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|   |        |                                                                                         |
|---|--------|-----------------------------------------------------------------------------------------|
| R |   | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|   |        |                                                                                          |
|---|--------|------------------------------------------------------------------------------------------|
| o |   | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|                                  |        |                                   |
|----------------------------------|--------|-----------------------------------|
| Delaware(State of Incorporation) |   | 22-2365834(IRS Employer I.D. No.) |

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|--------|
|   |

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|                                |                                |                                                                           |                                  |
|--------------------------------|--------------------------------|---------------------------------------------------------------------------|----------------------------------|
| Large accelerated filer o | Accelerated filer o  | Non-accelerated filer o(Do not check if a smaller reporting company) | Smaller reporting company R |

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|            |                       |                                                                                                                |        |
|------------|-----------------------|----------------------------------------------------------------------------------------------------------------|--------|
|       |                  |                                                                                                           | Page   |
| Part I.    | Financial Information |                                                                                                           |
|       |                  |                                                                                                           |   |
|       | Item 1.          | Condensed Consolidated Financial Statements (UNAUDITED):                                                       |   |
|       |                  |                                                                                                           |   |
|       |                  | Condensed Consolidated Balance Sheets as of September 30, 2010 and June 30, 2010                     | 3      |
|       |                  |                                                                                                           |   |
|       |                  | Condensed Consolidated Statements of Operations for the Three Months Ended September 30, 2010 and 2009    | 4      |
|       |                  |                                                                                                           |   |
|       |                  | Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended September 30, 2010. | 5      |
|       |                  |                                                                                                           |   |
|       |                  | Condensed Consolidated Statements of Cash Flows for the Three Months ended September 30, 2010 and 2009    | 6      |
|       |                  |                                                                                                           |   |
|       |                  | Notes to Condensed Consolidated Financial Statements                                                           | 7      |
|       |                  |                                                                                                           |   |
|       | Item 2.          | Management’s Discussion and Analysis of Financial Condition and Results of Operations                    | 29     |
|       |                  |                                                                                                           |   |
|       | Item 3.          | Quantitative and Qualitative Disclosures About Market Risk                                                     | 37     |
|       |                  |                                                                                                           |   |
|       | Item 4.          | Controls and Procedures                                                                                        | 38     |
|       |                  |                                                                                                           |   |
| Part II.   | Other Information     | 38                                                                                                        |
|       |                  |                                                                                                           |   |
|       | Item 1.          | Legal Proceedings                                                                                              | 38     |
|       |                  |                                                                                                           |   |
|       | Item 1A.         | Risk Factors                                                                                                   | 38     |
|       |                  |                                                                                                           |   |
|       | Item 2.          | Unregistered Sales of Equity Securities and Use of Proceeds                                                    | 38     |
|       |                  |                                                                                                           |   |
|       | Item 5.          | Other Information                                                                                              | 38     |
|       |                  |                                                                                                           |   |
|       | Item 6.          | Exhibits                                                                                                       | 38     |
|       |                  |                                                                                                           |   |
| Signatures |                  |                                                                                                           |
|       |                  |                                                                                                           |   |
| Exhibits   |                  |                                                                                                           |
|       |                  |                                                                                                           |   |
|       | Exhibits 31.1         | Certification of Chief Executive Officer Under Section 302 of the Sarbanes-Oxley Act of 2002              |   |
|       |                  |                                                                                                           |   |
|       | Exhibits 31.2         | Certification of Chief Financial Officer Under Section 302 of the Sarbanes-Oxley Act of 2002              |   |
|       |                  |                                                                                                           |   |
|       | Exhibits 32.1         | Chief Executive Officer Certification Under Section 906 of the Sarbanes-Oxley Act of 2002                 |   |
|       |                  |                                                                                                           |   |
|       | Exhibits 32.2         | Chief Financial Officer Certification Under Section 906 of the Sarbanes-Oxley Act of 2002                 |   |

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Table of Contents

|                                                                                                                                                                   |                   |         |              |          |        |         |        |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|---------|--------------|----------|--------|---------|--------|
|                                                                                                                                                              | September 30 |    | June 30 |
|                                                                                                                                                              | 2010              |    | 2010  (1)    |
|                                                                                                                                                              |              |    | Audited      |
| ASSETS                                                                                                                                                            |              |    |         |
| Current assets:                                                                                                                                                   |              |    |         |
| Cash and cash equivalents                                                                                                                                         | $                 | 27,598  |         |     | $      | 22,320  |   |
| Short-term investments and marketable securities                                                                                                                  | —           |    |         | 6,433    |   |
| Receivables and secured loans, net — trading operations                                                                                                     | 76,187            |    |         | 42,901   |   |
| Accounts receivable and consignor advances, net — collectibles operations                                                                                   | 10,204            |    |         | 6,127    |   |
| Inventory, net                                                                                                                                                    | 163,869           |    |         | 138,077  |   |
| Prepaid expenses and other assets                                                                                                                                 | 2,895             |    |         | 1,333    |   |
| Total current assets                                                                                                                                              | 280,753           |    |         | 217,191  |   |
|                                                                                                                                                              |              |    |         |
| Property and equipment, net                                                                                                                                       | 2,259             |    |         | 2,277    |   |
| Goodwill                                                                                                                                                          | 5,944             |    |         | 5,942    |   |
| Other purchased intangibles, net                                                                                                                                  | 5,815             |    |         | 5,948    |   |
| Other assets                                                                                                                                                      | 256               |    |         | 259      |   |
| Income tax receivables                                                                                                                                            | 4,718             |    |         | 4,974    |   |
| Deferred tax assets                                                                                                                                               | 144               |    |         | 144      |   |
|                                                                                                                                                              |              |    |         |
| Total assets                                                                                                                                                      | $                 | 299,889 |         |     | $      | 236,735 |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                        |              |    |         |
|                                                                                                                                                              |              |    |         |
| Current liabilities:                                                                                                                                              |              |    |         |
| Accounts payable, customer deposits and consignor payables                                                                                                        | $                 | 52,573  |         |     | $      | 30,397  |   |
| Liability on borrowed metals                                                                                                                                      | 48,848            |    |         | 40,841   |   |
| Accrued expenses and other current liabilities                                                                                                                    | 8,057             |    |         | 13,411   |   |
| Accrued litigation settlement                                                                                                                                     | —           |    |         | 2,697    |   |
| Income taxes payable                                                                                                                                              | 446               |    |         | 825      |   |
| Line of credit                                                                                                                                                    | 90,500            |    |         | 47,200   |   |
| Deferred tax liability                                                                                                                                            | 934               |    |         | 934      |   |
| Dividend payable to Auctentia                                                                                                                                     | —           |    |         | 2,500    |   |
|                                                                                                                                                              |              |    |         |
| Total current liabilities                                                                                                                                         | 201,358           |    |         | 138,805  |   |
|                                                                                                                                                              |              |    |         |
| Deferred and other long tem tax liabilities                                                                                                                       | 8,108             |    |         | 7,794    |   |
| Total liabilities                                                                                                                                                 | 209,466           |    |         | 146,599  |   |
|                                                                                                                                                              |              |    |         |
| Commitments, contingencies and subsequent events                                                                                                                  |              |    |         |
|                                                                                                                                                              |              |    |         |
| Stockholders’ equity:                                                                                                                                       |              |    |         |
| Preferred stock, $.01 par value, authorized 10,000 shares; issued and outstanding: none                                                                           | —           |    |         | —  |   |
| Common stock, $.01 par value, authorized 40,000 shares; issued and outstanding: 32,333 and 31,893 at September 30, 2010 and June 30, 2010, respectively | 323               |    |         | 319      |   |
| Additional paid-in capital                                                                                                                                        | 241,622           |    |         | 241,615  |   |
| Accumulated other comprehensive income                                                                                                                            | 7,522             |    |         | 3,529    |   |
| Accumulated deficit                                                                                                                                               | (166,336          | )       |         | (162,350 | )      |
| Total Spectrum Group International, Inc. stockholders’ equity                                                                                               | 83,131            |    |         | 83,113   |   |
|              Non-controlling interest                                                            | 7,292             |    |         | 7,023    |   |
| Total stockholders’ equity                                                                                                                                  | 90,423            |    |         | 90,136   |   |
| Total liabilities and stockholders’ equity                                                                                                                  | $                 | 299,889 |         |     | $      | 236,735 |   |

|                             |                                                                                                                                                                                                  |
|-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)     | The condensed consolidated balance sheet as of June 30, 2010 has been derived from the audited consolidated financial statements included in the Company's 2010 Annual Report on Form 10-K. |

