What are Gainesville Coins?
Gainesville Coins is a well-established online precious metals dealer based in Lutz, Florida. That offers a wide range of gold, silver, platinum, and palladium products to investors and collectors. Founded in 2000, the company has emerged as a preferred bullion dealer across the United States.
The company’s mission is to provide its customers with the highest quality precious metal products at competitive prices, along with exceptional customer service and a wealth of educational resources.
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With a massive inventory of bullion coins and bars from some of the world’s leading mints, the company has built a reputation for reliability, transparency, and expertise in the precious metals market.
People Behind Gainesville Coins
The current leadership team of the company is not listed on its website. Information regarding changes to the leadership team since the company’s founding is not readily available. According to the company’s LinkedIn page, Michael Yaffe is listed as the company president.
Additionally, the company employs individuals: Such as Joseph Yaffe (co-owner), Luis Briceno (trader), Steve Cochran (senior web content writer), Nathan Wills (operations manager), and Sarah Mangla (account manager).
How to Invest in Gainesville Coins IRA?
Investing in a Gainesville Coins IRA is a simple process. Here are the steps you can take:
- Open a self-directed IRA account: To invest in precious metals with this company, you’ll need to open a self-directed IRA account with an IRA custodian that allows for precious metals investments. You can choose a custodian that the company works with, or use your own.
- Choose your precious metals: Once your IRA account is set up, you can choose the precious metals you want to invest in. The company offers a wide variety of gold, silver, and platinum products. They are IRA-approved, including coins, bars, and rounds.
- Purchase your precious metals: Once you’ve selected your precious metals. You can purchase them directly from Gainesville Coins using your self-directed IRA funds. The company will help you with the paperwork needed to complete the purchase.
- Store your precious metals: It is important to ensure that your precious metals are stored securely in an IRS-approved depository. They work with several depositories across the United States to ensure that your precious metals are stored safely.
While they do offer an IRA, they aren’t the best service provider in this field. There are plenty of companies with better specialization and staff on board. You should go with a more reputed and specialized company.
As you’ll read this review, you’ll learn more about why Gainesville Coins might be unsuitable for your gold IRA.
Gainesville Coins Products
Gainesville Coins offers a wide variety of precious metal products. Including gold, silver, and platinum coins and bars.
Here are some examples of the types of products they offer:
- Gold coins: American Gold Eagles, Canadian Gold Maple Leafs, South African Gold Krugerrands, Australian Gold Kangaroos, and more.
- Silver coins: American Silver Eagles, Canadian Silver Maple Leafs, Mexican Silver Libertads, Austrian Silver Philharmonics, and more.
- Platinum coins: American Platinum Eagles, Canadian Platinum Maple Leafs, and Australian Platinum Kangaroos.
- Gold bars: Different sizes of gold bars from trusted mints. Such as PAMP Suisse, Credit Suisse, and the Royal Canadian Mint.
- Silver bars: Various sizes of silver bars from trusted mints. Such as Johnson Matthey, Engelhard, and the Royal Canadian Mint.
- Platinum bars: Variations in sizes of platinum bars from trusted mints. Such as PAMP Suisse and Credit Suisse.
- Ancient coins: Ancient coins from various civilizations. Such as Greece, Rome, and Byzantine.
- Other products: Gainesville Coins also offers numismatic coins, rare coins, and other collectibles for those interested in building a unique coin collection.
It’s worth noting that the products offered by Gainesville Coins may change depending on availability and market conditions. It’s always a good idea to check their website for the most up-to-date selection.
Gainesville Coins Fees and Charges
Gainesville Coins does not provide a clear breakdown of its fees and charges on its website. However, like most precious metal dealers, the company may charge premiums on its products, which can vary depending on the type of product and quantity purchased.
It’s important to note that Gainesville Coins operates on a tiered pricing system. This means that buying larger quantities of a particular product may result in lower premiums. Additionally, the company may charge shipping and handling fees for online purchases.
Customers should carefully review all fees and charges associated with their transactions before making a purchase or opening an account with Gainesville Coins.
Gainesville Coins Reviews and Complaints
Below we offer a diverse selection of reviews, ratings, and complaints pertaining to Gainesville Coins from trusted consumer reporting and rating agencies sites.
