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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001010549-07-000053.txt : 20070117
<SEC-HEADER>0001010549-07-000053.hdr.sgml : 20070117
<ACCEPTANCE-DATETIME>20070117150203
ACCESSION NUMBER:		0001010549-07-000053
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20070117
DATE AS OF CHANGE:		20070117

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DGSE COMPANIES INC
		CENTRAL INDEX KEY:			0000701719
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-JEWELRY STORES [5944]
		IRS NUMBER:				880097334
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-33619
		FILM NUMBER:		07534811

	BUSINESS ADDRESS:	
		STREET 1:		2817 FOREST LANE
		STREET 2:		STE 202
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		9724843662

	MAIL ADDRESS:	
		STREET 1:		2817 FOREST LN
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DALLAS GOLD & SILVER EXCHANGE INC /NV/
		DATE OF NAME CHANGE:	19930114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN PACIFIC MINT INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CANYON STATE CORP
		DATE OF NAME CHANGE:	19860819

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SMITH L S
		CENTRAL INDEX KEY:			0001162049

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		519 1-30
		STREET 2:		STE 243
		CITY:			ROCKWALL
		STATE:			TX
		ZIP:			75087

	MAIL ADDRESS:	
		STREET 1:		519 I-30
		STREET 2:		STE 243
		CITY:			ROCKWALL
		STATE:			TX
		ZIP:			75087
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>dgsesch13d011607.txt
<DESCRIPTION>SCHEDULE 13D
<TEXT>

                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                ----------------

                                  SCHEDULE 13D
                                 (Rule 13d-101)

            INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
           TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
                                  RULE 13d-2(a)

                         (Amendment No. 11 )(1)


                              DGSE COMPANIES, INC,
- --------------------------------------------------------------------------------
                                (Name of Issuer)


                          COMMON STOCK $ .01 PAR VALUE
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    23323G106
- --------------------------------------------------------------------------------
                                 (CUSIP Number)

                                 Dr. L.S. SMITH
                               519 I 30 SUITE 243
                      ROCKWALL. TEXAS 75087 - 972-772-3091
- --------------------------------------------------------------------------------
                 (Name, Address and Telephone Number of Person
               Authorized to Receive Notices and Communications)


                                JANUARY 17, 2007
- --------------------------------------------------------------------------------
             (Date of Event which Requires Filing of This Statement)

     If the filing  person has  previously  filed a statement on Schedule 13G to
report the  acquisition  that is the subject of this Schedule 13D, and is filing
this  schedule  because  of Rule  13d-1(e),  13d-1(f)  or  13d-1(g),  check  the
following box [_].


          Note:  Schedules filed in paper format shall include a signed original
     and five copies of the schedule, including all exhibits. See Rule 13d-7 for
     other parties to whom copies are to be sent.

                         (Continued on following pages)


- ----------
(1   The  remainder  of this  cover  page  shall be filled  out for a  reporting
     person's  initial  filing on this form with respect to the subject class of
     securities,  and for any subsequent amendment containing  information which
     would alter disclosures provided in a prior cover page.

     The  information  required on the remainder of this cover page shall not be
deemed to be "filed"  for the purpose of Section 18 of the  Securities  Exchange
Act of 1934 or otherwise  subject to the  liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).




<PAGE>

CUSIP No. 23323G106                      13D                   Page 1 of 2 Pages


- --------------------------------------------------------------------------------
1    NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Dr. L.S. SMITH
- --------------------------------------------------------------------------------
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                        (a)  [ ]
                                                                        (b)  [_]

- --------------------------------------------------------------------------------
3    SEC USE ONLY


- --------------------------------------------------------------------------------
4    SOURCE OF FUNDS*

     N/A
- --------------------------------------------------------------------------------
5    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
     PURSUANT TO ITEMS 2(d) OR 2(e)                                   [ ]


- --------------------------------------------------------------------------------
6    CITIZENSHIP OR PLACE OF ORGANIZATION


     UNITED STATES OF AMERICA
- --------------------------------------------------------------------------------


               -----------------------------------------------------------------
               7    SOLE VOTING POWER


  NUMBER OF
                    2,319,031
   SHARES      _________________________________________________________________
               8    SHARED VOTING POWER
BENEFICIALLY

  OWNED BY          0
               -----------------------------------------------------------------
    EACH       9    SOLE DISPOSITIVE POWER

  REPORTING
                    1,825,749
   PERSON      _________________________________________________________________
               10   SHARED DISPOSITIVE POWER
    WITH
                    0

- --------------------------------------------------------------------------------
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON


     2,319,031
- --------------------------------------------------------------------------------
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*

                                                                      [-]

- --------------------------------------------------------------------------------
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)


     47.2%
- --------------------------------------------------------------------------------
14   TYPE OF REPORTING PERSON*


     IN
- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

CUSIP No. 23323G106                     13D                    Page 2 of 2 Pages


- --------------------------------------------------------------------------------
Item 1.  Security and Issuer.
DGSE COMPANIES, INC.  -  COMMON STOCK  $ .01 PAR VALUE
2817 FOREST LANE
DALLAS, TEXAS 75234
- --------------------------------------------------------------------------------
Item 2.  Identity and Background.

     (a)  Dr. L.S. SMITH

     (b)  519 INTERSTATE 30, # 243, ROCKWALL, TEXAS 75087

     (c)  CHAIRMAN OF THE BOARD, CHIEF EXECUTIVE OFFICER DGSE COMPANIES, INC. -
          2817 FOREST LANE, DALLAS, TEXAS 75234

     (d)  No

     (e)  No

     (f)  UNITED STATES OF AMERICA

- --------------------------------------------------------------------------------
Item 3.  Source and Amount of Funds or Other Consideration.


    N/A
- --------------------------------------------------------------------------------
Item 4.  Purpose of Transaction.

     This  transaction  reflects the  expiration of voting  proxies on shares of
Common Stock of the issuer owned by two  individuals  which had been  previously
granted to the reporting person.

- --------------------------------------------------------------------------------
Item 5.  Interest in Securities of the Issuer.

     (a) The shares  represented in the expired grants of the proxies were equal
to 250,000 shares.  The remaining grants  previously  reported combined with the
shares owned  directly by the reporting  person  represents  47.2 percent of the
total shares of Common Stock outstanding of the issuer.

     (b) The reporting  person holds 1,825,749  shares directly for which he has
sole voting and  dispositive  powers and 493,282 shares subject to proxies which
he has sole voting powers.

     (c) There have been no transactions in the last 60 days.

     (d) N/A

     (e) N/A
- --------------------------------------------------------------------------------
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.

     The two individuals whose proxies were granted to the reporting person have
not renewed their grants to this date.

- --------------------------------------------------------------------------------
Item 7.  Material to be Filed as Exhibits.

         N/A

- --------------------------------------------------------------------------------

<PAGE>

                                    SIGNATURE


     After  reasonable  inquiry and to the best of my  knowledge  and belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.


                                                    January 17, 2007
                                        ----------------------------------------
                                                         (Date)


                                                  /S/ Dr. L.S. Smith
                                        ----------------------------------------
                                                       (Signature)

                                                      Dr. L.S. Smith Chairman &
                                                      C.E.O.
                                        ----------------------------------------
                                                       (Name/Title)



     Attention.  Intentional  misstatements  or  omissions  of  fact  constitute
federal criminal violations (see 18 U.S.C. 1001).




</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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