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|                                                                              |                         |           |                         |         |        |         |        |
|------------------------------------------------------------------------------|-------------------------|-----------|-------------------------|---------|--------|---------|--------|
|                                                                         | Three Months Ended      |      | Three Months Ended      |
|                                                                         | September 30, 2010 |      | September 30, 2009 |
|                                                                         |                    |      | (as restated)           |
| Revenues:                                                                    |                    |      |                    |
| Sales of precious metals                                                     | $                       | 1,450,854 |                    |    | $      | 928,880 |   |
| Collectibles revenues:                                                       |                    |      |                    |
| Sales of inventory                                                           | 41,708                  |      |                    | 42,475  |   |
| Auction services                                                             | 3,724                   |      |                    | 5,083   |   |
| Total revenue                                                                | 1,496,286               |      |                    | 976,438 |   |
| Cost of sales:                                                               |                    |      |                    |
| Cost of precious metals sold                                                 | 1,447,202               |      |                    | 924,560 |   |
| Cost of collectibles sold                                                    | 39,446                  |      |                    | 39,595  |   |
|      Auction services expense                       | 595                     |      |                    | 1,506   |   |
| Total cost of sales                                                          | 1,487,243               |      |                    | 965,661 |   |
| Gross profit                                                                 | 9,043                   |      |                    | 10,777  |   |
| Operating expenses:                                                          |                    |      |                    |
| General and administrative                                                   | 5,119                   |      |                    | 5,683   |   |
| Salaries and wages                                                           | 5,227                   |      |                    | 6,057   |   |
| Depreciation and amortization                                                | 376                     |      |                    | 461     |   |
| Total operating expenses                                                     | 10,722                  |      |                    | 12,201  |   |
| Operating loss                                                               | (1,679                  | )         |                    | (1,424  | )      |
| Interest and other income (expense):                                         |                    |      |                    |
| Interest income                                                              | 1,738                   |      |                    | 1,393   |   |
| Interest expense                                                             | (809                    | )         |                    | (369    | )      |
| Other income (expense), net                                                  | (87                     | )         |                    | 538     |   |
| Unrealized losses on foreign exchange                                        | (2,754                  | )         |                    | (1,017  | )      |
| Total interest and other income (expense)                                    | (1,912                  | )         |                    | 545     |   |
| (Loss) before (benefit) provision for income taxes                           | (3,591                  | )         |                    | (879    | )      |
| Income taxes provision (benefit)                                             | 127                     |      |                    | (1,560  | )      |
| Net (loss) income                                                            | (3,718                  | )         |                    | 681     |   |
| Less: Net income attributable to the non-controlling interests               | (268                    | )         |                    | (413    | )      |
| Net (loss) income attributable to Spectrum Group International, Inc.         | $                       | (3,986    | )                       |    | $      | 268     |   |
|                                                                         |                    |      |                    |
| (Loss) Earnings per share attributable to Spectrum Group International, Inc. |                    |      |                    |
| Basic                                                                        | $                       | (0.12     | )                       |    | $      | 0.01    |   |
| Diluted                                                                      | $                       | (0.12     | )                       |    | $      | 0.01    |   |
| Weighted average shares outstanding                                          |                    |      |                    |
| Basic                                                                        | 32,333                  |      |                    | 31,736  |   |
| Diluted                                                                      | 32,333                  |      |                    | 32,141  |   |

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|                                                              |                        |        |                   |         |                            |        |                                        |        |                     |         |                                                                     |        |                          |        |                                  |         |                            |        |         |        |        |         |        |        |        |        |        |   |        |        |        |        |  |  |
|--------------------------------------------------------------|------------------------|--------|-------------------|---------|----------------------------|--------|----------------------------------------|--------|---------------------|---------|---------------------------------------------------------------------|--------|--------------------------|--------|----------------------------------|---------|----------------------------|--------|---------|--------|--------|---------|--------|--------|--------|--------|--------|---|--------|--------|--------|--------|--|--|
|                                                         | Common Stock in Shares |   | Common Stock in $ |    | Additional Paid-in Capital |   | Accumulated Other Comprehensive Income |   | Accumulated Deficit |    | Total Spectrum Group International, Inc. Stockholders’ Equity |   | Noncontrolling Interests |   | Total Stockholders’ Equity |    | Comprehensive Income(Loss) |
| Balance, June 30, 2010                                  | 31,893                 |   |              | $       | 319                        |   |                                   | $      | 241,615             |    |                                                                | $      | 3,529                    |   |                             | $       | (162,350                   | )      |    | $      | 83,113 |    |   | $      | 7,023  |   |   | $ | 90,136 |   |   |   |
| Net loss                                                     | —                |   |              | — |                       |   | —                                |   |                | — |                                                                |   | (3,986                   | )      |                             | (3,986  | )                          |   | 269     |   |   | (3,717  | )      |   | $      | (3,986 | )      |
| Change in cumulative foreign currency translation adjustment | —                |   |              | — |                       |   | —                                |   |                | 3,993   |                                                                |   | —                  |   |                             | 3,993   |                       |   | — |   |   | 3,993   |   |   | 3,993  |   |
| Comprehensive income                                         | —                |   |              | — |                       |   | —                                |   |                | — |                                                                |   | —                  |   |                             | — |                       |   | — |   |   | — |   |   | $      | 7      |   |
| Taxes paid in exchange for cancellation of restricted shares | —                |   |              | — |                       |   | (106                                   | )      |                | — |                                                                |   | —                  |   |                             | (106    | )                          |   | — |   |   | (106    | )      |   |   |
| Share based compensation                                     | —                |   |              | — |                       |   | 117                                    |   |                | — |                                                                |   | —                  |   |                             | 117     |                       |   | — |   |   | 117     |   |   |   |
| Issuance of common stock for restricted stock grants         | 440                    |   |              | 4       |                       |   | (4                                     | )      |                | — |                                                                |   | —                  |   |                             | — |                       |   | — |   |   | — |   |   |   |
| Balance, September 30, 2010                                  | 32,333                 |   |              | $       | 323                        |   |                                   | $      | 241,622             |    |                                                                | $      | 7,522                    |   |                             | $       | (166,336                   | )      |    | $      | 83,131 |    |   | $      | 7,292  |   |   | $ | 90,423 |   |   |   |

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|                                                                                                             |                         |        |                         |         |        |        |        |
|-------------------------------------------------------------------------------------------------------------|-------------------------|--------|-------------------------|---------|--------|--------|--------|
|                                                                                                        | Three Months Ended      |   | Three Months Ended      |
|                                                                                                        | September 30, 2010 |   | September 30, 2009 |
|                                                                                                        |                    |   | (As Restated)           |
| Cash flows from operating activities:                                                                       |                    |   |                    |
| Net (loss)income                                                                                            | $                       | (3,718 | )                       |    | $      | 681    |   |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities                     |                    |   |                    |
|             Unrealized loss on foreign currency | 2,769                   |   |                    | 1,017   |   |
| Depreciation and amortization                                                                               | 376                     |   |                    | 461     |   |
| Provision for bad debts                                                                                     | 32                      |   |                    | 15      |   |
| Provision for inventory reserve                                                                             | 103                     |   |                    | — |   |
| Stock based compensation                                                                                    | 117                     |   |                    | 317     |   |
| Gain on sale of marketable securities                                                                       | —                 |   |                    | (106    | )      |
| Changes in assets and liabilities:                                                                          |                    |   |                    |
| Accounts receivable and consignor advances                                                                  | (3,848                  | )      |                    | (2,894  | )      |
| Receivables and secured loans                                                                               | (33,296                 | )      |                    | (1,853  | )      |
| Inventory                                                                                                   | (25,795                 | )      |                    | (650    | )      |
| Prepaid expenses and other assets                                                                           | (1,490                  | )      |                    | (456    | )      |
| Liabilities on borrowed metals                                                                              | 8,007                   |   |                    | 8,934   |   |
| Accounts payable, accrued expenses and other liabilities                                                    | 16,415                  |   |                    | 6,401   |   |
| Income taxes                                                                                                | (86                     | )      |                    | (1,744  | )      |
| Deferred taxes                                                                                              | 35                      |   |                    | (154    | )      |
| Accrued litigation settlement                                                                               | (2,697                  | )      |                    | — |   |
| Net cash (used in) provided by operating activities                                                         | (43,076                 | )      |                    | 9,969   |   |
| Cash flows from investing activities:                                                                       |                    |   |                    |
| Capital expenditures for property and equipment                                                             | (164                    | )      |                    | (83     | )      |
| Sales of marketable securities                                                                              | 6,798                   |   |                    | 6,759   |   |
| Net cash provided by investing activities                                                                   | 6,634                   |   |                    | 6,676   |   |
| Cash flows from financing activities:                                                                       |                    |   |                    |
| Borrowings under lines of credit, net                                                                       | 43,300                  |   |                    | (10,000 | )      |
| Dividends paid to noncontrolling interest                                                                   | (2,500                  | )      |                    | (1,000  | )      |
| Net cash provided by(used in) financing activities                                                          | 40,800                  |   |                    | (11,000 | )      |
| Effects of exchange rates on cash                                                                           | 920                     |   |                    | 476     |   |
| Net increase in cash and cash equivalents                                                                   | 5,278                   |   |                    | 6,121   |   |
| Cash and cash equivalents, beginning of year                                                                | 22,320                  |   |                    | 17,545  |   |
| Cash and cash equivalents, end of year                                                                      | $                       | 27,598 |                    |    | $      | 23,666 |   |
| Supplemental disclosures of cash flow information:                                                          |                    |   |                    |
| Cash paid during the year for:                                                                              |                    |   |                    |
| Interest expense                                                                                            | $                       | 626    |                    |    | $      | 333    |   |
| Income taxes                                                                                                | $                       | 248    |                    |    | $      | 699    |   |

