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- - What happened to GAINSVILLE COINS? (http://goldismoney.info/forums/showthread.php?t=396465)

HistoryStudent | 08-04-2009 01:16 PM
What happened to GAINSVILLE COINS? they have very little for sale. Anybody KNOW anything? :36_3_12:

TLM | 08-04-2009 01:21 PM
Re: What happened to GAINSVILLE COINS? Cashing out to move to an overseas bugout location?

HistoryStudent | 08-04-2009 01:24 PM
Re: What happened to GAINSVILLE COINS? Quote:
Originally Posted by TLM (Post 1851641) Cashing out to move to an overseas bugout location?
I wonder if they reorganized? They do not have ONE SAINT up for sale nor many of the other coins unless it's a GOLD DOLLAR coin. Sad. I wanted a 1913 S Saint Gaudens ...:cry1::cry1:

SilverBullie | 08-04-2009 02:13 PM
Re: What happened to GAINSVILLE COINS? I think they were becoming worldcoins now. I kept seeing them advertise it.

SilverBullie | 08-04-2009 02:16 PM
Re: What happened to GAINSVILLE COINS? They could also just be updating.

clintstel | 08-04-2009 02:28 PM
Re: What happened to GAINSVILLE COINS? I heard they were backed by these guys: http://www.tampabay.com/news/busines...cle1022261.ece probably affects their inventory a little.

SunshineStacker | 08-04-2009 02:30 PM
Re: What happened to GAINSVILLE COINS? Edit: I posted JUST after clintstel I guess. I wonder if this has anything to do with it: (from Tampa Bay Online, article) Coin dealers lose control of business By MICHAEL SASSO Published: August 4, 2009 TAMPA - Mark and Alan Yaffe, brothers who built National Gold Exchange into one of the world's leading rare coin sellers, lost control of the business in bankruptcy court Monday. In a court hearing Monday, U.S. Bankruptcy Judge Michael Williamson placed National Gold Exchange in the hands of a Chapter 11 bankruptcy trustee. The trustee will oversee the Carrollwood-based business as it works its way through bankruptcy. In Chapter 11, a company is allowed to reorganize its finances and potentially emerge from bankruptcy intact. The judge's action is a mixed bag for the Yaffes. They had hoped to keep control of their company without a trustee's appointment. However, Richard McIntyre, National Gold Exchange's bankruptcy lawyer, said it's a better result than if the judge had appointed a Chapter 7 bankruptcy trustee to liquidate the company. "It comes down to Yaffe lives to fight another day," McIntyre said. National Gold Exchange is not well-known in the Tampa Bay area, but it's a big player in gold and rare coins and antique music boxes, which are large automatic music machines. The company keeps a low profile in Carrollwood, where it's tucked into a brick strip mall on North Dale Mabry Highway. Its only sign reads a vague "NGE." Sales in 2008 reached $285 million, according to court testimony. In court motions Monday, an attorney for Sovereign Bank of Pennsylvania asked Williamson to force the company into liquidation to pay off creditors. At the least, the bank hoped the judge would appoint a trustee to oversee its assets and take control away from the Yaffe brothers. In testimony Monday, Sovereign Bank executive Elizabeth Sousa said bank examiners found a host of accounting errors and possible fraud at National Gold Exchange, which led them to declare the company in default of its loans last month. The bank is worried about the $35 million in loans it has extended to National Gold Exchange, which are secured by the rare coins and music boxes. Among other things, the bank alleges the company may have sold up to $15 million in coins - which were collateral for its loans - to help pay for Mark Yaffe's $25 million home in Tampa's Avila community. McIntyre said Mark Yaffe has offered to use his equity in the home as collateral for the Sovereign Bank loans. Sousa also testified that National Gold Exchange had "loosey-goosey" accounting and inventory controls. When the bank inspected its office last month, it appeared National Gold Exchange had intermingled its coins with those of a related company called Gainesville Coins. The bank couldn't tell which were the coins that secured the loans and which weren't, she said.

HistoryStudent | 08-04-2009 03:57 PM
Re: What happened to GAINSVILLE COINS? Quote:
Originally Posted by HistoryStudent (Post 1851630) they have very little for sale. Anybody KNOW anything? :36_3_12:
I KINDA figured (sometimes it's hell being an old retired cop with insight) they might be going BELLY -UP like my TEXAS bank Guaranty just did. Be careful out there like in the old days with the smokes: If you hold 'em smoke (keep) 'em quietly closely controlled securely Amen? :23_1_22::111:

goldfingerer | 08-04-2009 05:54 PM
Re: What happened to GAINSVILLE COINS? I went to a coin show back in June and Gainseville coins had a booth setup. Out of all the dealers set up there(50 or so), the Gainseville guys had the most impressive setup. They had about a half dozen or so green monster boxes for sale. Dozens of slabbed eagles and buffalos for sale. Rolls of gold eagles, silver eagles and rolls of platinum eagles for sale. Yes, I said rolls of platinum eagles. They had kilo bars of gold also, just in case you needed one. And that was just the bullion. Then they had an equally impressive assortment of numismatic stuff too. There was always a crowd around these guys booth. Most people were just gawking like I was at all those pms. And these were young guys running the booth.

Raymond | 08-04-2009 08:34 PM
Re: What happened to GAINSVILLE COINS? I just visited their site, and aside from a notice stating they have technical difficulties with their phone system, they seem to be as well-stocked as ever.

