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<SEC-DOCUMENT>0001010549-07-000068.txt : 20070125
<SEC-HEADER>0001010549-07-000068.hdr.sgml : 20070125
<ACCEPTANCE-DATETIME>20070125170859
ACCESSION NUMBER:		0001010549-07-000068
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20070125
DATE AS OF CHANGE:		20070125

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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-33619
		FILM NUMBER:		07553734

	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/A

	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/A
<SEQUENCE>1
<FILENAME>dgsesc13da12012507.txt
<TEXT>

                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

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

                                  SCHEDULE 13D
                                 (Rule 13d-102)

             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. 12)*


                              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 25, 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)


- ----------
*    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 1
<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) [X]

- --------------------------------------------------------------------------------
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
                    3,384,665 (including 845,634 shares underlying exercisable
                               options)
   SHARES      -----------------------------------------------------------------
               8    SHARED VOTING POWER
BENEFICIALLY

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

  REPORTING
                    2,671,383 (including 845,634 shares underlying exercisable
                               options)
   PERSON      -----------------------------------------------------------------
               10   SHARED DISPOSITIVE POWER
    WITH
                    0

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


     3,384,665 (including 845,634 shares underlying exercisable options)
- --------------------------------------------------------------------------------
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

                                                                      [ ]

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


     58.8%
- --------------------------------------------------------------------------------
14   TYPE OF REPORTING PERSON


     IN
- --------------------------------------------------------------------------------

                                     Page 2
<PAGE>

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


- --------------------------------------------------------------------------------
Item 1.   Security and Issuer.

     DGSE Companies, Inc. - Common Stock par value $.01
     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 and 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 granting to the reporting  person of voting
proxies on shares of Common Stock of the issuer owned by two individuals.  These
shareholders  have granted a voting proxy to the reporting  person  because this
will allow the issuer to be treated as a "Controlled Company" under Rule 4350(c)
of The NASDAQ Stock Market.  While the proxy  permits the  reporting  person the
right to vote on any  corporate  matter,  there are no  specific  current  plans
requiring the exercise of the granted proxies. Futhermore, there are no plans or
proposals  relating to the  granting of these  proxies with regard to any events
specified in sub Items(a) through (j) of this Item 4.

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

     (a)-(b) The reporting  person  beneficially  owns  3,384,665  shares of the
issuer's  common  stock,  which,  in  the  aggregate,  represents  58.8%  of the
outstanding shares of the issuer's common stock (for purposes of calculating the
percentage,  the 845,634  shares subject to the reporting  person's  exercisable
option were assumed to be outstanding). The reporting person has sole voting and
dispositive  power with respect to 2,671,383 shares of the issuer's common stock
(including 845,634 shares underlying  exercisable options) and sole voting power
and no  dispositive  power with respect to 713,282 such  shares.  The  reporting
person disclaims  beneficial  ownership of the 713,282 shares subject to proxies
granted to him.

     (c) Two  individuals  granted the reporting  person  proxies to vote in the
aggregate 220,000 shares of common stock on January 25, 2007.

     (d) The two  persons  granting  the voting  proxies  continue  to hold sole
dispositive  power on their shares and retain the right to receive any dividends
paid by the issuer.

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

     The two  individual  holders of Common Stock of the issuer have granted the
reporting person an irrevocable proxy relating to shares  individually owned for
a period of one year. As such the reporting person has the right for the term of
these proxies to vote such shares on any matter that may legally come before any
meeting of shareholders or through any consent of the shareholders.

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

          (1)  Voting Proxy from Stephen Saul Wien dated January 25, 2007
          (2)  Voting Proxy from Ronald Urvater dated January 25, 2007

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

                                     Page 3
<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 25, 2007
                                        ----------------------------------------
                                                         (Date)


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

                                                    Dr. L.S. Smith, CEO and
                                                    Chairman
                                        ----------------------------------------
                                                       (Name and Title)



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















                                     Page 4

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>dgsesc13da12ex1012507.txt
<DESCRIPTION>VOTING PROXY FROM STEPHEN SAUL WIEN 01/25/07
<TEXT>

EXHIBIT 1




                         PROXY FOR VOTIING SHARES OF THE
                                  COMMON STOCK
                             OF DGSE COMPANIES, INC.


The undersigned,  as record and beneficial owner of 100,000 Shares of the common
stock of DGSE Companies,  Inc., a Nevada  corporation  (the  "Company"),  hereby
constitutes and appoints Dr. L. S. Smith as proxy for the  undersigned,  to vote
and otherwise represent all of the shares of the undersigned for the transaction
of any business that may legally come before any meeting of the  shareholders of
the Company,  any adjournment thereof or otherwise through any consent action of
shareholders, with the same effect as if the undersigned were present and voting
the shares.

     This  Proxy  shall be  irrevocable  for a term of one year from the date of
execution of this proxy.

DATE: January 25, 2007



/s/ Stephen Saul Wien
- ---------------------
(Signature)
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>3
<FILENAME>dgsesc13da12ex2012507.txt
<DESCRIPTION>VOTING PROXY FROM RONALD URVATER 01/25/07
<TEXT>

EXHIBIT 2





                         PROXY FOR VOTIING SHARES OF THE
                                  COMMON STOCK
                             OF DGSE COMPANIES, INC.


The undersigned,  as record and beneficial owner of 120,000 Shares of the common
stock of DGSE Companies,  Inc., a Nevada  corporation  (the  "Company"),  hereby
constitutes and appoints Dr. L. S. Smith as proxy for the  undersigned,  to vote
and otherwise represent all of the shares of the undersigned for the transaction
of any business that may legally come before any meeting of the  shareholders of
the Company,  any adjournment thereof or otherwise through any consent action of
shareholders, with the same effect as if the undersigned were present and voting
the shares.

     This  Proxy  shall be  irrevocable  for a term of one year from the date of
execution of this proxy.

DATE: January 25, 2007



/s/ Ronald Urvater
- ------------------
(Signature)
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