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|                                                         |                                       |         |                 |         |                 |         |             |        |        |         |        |        |         |        |   |
|---------------------------------------------------------|---------------------------------------|---------|-----------------|---------|-----------------|---------|-------------|--------|--------|---------|--------|--------|---------|--------|---|
|                                                    | Three Months ended September 30, 2009 |
| in thousands                                            | As OriginallyReported                 |    | Adjustments (1) |    | Adjustments (2) |    | AsCorrected |
| Revenue:                                                |                                  |    |            |    |            |    |        |
| Sales of precious metals                                | $                                     | 930,472 |            |    | $               | (1,592  | )           |   | $      | — |   |   | 928,880 |   |
| Sales of inventory                                      | 44,173                                |    |            | (1,698  | )               |    | —     |   |   | 42,475  |   |
| Auction services                                        | 4,072                                 |    |            | 1,011   |            |    | —     |   |   | 5,083   |   |
| Total revenue                                           | 978,717                               |    |            | (2,279  | )               |    | —     |   |   | 976,438 |   |
| Cost of sales:                                          |                                  |    |            |    |            |    |        |
| Cost of precious metals sold                            | 926,026                               |    |            | (1,466  | )               |    | —     |   |   | 924,560 |   |
| Cost of collectibles sold                               | 40,270                                |    |            | (904    | )               |    | 229         |   | A      | 39,595  |   |
| Auction services expense                                | —                               |    |            | — |            |    | 1,506       |   | A      | 1,506   |   |
| Total cost of sales                                     | 966,296                               |    |            | (2,370  | )               |    | 1,735       |   |   | 965,661 |   |
| Gross profit                                            | 12,421                                |    |            | 91      |            |    | (1,735      | )      |   | 10,777  |   |
| Operating expenses:                                     |                                  |    |            |    |            |    |        |
| General and administrative:                             | 7,028                                 |    |            | 331     |            |    | (1,676      | )      | A      | 5,683   |   |
| Salaries and wages                                      | 6,116                                 |    |            | — |            |    | (59         | )      | A      | 6,057   |   |
| Depreciation and amortization                           | 461                                   |    |            | — |            |    | —     |   |   | 461     |   |
| Total operating expenses                                | 13,605                                |    |            | 331     |            |    | (1,735      | )      |   | 12,201  |   |
| Operating loss                                          | (1,184                                | )       |            | (240    | )               |    | —     |   |   | (1,424  | )      |
| Interest and other income (loss):                       |                                  |    |            |    |            |    |        |
| Interest income                                         | 1,393                                 |    |            | — |            |    | —     |   |   | 1,393   |   |
| Interest expense                                        | (369                                  | )       |            | — |            |    | —     |   |   | (369    | )      |
| Other income, net                                       | 298                                   |    |            | 240     |            |    | —     |   |   | 538     |   |
| Unrealized (loss) on foreign exchange                   | (1,017                                | )       |            | — |            |    | —     |   |   | (1,017  | )      |
| Interest and other income                               | 305                                   |    |            | 240     |            |    | —     |   |   | 545     |   |
| (Loss) before income taxes and non-controlling interest | $                                     | (879    | )               |    | $               | — |        |   | $      | — |   |   | $       | (879   | ) |

|                             |                                                                                                               |
|-----------------------------|---------------------------------------------------------------------------------------------------------------|
| (1)     | Errors previously disclosed in Note 1 to the Company's second quarter (December 31, 2009) filing on Form 10Q. |

|                             |                                                                                                   |
|-----------------------------|---------------------------------------------------------------------------------------------------|
| (2)     | For this filing, the Company made additional reclassification as noted above and explained below: |

|                             |                                                                                                                                                                                                                                        |
|-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (A)     | Represents certain direct costs related to providing auction services and sales of collectibles reclassified from selling, general and administrative and salaries and wages to auction service expense and cost of collectibles sold. |

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|                                                               |                          |           |                          |         |             |         |                        |        |                  |           |             |        |         |           |        |           |        |         |        |        |   |           |        |
|---------------------------------------------------------------|--------------------------|-----------|--------------------------|---------|-------------|---------|------------------------|--------|------------------|-----------|-------------|--------|---------|-----------|--------|-----------|--------|---------|--------|--------|---|-----------|--------|
|                                                          | Year ended June 30, 2010 |      | Year ended June 30, 2009 |
| in thousands                                                  | As OriginallyReported    |      | Adjustments  (1)         |    | AsCorrected |    | As Previously Restated |   | Adjustments  (1) |      | AsCorrected |
| Revenue:                                                      |                     |      |                     |    |        |    |                   |   |             |      |        |
| Sales of precious metals                                      | $                        | 5,834,712 |                     |    | $           | — |                   |   | $                | 5,834,712 |        |   | $       | 4,121,159 |   |      | $      | — |   |   | $ | 4,121,159 |   |
| Sales of inventory                                            | 154,943                  |      |                     | — |        |    | 154,943                |   |             | 144,320   |        |   | — |      |   | 144,320   |   |
| Auction services                                              | 22,783                   |      |                     | — |        |    | 22,783                 |   |             | 20,550    |        |   | — |      |   | 20,550    |   |
| Total revenue                                                 | 6,012,438                |      |                     | — |        |    | 6,012,438              |   |             | 4,286,029 |        |   | — |      |   | 4,286,029 |   |
| Cost of sales:                                                |                     |      |                     |    |        |    |                   |   |             |      |        |
| Cost of precious metals sold                                  | 5,814,456                |      |                     | — |        |    | 5,814,456              |   |             | 4,077,997 |        |   | — |      |   | 4,077,997 |   |
| Cost of collectibles sold                                     | 144,143                  |      |                     | 386     |        | A       | 144,529                |   |             | 137,232   |        |   | 1,734   |      | A      | 138,966   |   |
| Auction services expense                                      | —                  |      |                     | 4,951   |        | A       | 4,951                  |   |             | —   |        |   | 4,110   |      | A      | 4,110     |   |
| Total cost of sales                                           | 5,958,599                |      |                     | 5,337   |        |    | 5,963,936              |   |             | 4,215,229 |        |   | 5,844   |      |   | 4,221,073 |   |
| Gross profit                                                  | 53,839                   |      |                     | (5,337  | )           |    | 48,502                 |   |             | 70,800    |        |   | (5,844  | )         |   | 64,956    |   |
| Operating expenses:                                           |                     |      |                     |    |        |    |                   |   |             |      |        |
| General and administrative                                    | 28,982                   |      |                     | (5,026  | )           | A       | 23,956                 |   |             | 29,963    |        |   | (5,718  | )         | A      | 24,245    |   |
| Salaries and wages                                            | 26,467                   |      |                     | (311    | )           | A       | 26,156                 |   |             | 29,814    |        |   | (126    | )         | A      | 29,688    |   |
| Depreciation and amortization                                 | 1,699                    |      |                     | — |        |    | 1,699                  |   |             | 1,807     |        |   | — |      |   | 1,807     |   |
| Goodwil and intangible impairment                             | 2,271                    |      |                     | — |        |    | 2,271                  |   |             | 860       |        |   | — |      |   | 860       |   |
| Litigation settlement                                         | 2,697                    |      |                     | — |        |    | 2,697                  |   |             | —   |        |   | — |      |   | —   |   |
| Total operating expenses                                      | 62,116                   |      |                     | (5,337  | )           |    | 56,779                 |   |             | 62,444    |        |   | (5,844  | )         |   | 56,600    |   |
| Operating loss                                                | (8,277                   | )         |                     | — |        |    | (8,277                 | )      |             | 8,356     |        |   | — |      |   | 8,356     |   |
| Interest and other income (loss):                             |                     |      |                     |    |        |    |                   |   |             |      |        |
| Interest income                                               | 6,390                    |      |                     | — |        |    | 6,390                  |   |             | 5,614     |        |   | — |      |   | 5,614     |   |
| Interest expense                                              | (2,267                   | )         |                     | — |        |    | (2,267                 | )      |             | (2,373    | )           |   | — |      |   | (2,373    | )      |
| Other income, net                                             | 648                      |      |                     | — |        |    | 648                    |   |             | (393      | )           |   | — |      |   | (393      | )      |
| Unrealized (loss) on foreign exchange                         | 3,304                    |      |                     | — |        |    | 3,304                  |   |             | 3,068     |        |   | — |      |   | 3,068     |   |
| Interest and other income (expense)                           | 8,075                    |      |                     | — |        |    | 8,075                  |   |             | 5,916     |        |   | — |      |   | 5,916     |   |
| Income (loss) before income taxes and noncontrolling interest | $                        | (202      | )                        |    | $           | — |                   |   | $                | (202      | )           |   | $       | 14,272    |   |      | $      | — |   |   | $ | 14,272    |   |

|                             |                                                                                         |
|-----------------------------|-----------------------------------------------------------------------------------------|
| (1)     | For this filing, the Company made reclassifications as noted above and explained below. |

|                             |                                                                                                                                                                                                                                             |
|-----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (A)     | Represents certain direct costs related to providing auction services and sales of collectible goods reclassified from selling, general and administrative and salaries and wages to auction service expense and cost of collectibles sold. |

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|                                                |                                                                |        |            |         |                                                    |         |         |        |   |        |        |
|------------------------------------------------|----------------------------------------------------------------|--------|------------|---------|----------------------------------------------------|---------|---------|--------|---|--------|--------|
| in thousands                                   | As Originally Reported - Three Months Ended September 30, 2009 |   | Adjustment |    | As Correct - Three Months Ended September 30, 2009 |
|                                           |                                                           |   |       |    |                                               |
| Net cash provided by operating activities      | $                                                              | 18     |       |    | $                                                  | 9,951   |    | A      | $ | 9,969  |   |
| Net cash provided by investing activities      | 6,676                                                          |   |       | — |                                               |    | 6,676   |   |
| Net cash (used in) financing activities        | (2,066                                                         | )      |       | (8,934  | )                                                  | A       | (11,000 | )      |
| Effects of exchange rates on cash              | 1,493                                                          |   |       | (1,017  | )                                                  | A       | 476     |   |
| Net cash increase in cash and cash equivalents | 6,121                                                          |   |       | — |                                               |    | 6,121   |   |
| Cash and cash equivalents, beginning of year   | 17,545                                                         |   |       | — |                                               |    | 17,545  |   |
| Cash and cash equivalents, end of year         | $                                                              | 23,666 |       |    | $                                                  | — |    |   | $ | 23,666 |   |

|                             |                                                                                   |
|-----------------------------|-----------------------------------------------------------------------------------|
| (A)     | Represents a correction of an error in classification of certain cash flow items. |