SirSilverOzzyyzzO | 08-04-2009 09:28 PM
Re: What happened to GAINSVILLE COINS? Quote:
Originally Posted by HistoryStudent (Post 1851630) they have very little for sale. Anybody KNOW anything? :36_3_12:
Who cares. They suck anyway. Two out of every ten coins I ever bought from them was monkey gripped - fingerprints on the coins. A pain to return and wait... Besides, they are located in Tampa! Tampa & Gainsville are in two very different places... someone should tell them that... lol Just use APMEX.

SirSilverOzzyyzzO | 08-04-2009 09:30 PM
Re: What happened to GAINSVILLE COINS? Quote:
Originally Posted by goldfingerer (Post 1852100) I went to a coin show back in June and Gainseville coins had a booth setup. Out of all the dealers set up there(50 or so), the Gainseville guys had the most impressive setup. They had about a half dozen or so green monster boxes for sale. Dozens of slabbed eagles and buffalos for sale. Rolls of gold eagles, silver eagles and rolls of platinum eagles for sale. Yes, I said rolls of platinum eagles. They had kilo bars of gold also, just in case you needed one. And that was just the bullion. Then they had an equally impressive assortment of numismatic stuff too. There was always a crowd around these guys booth. Most people were just gawking like I was at all those pms. And these were young guys running the booth.
As for your last comment... You should see how many young graders that NGC has grading coins... That would make you amazed...

jedemdasseine | 08-05-2009 01:05 AM
Re: What happened to GAINSVILLE COINS? National Gold Exchange's bankruptcy is sending ripples through the US supply chain. If supply is tight or unusual or wonky in the short term, don't be surprised. These guys were HUGE wholesalers.

Glass | 08-05-2009 02:39 AM
Re: What happened to GAINSVILLE COINS? I have an order in process with them ATM. I used a wire transfer from Oz which is a pretty cumbersome process with bank fees each end etc. Not their issue of course. I was advised the order was shipped a few days ago so I should have something to report in about a week from now.

esoteric | 08-05-2009 09:18 PM
Re: What happened to GAINSVILLE COINS? they are actually in the process of moving offices. does anyone know the history of gainesville? I know it is run by two young brothers, but not the two at NGE???? they have millions of inventory and always seem quite good when I have done business with them. had no idea they were backed by NGE.

GardensGold&Guns | 08-05-2009 11:05 PM
Re: What happened to GAINSVILLE COINS? Quote:
Originally Posted by esoteric (Post 1854075) they are actually in the process of moving offices. does anyone know the history of gainesville? I know it is run by two young brothers, but not the two at NGE???? they have millions of inventory and always seem quite good when I have done business with them. had no idea they were backed by NGE.
GC are related to the yaffes(NGE) Word has it that is why they are low on the numi's stuff. Just saw GC at the show, "tried" to buy some paladium at the show from them & they WANTED I.D. i SAID WHAT?????? They said it is a new measure they are incorporating!!?????? I said no way jose I will buy elsewhere There booth was lackluster.

deaddogduke | 08-06-2009 12:56 AM
Re: What happened to GAINSVILLE COINS? it is gainesville coins, not gainsville coins. Besides the spelling error, I do not know what happened to them. I made a few orders in 2008 from them but have since moved on to better priced vendors. I like them when I did deal with them and hope that thier business flurishes. However, as an individual who is focused on preserving and creating wealth, I will go where I can reap the highest return.

esoteric | 08-06-2009 01:34 AM
Re: What happened to GAINSVILLE COINS? Really? I always found their prices to be lower then everyone else.....even when compared to ampex they are still lower. BTW GC is related in a big way to NGE and ICG. Bunch of other companies are also linked directly! Quote:
Originally Posted by deaddogduke (Post 1854449) it is gainesville coins, not gainsville coins. Besides the spelling error, I do not know what happened to them. I made a few orders in 2008 from them but have since moved on to better priced vendors. I like them when I did deal with them and hope that thier business flurishes. However, as an individual who is focused on preserving and creating wealth, I will go where I can reap the highest return.

HistoryStudent | 08-06-2009 09:19 AM
Re: What happened to GAINSVILLE COINS? Quote:
Originally Posted by deaddogduke (Post 1854449) it is gainesville coins, not gainsville coins. Besides the spelling error, I do not know what happened to them. I made a few orders in 2008 from them but have since moved on to better priced vendors. I like them when I did deal with them and hope that thier business flurishes. However, as an individual who is focused on preserving and creating wealth, I will go where I can reap the highest return.
It was a play on the word - GAINS-VILLE. I'm sorry you were offended. :signs14: GAINESVILLE shall rise again - if they do not lose all their coins in the above move. :111:

Glass | 08-06-2009 09:38 AM
Re: What happened to GAINSVILLE COINS? just proves you now live in a democracy not a republic.

esoteric | 08-06-2009 10:37 AM
Re: What happened to GAINSVILLE COINS? Quote:
Originally Posted by Glass (Post 1854764) just proves you now live in a democracy not a republic.
??? what?...................

Glass | 08-06-2009 11:36 AM
Re: What happened to GAINSVILLE COINS? yeah, good question. I'm pretty sure I posted that in another thread..... don't know what I did there.:dontknow:

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