BBB Rating:
Has 3.21 stars out of 5 stars, with A+ ratings. 72 complaints closed in the last 3 years. With a total of 42 customer reviews.
Positive Review:
Stephanie H recently discovered Gainesville Coins and expressed her utmost satisfaction with her experience. She found the website to be user-friendly as well as easy to navigate, allowing her to quickly find exactly what she was looking for from the impressive selection of gold and silver products. The ordering process was simple, and her products arrived promptly and in perfect condition.
Stephanie was pleased with the competitive pricing and felt she received excellent value for her purchase.
Notably, she was impressed with the outstanding customer service provided by the knowledgeable and friendly team, who answered all her questions and made her feel confident in her purchase.
Stephanie highly recommends Gainesville Coins to anyone in search of high-quality precious metals, citing the website’s ease of use, exceptional product quality, and excellent customer service. She plans to be a repeat customer.
Negative Review:
Charles H. placed an order on 10/13/22, and his check cleared on 10/19/22. On 11/15/22, he contacted Nate for an update on his order’s status and also was informed that his order was “in the system” and might be shipped by the end of the week.
On 11/16/22, a shipping fee of $42.45 was charged to his credit card. However, his order did not arrive by the end of the week, so he called again on 11/21/22 and spoke with Louie, who explained that the company was running behind schedule due to being busy and suggested that the order might ship by the end of the week.
Charles followed up on 11/23/22 but was told that the order had not shipped and that they could not provide an estimated shipping date.
Charles found it concerning that his check was cashed immediately, but his order had not shipped even after two weeks of his credit card being charged for shipping. Despite sending an email on 11/28/22, he received no response. He is worried that he may have been scammed and is considering seeking law enforcement assistance.
Yellow Pages:
The company has 3.5 stars out of 5 stars with a total of 5 reviews. The 3 reviews out of 5 are positive and 2 reviews are negative.
Trustpilot:
The company has 2.3 stars out of 5 stars. With a total of 12 customer reviews.
Positive Review:
Franco Zar. expresses that the products and customer service are awesome, and they surpass P.M. by far.
Negative Review:
Ed Hart is warning others to AVOID this company, as he did not receive his order and received no response to his inquiries. He placed an order on 1/15/23 and never received it. Despite contacting the company multiple times and speaking with Ivette once, he did not receive any acknowledgement or call back about his lost order.
Ed had initially made a small purchase of two 1oz silver rounds to test the company out, followed by an order of eight 1oz silver rounds, which he never received. He paid $258 and received no replies to his calls and emails.
Ed is grateful that he tested the company out before spending more significant sums of money. He considers this company to be deplorable and accuses them of stealing his money. Nate and Ivette ignored his calls and emails, leaving him with no recourse.
Sitejabber:
The company has 4.09 stars out of 5 stars based on 70 reviews.
Gainesville Coins Lawsuits
Justia
Craig Burr filed a Fair Labor Standards Act (FLSA) lawsuit against Gainesville Coins.
The FLSA was enacted to ensure that American workers were paid properly for their efforts. When employees who work extra hours are not properly compensated, the law may allow them to file a lawsuit to recover unpaid pay and other damages for themselves or other employees.
Is Gainesville Coins Legit? Should You Invest with Them?
Gainesville Coins has received mixed reviews from customers online. Gainesville Coins is a legitimate precious metals dealer that has been in business for over 23 years.
The company is registered with several industry organizations. Including the American Numismatic Association, Industrial Council for Tangible Assets, and the Certified Coin Exchange.
Pros:
- Decent product selection
- Over 20 years of experience
Cons:
- No leadership information available on the website
- Mixed reviews
Additionally, Gainesville Coins is a government-authorized distributor for several mints across the globe, which speaks to its legitimacy in the precious metals industry. However, as with any investment, it’s always recommended to do your own research and due diligence before making a decision.
While Gainesville Coins makes many boastful claims about its reliability, it is not the best option available.
You should go with a reliable and reputed gold IRA company which has specialized staff on board. Furthermore, your gold IRA provider should have a large product selection and a stellar reputation in the industry.
I recommend checking out my top gold IRA picks.
There, you can find the most reputed precious metals company of your state as well.
Alternatively, have you dealt with Gainesville Coins? How was your experience? Share it below!