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|                                                                                    |                         |        |                         |        |        |       |        |
|------------------------------------------------------------------------------------|-------------------------|--------|-------------------------|--------|--------|-------|--------|
| in thousands                                                                       | September 30, 2010 |   | September 30, 2009 |
|                                                                               |                    |   |                    |
|                                                                               |                    |   |                    |
| Net income (loss)                                                                  | $                       | (3,717 | )                       |   | $      | 681   |   |
| Other comprehensive income (loss), net of tax:                                     |                    |   |                    |
| Changes in unrealized gain (loss) on marketable securities, net of tax        | —                 |   |                    | (183   | )      |
| Foreign currency translation adjustment                                            | 3,993                   |   |                    | 1,493  |   |
| Other comprehensive income                                                         | 3,993                   |   |                    | 1,310  |   |
| Less: Total comprehensive income attributable to noncontrolling interest           | (269                    | )      |                    | (413   | )      |
| Total comprehensive income attributable to Spectrum Group International, Inc. | $                       | 7      |                    |   | $      | 1,578 |   |

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|                                                                                                               |                         |        |                         |        |        |
|---------------------------------------------------------------------------------------------------------------|-------------------------|--------|-------------------------|--------|--------|
|                                                                                                          | Three Months Ended      |   | Three Months Ended      |
| in thousands                                                                                                  | September 30, 2010 |   | September 30, 2009 |
|                                                                                                          |                    |   |                    |
| Basic weighted average shares outstanding (1) (2)                                                             | 32,333                  |   |                    | 31,736 |   |
| Effect of common stock equivalents — stock options and stock issuable under employee compensation plans | —                 |   |                    | 405    |   |
| Diluted weighted average shares outstanding                                                                   | 32,333                  |   |                    | 32,141 |   |

|                             |                                                                                                                                                                                                                                   |
|-----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)     | Basic weighted average shares outstanding for September 30, 2009 include the full effect of 3,277,777 shares issued pursuant to the  litigation settlement  (see Note 15 of the Company's annual report filed on Form 10-K). |

|                             |                                                                                                                                                       |
|-----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)     | Basic weighted average shares, as of years ending September 30, 2010 and 2009 include the effect of vested but unissued restricted stock grants. |

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|                                         |                         |           |                         |        |              |        |         |        |         |        |        |       |   |
|-----------------------------------------|-------------------------|-----------|-------------------------|--------|--------------|--------|---------|--------|---------|--------|--------|-------|---|
|                                    | September 30, 2010 |      | September 30, 2009 |
|                                    |                    |      |                    |
| in thousands                            | in $’s            |      | as a %                  |   | in $’s |   | as a %  |
| Total Trading segment revenue           | $                       | 1,450,854 |                    |   | 100.0        | %      |    | $      | 928,880 |   |   | 100.0 | % |
| Trading segment customer concentrations |                    |      |                    |   |         |   |    |
| Customer A                              | $                       | 477,876   |                    |   | 32.9         | %      |    | $      | 223,993 |   |   | 24.1  | % |
| Customer B                              | 223,983                 |      |                    | 15.4   |         |   | 130,582 |   |    | 14.1   |   |
| Total                                   | $                       | 701,859   |                    |   | 48.3         | %      |    | $      | 354,575 |   |   | 38.2  | % |

|                                         |                         |        |                    |        |              |        |        |        |        |        |        |       |   |
|-----------------------------------------|-------------------------|--------|--------------------|--------|--------------|--------|--------|--------|--------|--------|--------|-------|---|
|                                    | September 30, 2010 |   | June 30, 2010 |
|                                    |                    |   |               |
| in thousands                            | in $’s            |   | as a %             |   | in $’s |   | as a % |
| Trading segment accounts receivable     | $                       | 32,761 |               |   | 100.0        | %      |   | $      | 18,615 |   |   | 100.0 | % |
| Trading segment customer concentrations |                    |   |               |   |         |   |   |
| Customer A                              | $                       | 6,227  |               |   | 19.0         | %      |   | $      | 2,657  |   |   | 14.3  | % |
| Customer B                              | 2,092                   |   |               | 6.4    |         |   | 3,101  |   |   | 16.7   |   |
| Total                                   | $                       | 8,319  |               |   | 25.4         | %      |   | $      | 5,758  |   |   | 31.0  | % |

|                                          |                         |        |                    |        |              |        |        |        |        |        |        |       |   |
|------------------------------------------|-------------------------|--------|--------------------|--------|--------------|--------|--------|--------|--------|--------|--------|-------|---|
|                                     | September 30, 2010 |   | June 30, 2010 |
|                                     |                    |   |               |
| in thousands                             | in $’s            |   | as a %             |   | in $’s |   | as a % |
| Trading segment secured loans            | $                       | 25,527 |               |   | 100.0        | %      |   | $      | 22,690 |   |   | 100.0 | % |
| Trading segment customer concentrations  |                    |   |               |   |         |   |   |
| Customer A                               | $                       | 6,693  |               |   | 26.2         | %      |   | $      | 7,396  |   |   | 32.6  | % |
| Customer B                               | 3,067                   |   |               | 12.0   |         |   | 2,606  |   |   | 11.5   |   |
| Customer C                               | 2,745                   |   |               | 10.8   |         |   | 2,770  |   |   | 12.2   |   |
|      Customer D | 2,424                   |   |               | 9.5    |         |   | 2,511  |   |   | 11.1   |   |
| Total                                    | $                       | 14,929 |               |   | 58.5         | %      |   | $      | 15,283 |   |   | 67.4  | % |

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|                                                               |                         |        |                    |        |        |        |        |
|---------------------------------------------------------------|-------------------------|--------|--------------------|--------|--------|--------|--------|
| in thousands                                                  | September 30, 2010 |   | June 30, 2010 |
|                                                          |                    |   |               |
| Customer trade receivables                                    | $                       | 6,115  |               |   | $      | 6,077  |   |
| Wholesale trade advances                                      | 10,162                  |   |               | 5,407  |   |
| Secured loans                                                 | 25,527                  |   |               | 22,690 |   |
| Due from brokers and other                                    | 16,484                  |   |               | 7,131  |   |
| Subtotal                                                      | 58,288                  |   |               | 41,305 |   |
| Less: allowance for doubtful accounts                         | (112                    | )      |               | (102   | )      |
| Subtotal                                                      | 58,176                  |   |               | 41,203 |   |
| Derivative assets — open purchase and sales commitments | 18,011                  |   |               | 1,698  |   |
| Receivables, net                                              | $                       | 76,187 |               |   | $      | 42,901 |   |

|                                                       |                         |        |                    |        |   |       |        |
|-------------------------------------------------------|-------------------------|--------|--------------------|--------|---|-------|--------|
|  in thousands                                    | September 30, 2010 |   | June 30, 2010 |
|                                                  |                    |   |               |
| Auction and trade                                     | $                       | 10,652 |               |   | $ | 6,510 |   |
| Less: allowance for doubtful accounts                 | (448                    | )      |               | (383   | ) |
| Accounts receivable from collectibles operations, net | $                       | 10,204 |               |   | $ | 6,127 |   |

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|                                        |                         |        |                    |        |        |      |   |
|----------------------------------------|-------------------------|--------|--------------------|--------|--------|------|---|
| in thousands                           | September 30, 2010 |   | June 30, 2010 |
|                                   |                    |   |               |
| Beginning balance                      | $                       | (485   | )                  |   | $      | (868 | ) |
| Provision for loss                     | (32                     | )      |               | 22     |   |
| Charge off to reserve                  | 1                       |   |               | 309    |   |
| Foreign currency exchange rate charges | (44                     | )      |               | 52     |   |
| Ending balance                         | $                       | (560   | )                  |   | $      | (485 | ) |

|                                |                         |         |                    |        |   |         |        |
|--------------------------------|-------------------------|---------|--------------------|--------|---|---------|--------|
| in thousands                   | September 30, 2010 |    | June 30, 2010 |
|                           |                    |    |               |
| Trading segment inventory      | $                       | 131,370 |               |   | $ | 114,102 |   |
| Less: provision for loss       | —                 |    |               | (350   | ) |
| Trading, net                   | $                       | 131,370 |               |   | $ | 113,752 |   |
| Collectibles segment inventory | $                       | 33,483  |               |   | $ | 25,290  |   |
| Less: provision for loss       | (984                    | )       |               | (965   | ) |
| Collectibles, net              | $                       | 32,499  |               |   | $ | 24,325  |   |
| Total inventory, gross         | $                       | 164,853 |               |   | $ | 139,392 |   |
| Less: provision for loss       | (984                    | )       |               | (1,315 | ) |
| Net inventory                  | $                       | 163,869 |               |   | $ | 138,077 |   |

