13/5 rating, A+ rating, BBB Accredited with 58 complaints and 38 reviews
- Yelp - 2/5 rating based on 47 reviews
- ResellerRatings - 2.48/5 rating based on 15 reviews
- SiteJabber - 4/5 rating based on 68 reviews
- Trustpilot - 2.4 out of 5 rating based on 9 reviews
As you can see, the company has a fairly low rating on BBB due to the number of complaints that Gainesville Coins received. However, most of these complaints were already closed or answered by the company.
However, the company also has its share of positive reviews. An example is a video below. This is his first time buying products from the company and he is satisfied with it.
Gainesville Coins Pros and Cons
- Good products and services, including IRA
- Has a good reputation
- Member of various organizations in the industry
- Low ratings
- Received an alarming number of complaints
- It has not direct storage facility as well as precious metal IRA service
- Most products are out of stock
Is Gainesville Coins a scam?
To conclude this Gainesville Coins Review, it is time to finally answer this question.
I believe that Gainesville Coins is NOT A SCAM. It is a legitimate precious metals company that has been around for quite some time.
Moreover, the company is a member of various authoritative bodies and organizations in the precious metals industry.
However, despite these feats, Gainesville Coins still received low ratings and an alarming number of complaints, which makes it a very questionable choice, considering we are talking about our investments.
If you wish to know the best precious metals company, check out my top recommendation below.
Thank you so much for reading my Gainesville Coins Review. If you have any comments or questions, feel free to leave them in the comments section.