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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT STYLE="font-size: 10pt">WASHINGTON, D.C. 20549<BR>
</FONT><U></U></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">FORM 8-K<BR STYLE="mso-special-character: line-break">
<BR STYLE="mso-special-character: line-break">
</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Date of Report:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: center"><B>(Date of Earliest
Event Reported): </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: center"><B>February 17, 2012 (April 15, 2011)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>DGSE
COMPANIES, INC.<BR>
</B></FONT><FONT STYLE="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)<BR></FONT></P>

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    <TD STYLE="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">Nevada</TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">1-11048</TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">88-0097334</TD></TR>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or Other Jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">of Incorporation)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification No.)</P></TD></TR>
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    <TD STYLE="width: 70%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">11311 Reeder Rd., Dallas, Texas</TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">75229</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Zip Code)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: center"></P>

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    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; font-weight: bold">(972) 484-3662</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">(Registrant&rsquo;s Telephone Number, Including Area Code)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 4.02. Non-Reliance on Previously Issued Financial Statements
or a Related Audit Report or Completed Interim Review.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On April 15, 2011, DGSE Companies, Inc. (the &ldquo;Company&rdquo;)
filed its 2010 Annual Report on Form 10-K (the &ldquo;2010 Form 10-K&rdquo;), which disclosed the description and amount of certain
adjustments made to restate the quarterly financial statements reflected in the Company&rsquo;s Quarterly Reports on Form 10-Q
for the periods ending June 30, 2010 and September 30, 2010, respectively.&nbsp; In the 2010 Form 10-K, the Company adjusted inventory,
customer deposits and accounts payable to accurately reflect these balances as of June 30, 2010 and September 30, 2010 (collectively,
the &ldquo;Accounting Adjustments&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investors should rely upon the definitive audited 2010 Financial
Statements in the 2010 Form 10-K and the unaudited quarterly financial statements reflected in the Company&rsquo;s Quarterly Reports
on Form 10-Q for the periods ending June 30, 2011 and September 30, 2011, respectively. Investors should no longer rely upon the
unaudited quarterly financial statements reflected in the Company&rsquo;s Quarterly Reports on Form 10-Q for the period ending
June 30, 2010 and September 30, 2010, respectively.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company converted to a new accounting system during the three
month period ended June 30, 2010. The introduction of this new accounting system caused certain process and reporting errors which
were discovered during the annual audit process working in conjunction with management and officers of the Company to determine
the nature, amount and cause of the errors which resulted in the aforementioned Accounting Adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>(d) Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">None</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</P>

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    <TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">DGSE COMPANIES,
INC.&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Date: February 17, 2012&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%; padding-bottom: 1pt">By:&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">/s/ William H. Oyster</TD>
    <TD STYLE="width: 12%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>William H. Oyster&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>Chairman &amp; Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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{"company-data": {"conformed-name": "DGSE COMPANIES INC", "cik": "0000701719", "assigned-sic": "5944", "irs-number": "880097334", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-11048", "film-number": "12623941"}, "business-address": {"street1": "2817 FOREST LANE", "street2": "STE 202", "city": "DALLAS", "state": "TX", "zip": "75234", "phone": "9724843662"}, "mail-address": {"street1": "2817 FOREST LN", "city": "DALLAS", "state": "TX", "zip": "75234"}, "former-company": [{"former-conformed-name": "DALLAS GOLD & SILVER EXCHANGE INC /NV/", "date-changed": "19930114"}, {"former-conformed-name": "AMERICAN PACIFIC MINT INC", "date-changed": "19920703"}, {"former-conformed-name": "CANYON STATE CORP", "date-changed": "19860819"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report:
(Date of Earliest
Event Reported):
February 17, 2012 (April 15, 2011)
DGSE
COMPANIES, INC.
(Exact Name of Registrant as Specified in Charter)
Nevada
1-11048
88-0097334
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
11311 Reeder Rd., Dallas, Texas
75229
(Address of Principal Executive Offices)
(Zip Code)
(972) 484-3662
(Registrant's Telephone Number, Including Area Code)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
£
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
£
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 4.02. Non-Reliance on Previously Issued Financial Statements
or a Related Audit Report or Completed Interim Review.
On April 15, 2011, DGSE Companies, Inc. (the "Company")
filed its 2010 Annual Report on Form 10-K (the "2010 Form 10-K"), which disclosed the description and amount of certain
adjustments made to restate the quarterly financial statements reflected in the Company's Quarterly Reports on Form 10-Q
for the periods ending June 30, 2010 and September 30, 2010, respectively.  In the 2010 Form 10-K, the Company adjusted inventory,
customer deposits and accounts payable to accurately reflect these balances as of June 30, 2010 and September 30, 2010 (collectively,
the "Accounting Adjustments").
Investors should rely upon the definitive audited 2010 Financial
Statements in the 2010 Form 10-K and the unaudited quarterly financial statements reflected in the Company's Quarterly Reports
on Form 10-Q for the periods ending June 30, 2011 and September 30, 2011, respectively. Investors should no longer rely upon the
unaudited quarterly financial statements reflected in the Company's Quarterly Reports on Form 10-Q for the period ending
June 30, 2010 and September 30, 2010, respectively.
The Company converted to a new accounting system during the three
month period ended June 30, 2010. The introduction of this new accounting system caused certain process and reporting errors which
were discovered during the annual audit process working in conjunction with management and officers of the Company to determine
the nature, amount and cause of the errors which resulted in the aforementioned Accounting Adjustments.
Item 9.01        Financial
Statements and Exhibits.
(d) Exhibits
None
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DGSE COMPANIES,
INC.
Date: February 17, 2012
By:
/s/ William H. Oyster
William H. Oyster
Chairman & Chief Executive Officer