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|                                  |        |        |   |
|----------------------------------|--------|--------|---|
| in thousands                     |   |
| Balance, June 30, 2010      | $      | (1,315 | ) |
| Provision for loss               | (103   | )      |
| Charge off to reserve            | 434    |   |
| Balance, September 30, 2010 | $      | (984   | ) |

|              |                                   |        |                          |        |             |         |                                  |        |        |         |        |        |   |       |        |
|--------------|-----------------------------------|--------|--------------------------|--------|-------------|---------|----------------------------------|--------|--------|---------|--------|--------|---|-------|--------|
| in thousands |  June 30, 2010(in thousands) |   | Additions andAdjustments |   | Impairments |    | September 30, 2010(in thousands) |
| Trading      | $                                 | 4,884  |                     |   | $           | — |                             |   | $      | — |   |   | $ | 4,884 |   |
| Collectibles | 1,058                             |   |                     | 2      |        |    | —                          |   |   | 1,060   |   |
|         | $                                 | 5,942  |                     |   | $           | 2       |                             |   | $      | — |   |   | $ | 5,944 |   |

|              |                                   |        |                          |        |             |         |                             |        |        |         |        |        |   |       |        |
|--------------|-----------------------------------|--------|--------------------------|--------|-------------|---------|-----------------------------|--------|--------|---------|--------|--------|---|-------|--------|
| in thousands |  June 30, 2009(in thousands) |   | Additions andAdjustments |   | Impairments |    | June 30, 2010(in thousands) |
| Trading      | $                                 | 4,884  |                     |   | $           | — |                        |   | $      | — |   |   | $ | 4,884 |   |
| Collectibles | 1,076                             |   |                     | 415    |        |    | (433                        | )      |   | 1,058   |   |
|         | $                                 | 5,960  |                     |   | $           | 415     |                        |   | $      | (433    | )      |   | $ | 5,942 |   |

|                       |                                |        |                         |        |                          |        |            |         |                |        |                       |        |                          |        |            |        |                |        |   |        |         |        |        |         |        |        |   |        |   |        |   |       |        |
|-----------------------|--------------------------------|--------|-------------------------|--------|--------------------------|--------|------------|---------|----------------|--------|-----------------------|--------|--------------------------|--------|------------|--------|----------------|--------|---|--------|---------|--------|--------|---------|--------|--------|---|--------|---|--------|---|-------|--------|
|                  |                           |   | September 30, 2010 |   | June 30, 2010       |
|                  |                           |   |                    |   |                     |
| in thousands          | Estimated Useful Lives (Years) |   | Gross Carrying Amount   |   | Accumulated Amortization |   | Impairment |    | Net Book Value |   | Gross Carrying Amount |   | Accumulated Amortization |   | Impairment |   | Net Book Value |
| Trademarks            | Indefinite                     |   | $                       | 2,685  |                     |   | $          | — |           |   | $                     | (1,142 | )                        |   | $          | 1,543  |           |   | $ | 2,685  |    |   | $      | — |   |   | $ | (1,142 | ) |   | $ | 1,543 |   |
| Customer lists        | 5 - 15                         |   | 9,328                   |   |                     | (4,307 | )          |    | (776           | )      |                  | 4,245  |                     |   | 9,326      |   |           | (4,175 | ) |   | (776    | )      |   | 4,375   |   |
| Non-compete and other | 4                              |   | 2,309                   |   |                     | (2,282 | )          |    | —        |   |                  | 27     |                     |   | 2,309      |   |           | (2,279 | ) |   | — |   |   | 30      |   |
|                  |                           |   | $                       | 14,322 |                     |   | $          | (6,589  | )              |   | $                     | (1,918 | )                        |   | $          | 5,815  |           |   | $ | 14,320 |    |   | $      | (6,454  | )      |   | $ | (1,918 | ) |   | $ | 5,948 |   |

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|                                   |        |        |        |        |
|-----------------------------------|--------|--------|--------|--------|
| Period ending September 30, 2010: |   |   |
| 2011 (remaining 9 months)    |   | $      | 307    |   |
| 2012                              |   | 442    |   |
| 2013                              |   | 437    |   |
| 2014                              |   | 432    |   |
| 2015                              |   | 432    |   |
| Thereafter                        |   | 2,222  |   |
| Total                             |   | $      | 4,272  |   |

|                                                       |                         |        |                    |         |        |        |        |
|-------------------------------------------------------|-------------------------|--------|--------------------|---------|--------|--------|--------|
| in thousands                                          | September 30, 2010 |   | June 30, 2010 |
|                                                  |                    |   |               |
| Trade payable to customers and other accounts payable | $                       | 6,424  |               |    | $      | 6,859  |   |
| Advances from customers                               | 15,709                  |   |               | 12,153  |   |
| Net liability on margin accounts                      | 14,125                  |   |               | 10,530  |   |
| Due to brokers                                        | 626                     |   |               | — |   |
| Other accounts payable                                | 278                     |   |               | 303     |   |
| Derivative liabilities — futures contracts      | 7,606                   |   |               | 507     |   |
| Derivative liabilities — forward contracts      | 7,805                   |   |               | 45      |   |
|                                                  | $                       | 52,573 |               |    | $      | 30,397 |   |

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|                                                        |                         |         |                    |         |        |         |        |
|--------------------------------------------------------|-------------------------|---------|--------------------|---------|--------|---------|--------|
|                                                   | September 30, 2010 |    | June 30, 2010 |
| in thousands                                           |                    |    |               |
| Trading Inventory, net                                 | $                       | 131,370 |               |    | $      | 113,753 |   |
| Less unhedgable inventory:                             |                    |    |               |
| Inventory reserve                                      | —                 |    |               | 350     |   |
| Premium on metals position                             | (1,098                  | )       |               | (1,034  | )      |
| Subtotal                                               | 130,272                 |    |               | 113,069 |   |
| Commitments at market:                                 |                    |    |               |
| Open inventory purchase commitments                    | 268,688                 |    |               | 153,215 |   |
| Open inventory sale commitments                        | (133,347                | )       |               | (56,903 | )      |
| Margin sale commitments                                | (18,502                 | )       |               | (19,356 | )      |
| Premiums on open commitment positions                  | (246                    | )       |               | (26     | )      |
| Inventory borrowed from suppliers                      | (48,848                 | )       |               | (40,841 | )      |
| Advances on industrial metals                          | 2,340                   |    |               | 1,508   |   |
| Inventory subject to price risk                        | 200,357                 |    |               | 150,666 |   |
| Inventory subject to derivative financial instruments: |                    |    |               |
| Precious metals forward contracts at market values     | 71,030                  |    |               | 49,985  |   |
| Precious metals futures contracts at market values     | 133,342                 |    |               | 105,769 |   |
| Total market value of derivative financial instruments | 204,372                 |    |               | 155,754 |   |
| Net inventory subject to price risk                    | $                       | (4,015  | )                  |    | $      | (5,088  | )      |

|                                                                                   |                         |        |                    |         |        |        |   |
|-----------------------------------------------------------------------------------|-------------------------|--------|--------------------|---------|--------|--------|---|
|                                                                              | September 30, 2010 |   | June 30, 2010 |
| in thousands                                                                      |                    |   |               |
| Effects of open related party transactions between A-Mark and affiliates:         |                    |   |               |
|    Net inventory subject to price risk, Company consolidated basis | $                       | (4,015 | )                  |    | $      | (5,088 | ) |
|    Open inventory sale commitments with affiliates                 | (316                    | )      |               | — |   |
|    Open inventory purchase commitments with affiliates             | 4,296                   |   |               | 4,981   |   |
| Net inventory subject to price risk, A-Mark stand-alone basis                     | $                       | (35    | )                  |    | $      | (107   | ) |

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|                                                                                             |                         |        |               |        |        |       |        |
|---------------------------------------------------------------------------------------------|-------------------------|--------|---------------|--------|--------|-------|--------|
| in thousands                                                                                | September 30, 2010 |   | June 30, 2010 |
|                                                                                        |                    |   |          |
| Auctentia 20% interest in Spectrum PMI - (Spectrum PMI owns 100% of A-Mark Precious Metals) | $                       | 7,287  |          |   | $      | 7,018 |   |
| Winter Games Bullion Ventures, LLC. 50% outside interest                                    | 5                       |   |          | 5      |   |
| Total                                                                                       | $                       | 7,292  |          |   | $      | 7,023 |   |

|                                                                                             |                         |        |                         |        |        |     |        |
|---------------------------------------------------------------------------------------------|-------------------------|--------|-------------------------|--------|--------|-----|--------|
| in thousands                                                                                | September 30, 2010 |   | September 30, 2009 |
|                                                                                        |                    |   |                    |
| Auctentia 20% interest in Spectrum PMI - (Spectrum PMI owns 100% of A-Mark Precious Metals) | $                       | 268    |                    |   | $      | 299 |   |
| Winter Games Bullion Ventures, LLC. 50% interest                                            | —                 |   |                    | 114    |   |
| Total                                                                                       | $                       | 268    |                    |   | $      | 413 |   |

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|                                             |                         |        |                    |        |   |    |        |
|---------------------------------------------|-------------------------|--------|--------------------|--------|---|----|--------|
| in thousands                                | September 30, 2010 |   | June 30, 2010 |
|                                        |                    |   |               |
| Cash                                        | $                       | 10     |               |   | $ | 10 |   |
| Total Assets                                | $                       | 10     |               |   | $ | 10 |   |
| Members’ equity                       | $                       | 10     |               |   | $ | 10 |   |
| Total liabilities and members’ equity | $                       | 10     |               |   | $ | 10 |   |

|                              |                         |         |                         |        |        |        |        |
|------------------------------|-------------------------|---------|-------------------------|--------|--------|--------|--------|
|                         | Three Months Ended      |    | Three Months Ended      |
| in thousands                 | September 30, 2010 |    | September 30, 2009 |
|                         |                    |    |                    |
| Sales                        | $                       | — |                    |   | $      | 10,606 |   |
| Cost of products sold        | —                 |    |                    | 10,237 |   |
| Gross profit                 | —                 |    |                    | 369    |   |
| Operating and other expenses | —                 |    |                    | 142    |   |
| Net income                   | $                       | — |                    |   | $      | 227    |   |

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|                                               |         |        |                                 |         |                                |        |                                                  |        |        |         |        |        |
|-----------------------------------------------|---------|--------|---------------------------------|---------|--------------------------------|--------|--------------------------------------------------|--------|--------|---------|--------|--------|
|                                          | Options |   | Weighted Average Exercise Price |    | Intrinsic Value (in thousands) |   | Weighted Average per share Grant Date Fair Value |
| Outstanding at June 30, 2010             | 604,325 |   |                            | 6.09    |                           |   | $                                                | 104    |   |    | 4.63   |   |
| Granted through stock option plan             | — |   |                            | — |                           |   | —                                          |   |   | — |   |
| Exercised                                     | — |   |                            | — |                           |   | —                                          |   |   | — |   |
| Expired                                       | 46,700  |   |                            | 8.46    |                           |   | 43                                               |   |   | 8.45    |   |
| Forfeited                                     | — |   |                            | — |                           |   | —                                          |   |   | — |   |
| Outstanding at September 30, 2010        | 557,625 |   |                            | 5.90    |                           |   | $                                                | 61     |   |    | 4.32   |   |
| Shares exercisable at September 30, 2010 | 557,625 |   |                            | 5.90    |                           |   | $                                                | 61     |   |    | 4.32   |   |

|                       |        |                              |        |                                             |        |                                 |        |                              |        |                                 |        |        |         |        |         |        |        |         |        |        |   |      |        |
|-----------------------|--------|------------------------------|--------|---------------------------------------------|--------|---------------------------------|--------|------------------------------|--------|---------------------------------|--------|--------|---------|--------|---------|--------|--------|---------|--------|--------|---|------|--------|
| Options Outstanding   |   | Options Exercisable          |
| Exercise Price Ranges |   | Number of Shares Outstanding |   | Weighted Average Remaining Contractual Life |   | Weighted Average Exercise Price |   | Number of Shares Exercisable |   | Weighted Average Exercise Price |
| From                  |   | To                           |   |                                        |   |                            |   |
| $                     | 1.00   |                         |   | $                                           | 5.00   |                            |   | 379,625                      |   |                            | 2.5    |   |    | $      | 2.30    |   |   | 379,625 |   |   | $ | 2.30 |   |
| 5.01                  |   |                         | 10.00  |                                        |   | 13,000                          |   |                         | 3.1    |                            |   | 8.97   |    |   | 13,000  |   |   | 8.97    |   |
| 10.01                 |   |                         | 15.00  |                                        |   | 165,000                         |   |                         | 3.5    |                            |   | 13.90  |    |   | 165,000 |   |   | 13.09   |   |
|                  |   |                         |   | 557,625                                     |   |                            | 2.8    |                         |   | 5.89                            |   |   | 557,625 |   |    | 5.89   |   |

|                                                |          |        |                                            |         |        |        |
|------------------------------------------------|----------|--------|--------------------------------------------|---------|--------|--------|
|                                           | Shares   |   | Weighted Average share price at grant date |
| Outstanding at June 30, 2010              | 877,061  |   |                                       | $       | 2.51   |   |
| Shares granted                                 | 344,056  |   |                                       | 1.89    |   |
| Shares issued                                  | (440,141 | )      |                                       | 2.79    |   |
| Shares forfeited                               | —  |   |                                       | — |   |
| Shares withheld for employee taxes             | (82,254  | )      |                                       | 3.04    |   |
| Outstanding at September 30, 2010         | 698,722  |   |                                       | 1.98    |   |
| Vested but unissued at September 30, 2010 | 76,603   |   |                                       |    |

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|                                                    |                         |           |                         |         |        |         |        |
|----------------------------------------------------|-------------------------|-----------|-------------------------|---------|--------|---------|--------|
|                                               | Three Months Ended      |      | Three Months Ended      |
|  in thousands                                 | September 30, 2010 |      | September 30, 2009 |
|                                               |                    |      |                    |
| Revenue:                                           |                    |      |                    |
| Trading                                            | $                       | 1,450,854 |                    |    | $      | 928,880 |   |
| Collectibles:                                      |                    |      |                    |
| Coins                                              | 43,811                  |      |                    | 42,257  |   |
| Stamps                                             | 648                     |      |                    | 4,964   |   |
|      Wine                 | 566                     |      |                    | — |   |
|      Militaria, and other | 407                     |      |                    | 337     |   |
| Total Collectibles                                 | 45,432                  |      |                    | 47,558  |   |
| Total revenue                                      | $                       | 1,496,286 |                    |    | $      | 976,438 |   |

|                               |                         |           |                         |        |        |         |        |
|-------------------------------|-------------------------|-----------|-------------------------|--------|--------|---------|--------|
|                          | Three Months Ended      |      | Three Months Ended      |
| in thousands                  | September 30, 2010 |      | September 30, 2009 |
|                          |                    |      |                    |
| Revenue by Geographic Region: |                    |      |                    |
| United States                 | $                       | 1,466,513 |                    |   | $      | 974,279 |   |
| Asia Pacific                  | 32                      |      |                    | 350    |   |
| Europe                        | 29,741                  |      |                    | 1,809  |   |
| Total revenue                 | $                       | 1,496,286 |                    |   | $      | 976,438 |   |

|                          |                    |        |                    |        |   |        |        |
|--------------------------|--------------------|--------|--------------------|--------|---|--------|--------|
|                     | Three Months Ended |   | Three Months Ended |
| in thousands             | September 30, 2010 |   | September 30, 2009 |
|                     |               |   | (as restated)      |
|                     |               |   |               |
| Operating income (loss): |               |   |               |
| Trading                  | $                  | 1,125  |               |   | $ | 1,782  |   |
| Collectibles             | (794               | )      |               | (715   | ) |
| Corporate expenses       | (2,010             | )      |               | (2,491 | ) |
| Operating (loss)         | $                  | (1,679 | )                  |   | $ | (1,424 | )      |

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|                               |        |                    |        |                    |     |        |
|-------------------------------|--------|--------------------|--------|--------------------|-----|--------|
|                          |   | Three Months Ended |   | Three Months Ended |
| in thousands                  |   | September 30, 2010 |   | September 30, 2009 |
|                          |   |               |   |               |
| Depreciation and amortization |   |               |   |               |
| Trading                       |   | 161                |   |               | 178 |   |
| Collectibles                  |   | 209                |   |               | 279 |   |
| Corporate                     |   | 6                  |   |               | 4   |   |
| Deprecation and amortization  |   | 376                |   |               | 461 |   |

|                                           |        |                         |         |                    |        |        |         |        |
|-------------------------------------------|--------|-------------------------|---------|--------------------|--------|--------|---------|--------|
| in thousands                              |   | September 30, 2010 |    | June 30, 2010 |
| Inventories by segment/geographic region: |   |                    |    |               |
| Trading:                                  |   |                    |    |               |
| United States                             |   | $                       | 131,370 |               |   | $      | 113,752 |   |
| Collectibles:                             |   |                    |    |               |
| United States                             |   | 31,455                  |    |               | 23,489 |   |
| Europe                                    |   | 1,020                   |    |               | 819    |   |
| Asia                                      |   | 24                      |    |               | 17     |   |
| Total Collectibles                        |   | 32,499                  |    |               | 24,325 |   |
| Total inventories                         |   | $                       | 163,869 |               |   | $      | 138,077 |   |

|                                            |        |                         |         |                    |         |        |         |        |
|--------------------------------------------|--------|-------------------------|---------|--------------------|---------|--------|---------|--------|
| in thousands                               |   | September 30, 2010 |    | June 30, 2010 |
| Total assets by segment/geographic region: |   |                    |    |               |
| Trading:                                   |   |                    |    |               |
| United States                              |   | $                       | 220,478 |               |    | $      | 171,507 |   |
|      Europe       |   | 193                     |    |               | 257     |   |
| Total Trading                              |   | 220,671                 |    |               | 171,764 |   |
| Collectibles:                              |   |                    |    |               |
| United States                              |   | 45,678                  |    |               | 40,541  |   |
| Europe                                     |   | 14,443                  |    |               | 15,673  |   |
| Asia                                       |   | 777                     |    |               | 906     |   |
| Total Collectibles                         |   | 60,898                  |    |               | 57,120  |   |
| Corporate and other                        |   | 18,320                  |    |               | 7,851   |   |
| Total assets of continuing operations      |   | $                       | 299,889 |               |    | $      | 236,735 |   |

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|                                                      |        |                         |        |                    |        |        |        |        |
|------------------------------------------------------|--------|-------------------------|--------|--------------------|--------|--------|--------|--------|
| in thousands                                         |   | September 30, 2010 |   | June 30, 2010 |
| Total long term assets by segment/geographic region: |   |                    |   |               |
| Trading:                                             |   |                    |   |               |
| United States                                        |   | $                       | 9,894  |               |   | $      | 10,017 |   |
|      Europe                 |   | 36                      |   |               | 38     |   |
| Total Trading                                        |   | 9,930                   |   |               | 10,055 |   |
| Collectibles:                                        |   |                    |   |               |
| United States                                        |   | 2,176                   |   |               | 2,334  |   |
| Europe                                               |   | 1,659                   |   |               | 1,170  |   |
| Asia                                                 |   | 141                     |   |               | 142    |   |
| Total Collectibles                                   |   | 3,976                   |   |               | 3,646  |   |
| Corporate and other                                  |   | 5,230                   |   |               | 5,843  |   |
| Total long term assets of continuing operations      |   | $                       | 19,136 |               |   | $      | 19,544 |   |

|                                                              |                    |        |               |        |        |       |        |
|--------------------------------------------------------------|--------------------|--------|---------------|--------|--------|-------|--------|
| in thousands                                                 | September 30, 2010 |   | June 30, 2010 |
|                                                         |               |   |          |
| Unrealized (loss)income on marketable securities, net of tax | $                  | 91     |          |   | $      | 91    |   |
| Foreign currency translation gain                            | 7,431              |   |          | 3,438  |   |
| Accumulated other comprehensive income                       | $                  | 7,522  |          |   | $      | 3,529 |   |

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|                                                               |        |                         |         |                   |         |                  |         |               |        |        |         |        |        |   |         |        |
|---------------------------------------------------------------|--------|-------------------------|---------|-------------------|---------|------------------|---------|---------------|--------|--------|---------|--------|--------|---|---------|--------|
|                                                          |   | September 30, 2010 |
|                                                          |   |                    |
|                                                          |   | Quoted Price in         |    |              |    |             |    |          |
|                                                          |   | Active Markets for      |    |              |    |             |    |          |
|                                                          |   | Identical               |    | Significant Other |    | Significant      |    |          |
|                                                          |   | Instruments             |    | Observable Inputs |    | Unobservable     |    |          |
| in thousands                                                  |   | (Level 1)               |    | (Level 2)         |    | Inputs (Level 3) |    | Total Balance |
| Assets:                                                       |   |                    |    |              |    |             |    |          |
| Commodities                                                   |   | $                       | 131,370 |              |    | $                | — |          |   | $      | — |   |   | $ | 131,370 |   |
| Derivative assets — open sales and purchase commitments |   | —                 |    |              | 18,011  |             |    | —       |   |   | 18,011  |   |
| Total assets valued at fair value:                            |   | $                       | 131,370 |              |    | $                | 18,011  |          |   | $      | — |   |   | $ | 149,381 |   |
| Liabilities:                                                  |   |                    |    |              |    |             |    |          |
| Liability on borrowed metals                                  |   | $                       | (48,848 | )                 |    | $                | — |          |   | $      | — |   |   | $ | (48,848 | )      |
| Liability on margin accounts                                  |   | (14,125                 | )       |              | — |             |    | —       |   |   | (14,125 | )      |
| Derivative liabilities — futures contracts              |   | —                 |    |              | (7,606  | )                |    | —       |   |   | (7,606  | )      |
| Derivative liabilities — forward contracts              |   | —                 |    |              | (7,805  | )                |    | —       |   |   | (7,805  | )      |
| Total liabilities valued at fair value:                       |   | $                       | (62,973 | )                 |    | $                | (15,411 | )             |   | $      | — |   |   | $ | (78,384 | )      |

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|                                                               |        |                    |         |                   |         |                  |         |               |        |        |         |        |        |   |         |        |
|---------------------------------------------------------------|--------|--------------------|---------|-------------------|---------|------------------|---------|---------------|--------|--------|---------|--------|--------|---|---------|--------|
|                                                          |   | June 30, 2010 |
|                                                          |   |               |
|                                                          |   | Quoted Price in    |    |              |    |             |    |          |
|                                                          |   | Active Markets for |    |              |    |             |    |          |
|                                                          |   | Identical          |    | Significant Other |    | Significant      |    |          |
|                                                          |   | Instruments        |    | Observable Inputs |    | Unobservable     |    |          |
| in thousands                                                  |   | (Level 1)          |    | (Level 2)         |    | Inputs (Level 3) |    | Total Balance |
| Assets:                                                       |   |               |    |              |    |             |    |          |
| Commodities                                                   |   | $                  | 114,102 |              |    | $                | — |          |   | $      | — |   |   | $ | 114,102 |   |
| Derivative assets — open sales and purchase commitments |   | —            |    |              | 1,698   |             |    | —       |   |   | 1,698   |   |
| Total assets valued at fair value:                            |   | $                  | 114,102 |              |    | $                | 1,698   |          |   | $      | — |   |   | $ | 115,800 |   |
| Liabilities:                                                  |   |               |    |              |    |             |    |          |
| Liability on borrowed metals                                  |   | $                  | (40,841 | )                 |    | $                | — |          |   | $      | — |   |   | $ | (40,841 | )      |
| Liability on margin accounts                                  |   | (10,530            | )       |              | — |             |    | —       |   |   | (10,530 | )      |
| Derivative liabilities — futures contracts              |   | —            |    |              | (507    | )                |    | —       |   |   | (507    | )      |
| Derivative liabilities — forward contracts              |   | —            |    |              | (45     | )                |    | —       |   |   | (45     | )      |
| Total liabilities valued at fair value:                       |   | $                  | (51,371 | )                 |    | $                | (552    | )             |   | $      | — |   |   | $ | (51,923 | )      |

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|                                                |                                                                |         |                                                         |         |                                              |         |               |        |        |       |        |        |   |       |        |
|------------------------------------------------|----------------------------------------------------------------|---------|---------------------------------------------------------|---------|----------------------------------------------|---------|---------------|--------|--------|-------|--------|--------|---|-------|--------|
|                                           | June 30, 2010                                                  |
|                                           |                                                           |    |                                                    |    |                                         |    |          |
| (in thousands)                                 | Quoted Price inActive Markets forIdenticalInstruments(Level 1) |    |   Significant OtherObservable Inputs(Level 2) |    |  SignificantUnobservableInputs(Level 3) |    | Total Balance |
| Goodwill and other intangible assets:          |                                                           |    |                                                    |    |                                         |    |          |
| Goodwill                                       | $                                                              | — |                                                    |    | $                                            | — |          |   | $      | 30    |   |   | $ | 30    |   |
| Trade names                                    | —                                                        |    |                                                    | — |                                         |    | 668           |   |   | 668   |   |
| Customer relationships                         | —                                                        |    |                                                    | — |                                         |    | 369           |   |   | 369   |   |
| Total assets at fair value (after impairment): | $                                                              | — |                                                    |    | $                                            | — |          |   | $      | 1,067 |   |   | $ | 1,067 |   |

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|                                |                                                                                                                                                                                                                                                                    |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| •     | Overview. This section provides a general description of our business, as well as recent significant transactions and events that we believe are important in understanding the results of operations, as well as to anticipate future trends in those operations. |

|                                |                                                                                                                                                                                                                                                 |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| •     | Results of operations. This section provides an analysis of our results of operations presented in the accompanying consolidated statements of operations by comparing the results for the three months ended September 30, 2010 and 2009. |

|                                |                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| •     | Financial condition and liquidity and capital resources. This section provides an analysis of our cash flows, as well as a discussion of our outstanding debt that existed as of September 30, 2010. Included in the discussion of outstanding debt is a discussion of the amount of financial capacity available to fund our future commitments, as well as a discussion of other financing arrangements. |

|                                |                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| •     | Critical accounting estimates. This section discusses those accounting policies that both are considered important to our financial condition and results, and require significant judgment and estimates on the part of management in their application. In addition, all of our significant accounting policies, including critical accounting policies, are summarized in Note 1 to the accompanying consolidated financial statements. |

|                                |                                                                                                                                                                                           |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| •     | Recent accounting pronouncements. This section discusses new accounting pronouncements, dates of implementation and impact on our accompanying consolidated financial statements, if any. |

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|                                                               |        |           |         |         |          |         |         |        |            |         |                |         |         |        |        |         |        |        |          |         |
|---------------------------------------------------------------|--------|-----------|---------|---------|----------|---------|---------|--------|------------|---------|----------------|---------|---------|--------|--------|---------|--------|--------|----------|---------|
|                                                          |   |      | % of    |    |     |    | % of    |   | Increase/  |    | % of Increase/ |
| in thousands                                                  | 2010   |      | revenue |    | 2009 (1) |    | revenue |   | (decrease) |    | (decrease)     |
| Revenue                                                       | $      | 1,496,286 |    |    | 100.0    |  % |    | $      | 976,438    |    |           | 100.0   |  % |   | $      | 519,848 |   |   | 53.2     |  % |
| Gross profit                                                  | 9,043  |      |    | 0.6     |     |    | 10,777  |   |       | 1.1     |           |    | (1,734  | )      |   | (16.1   | )      |
| General and administrative expenses                           | 5,119  |      |    | 0.3     |     |    | 5,683   |   |       | 0.6     |           |    | (564    | )      |   | (9.9    | )      |
| Salaries and wages                                            | 5,227  |      |    | 0.3     |     |    | 6,057   |   |       | 0.6     |           |    | (830    | )      |   | (13.7   | )      |
| Depreciation and amortization                                 | 376    |      |    | — |     |    | 461     |   |       | — |           |    | (85     | )      |   | (18.4   | )      |
| Operating income (loss)                                       | (1,679 | )         |    | (0.1    | )        |    | (1,424  | )      |       | (0.1    | )              |    | (255    | )      |   | 17.9    |   |
| Interest income                                               | 1,738  |      |    | 0.1     |     |    | 1,393   |   |       | 0.1     |           |    | 345     |   |   | 24.8    |   |
| Interest (expense)                                            | (809   | )         |    | (0.1    | )        |    | (369    | )      |       | — |           |    | 440     |   |   | (119.2  | )      |
| Other income (expense), net                                   | (87    | )         |    | — |     |    | 538     |   |       | 0.1     |           |    | (625    | )      |   | (116.2  | )      |
| Unrealized gains(loss) on foreign exchange                    | (2,754 | )         |    | (0.2    | )        |    | (1,017  | )      |       | (0.1    | )              |    | 1,737   |   |   | (170.8  | )      |
| Income (loss) before income taxes                        | (3,591 | )         |    | (0.2    | )        |    | (879    | )      |       | (0.1    | )              |    | (2,712  | )      |   | 308.5   |   |
| Income taxes (benefit)                                        | 127    |      |    | — |     |    | (1,560  | )      |       | (0.2    | )              |    | 1,687   |   |   | (108.1  | )      |
| Net income                                                    | (3,718 | )         |    | (0.2    | )        |    | 681     |   |       | 0.1     |           |    | (4,399  | )      |   | (646.0  | )      |
| Less: Net profit attributable to the noncontrolling interest  | (268   | )         |    | — |     |    | (413    | )      |       | — |           |    | 145     |   |   | (35.1   | )      |
| Net income attributable to Spectrum Group International, Inc. | $      | (3,986    | )       |    | (0.3     | )%      |    | $      | 268        |    |           | — |  % |   | $      | (4,254  | )      |   | (1,587.3 | )%      |

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|                                                                       |        |        |        |        |        |        |        |        |            |        |                |        |        |        |   |        |          |    |
|-----------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|------------|--------|----------------|--------|--------|--------|---|--------|----------|----|
|                                                                  |   |   |   |   |   |   |   |   | Increase/  |   | % of Increase/ |
|                                                                  | 2010   |   |   |   | 2009   |   |   |   | (decrease) |   | (decrease)     |
| Earnings per share attributable to Spectrum Group International, Inc. |   |   |   |   |   |   |   |   |       |   |           |
| Basic                                                                 | $      | (0.12  | )      |   |   |   | $      | 0.01   |       |   |           |   | $      | (0.13  | ) |   | (1,578.5 | )% |
| Diluted                                                               | $      | (0.12  | )      |   |   |   | $      | 0.01   |       |   |           |   | $      | (0.13  | ) |   | (1,578.5 | )% |
| Weighted average shares outstanding                                   |   |   |   |   |   |   |   |   |       |   |           |
| Basic                                                                 | 32,333 |   |   |   |   | 31,736 |   |   |       |   |           |   |   |   |
| Diluted                                                               | 32,333 |   |   |   |   | 32,141 |   |   |       |   |           |   |   |   |

|                             |                                                                                                                                                                                                                                                                                                                                                 |
|-----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)     | The 2009 consolidated statement of operation and related segment disclosures have been restated for certain errors in the classification.  Such reclassifications did not result in an adjustment to the Company's reported net income.  See further discussion at Note 1 Basis of Presentation and Summary of Significant Accounting Policies. |

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|                                     |        |        |           |         |         |          |        |         |        |                     |         |                     |        |      |        |        |         |        |        |       |         |
|-------------------------------------|--------|--------|-----------|---------|---------|----------|--------|---------|--------|---------------------|---------|---------------------|--------|------|--------|--------|---------|--------|--------|-------|---------|
|                                |   |   |      | % of    |    |     |   | % of    |   | $                   |    | %                   |
| In thousands                        |   | 2010   |      | revenue |    | 2009 (1) |   | revenue |   | Increase/(decrease) |    | Increase/(decrease) |
| Trading revenues                    |   | $      | 1,450,854 |    |    | 100.0    | %      |    | $      | 928,880             |    |                | 100.0  | %    |   | $      | 521,974 |   |   | 56.2  |  % |
| Gross profit                        |   | 3,652  |      |    | 0.3     |     |   | 4,320   |   |                | 0.5     |                |   | (668 | )      |   | (15.5   | )      |
| General and administrative expenses |   | 907    |      |    | 0.1     |     |   | 670     |   |                | 0.1     |                |   | 237  |   |   | 35.4    |   |
| Salaries and wages                  |   | 1,459  |      |    | 0.1     |     |   | 1,690   |   |                | 0.2     |                |   | (231 | )      |   | (13.7   | )      |
| Depreciation and amortization       |   | 161    |      |    | — |     |   | 178     |   |                | — |                |   | (17  | )      |   | (9.6    | )      |
| Operating income (loss)             |   | $      | 1,125     |    |    | 0.1      | %      |    | $      | 1,782               |    |                | 0.2    | %    |   | $      | (657    | )      |   | (36.9 | )%      |

|                             |                                                                                                                                                                                                                                                                                                                       |
|-----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)     | The 2009 consolidated statement of operation and related segment disclosures have been restated for certain errors in the classification.  Such reclassifications did not result in an adjustment to the Company's reported net income.  See further discussion at Note [1] to the consolidated financial statements. |

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|                                                                                         |        |                    |        |                        |        |        |        |            |        |                     |         |                     |        |       |        |        |         |        |        |       |    |
|-----------------------------------------------------------------------------------------|--------|--------------------|--------|------------------------|--------|--------|--------|------------|--------|---------------------|---------|---------------------|--------|-------|--------|--------|---------|--------|--------|-------|----|
|                                                                                    |   | Three Months Ended |   |                   |   |   |
|                                                                                    |   | September 30, 2010 |   | September 30, 2009 (1) |   | $      |   | %          |
| in thousands                                                                            |   | $                  |   | % to total             |   | $      |   | % to total |   | Increase/(decrease) |    | Increase/(decrease) |
| Collectibles Revenues                                                                   |   | $                  | 45,432 |                   |   | 100.0  | %      |       | $      | 47,558              |    |                | 100    | %     |   | $      | (2,126  | )      |   | (4.5  | )% |
| Revenues by Collectible Type:                                                           |   |               |   |                   |   |   |   |       |   |                |    |                |
| Philatelic                                                                              |   | $                  | 648    |                   |   | 1.4    | %      |       | $      | 4,964               |    |                | 10.4   | %     |   | $      | (4,316  | )      |   | (86.9 | )% |
| Numismatics                                                                             |   | 43,811             |   |                   | 96.4   |   |   | 42,257     |   |                | 88.9    |                |   | 1,554 |   |   | 3.7     |   |
| Wine                                                                                    |   | 566                |   |                   | 1.2    |   |   | —    |   |                | — |                |   | 566   |   |   | — |   |
|              Militaria |   | 407                |   |                   | 1.0    |   |   | 337        |   |                | 0.7     |                |   | 70    |   |   | 20.8    |   |
|                                                                                    |   | $                  | 45,432 |                   |   | 100.0  | %      |       | $      | 47,558              |    |                | 100.0  | %     |   | $      | (2,126  | )      |   | (4.5  | )% |

|                             |                                                                                                                                                                                                                                                                                                                       |
|-----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)     | The 2009 consolidated statement of operation and related segment disclosures have been restated for certain errors in the classification.  Such reclassifications did not result in an adjustment to the Company's reported net income.  See further discussion at Note [1] to the consolidated financial statements. |

|                                              |        |        |        |               |        |        |         |               |        |                     |        |                     |        |         |        |        |        |   |        |      |         |
|----------------------------------------------|--------|--------|--------|---------------|--------|--------|---------|---------------|--------|---------------------|--------|---------------------|--------|---------|--------|--------|--------|---|--------|------|---------|
|                                         |   |   |   | % of          |   |   |    | % of          |   | $                   |   | % of                |
| in thousands                                 |   | 2010   |   |  revenue |   | 2009   |    |  revenue |   | Increase/(decrease) |   | Increase/(decrease) |
| Collectibles revenue                         |   | $      | 45,432 |          |   | 100.0  |  % |          | $      | 47,558              |   |                | 100.0  |  % |   | $      | (2,126 | ) |   | (4.5 | )%      |
| Gross profit                                 |   | 5,391  |   |          | 11.9   |   |    | 6,457         |   |                | 13.6   |                |   | (1,066  | )      |   | (16.5  | ) |
| Selling, general and administrative expenses |   | 3,010  |   |          | 6.6    |   |    | 3,370         |   |                | 7.1    |                |   | (360    | )      |   | (10.7  | ) |
| Salaries and wages                           |   | 2,966  |   |          | 6.5    |   |    | 3,523         |   |                | 7.4    |                |   | (557    | )      |   | (15.8  | ) |
| Depreciation and amortization                |   | 209    |   |          | 0.5    |   |    | 279           |   |                | 0.6    |                |   | (70     | )      |   | (25.1  | ) |
| Operating income (loss)                      |   | $      | (794   | )             |   | (1.7   | )%      |          | $      | (715                | )      |                | (1.5   | )%      |   | $      | (79    | ) |   | 11.0 |  % |

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|                                                 |        |        |         |               |         |        |       |        |
|-------------------------------------------------|--------|--------|---------|---------------|---------|--------|-------|--------|
| in thousands                                    |   | 2010   |    | 2009          |
|                                            |   |   |    | (As Restated) |
| Cash provided by (used in) operating activities |   | $      | (43,076 | )             |    | $      | 9,969 |   |
| Cash provided by (used in) investing activities |   | 6,634  |    |          | 6,676   |   |
| Cash (used in) financing activities             |   | 40,800 |    |          | (11,000 | )      |

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|                                      |        |                       |        |        |        |        |        |         |        |        |         |             |        |         |         |        |         |        |         |        |        |   |         |        |
|--------------------------------------|--------|-----------------------|--------|--------|--------|--------|--------|---------|--------|--------|---------|-------------|--------|---------|---------|--------|---------|--------|---------|--------|--------|---|---------|--------|
|                                 |   | Payment due by period |
|                                 |   |                  |   |   |   | 2 to 3 |   | 3 to 4  |   | 4 to 5 |    | 5 years and |
| in thousands                         |   | Total                 |   | 1 year |   | years  |   | years   |   | years  |    | thereafter  |
| Borrowings under line of credit:     |   |                  |   |   |   |   |   |    |   |   |    |        |
|     Collectibles |   | $                     | 83,000 |   |   | $      | 83,000 |    |   | $      | — |        |   | $       | — |   |    | $      | — |   |   | $ | — |   |
|     Trading      |   | 7,500                 |   |   | 7,500  |   |   | — |   |   | — |        |   | — |    |   | — |   |
|                                 |   |                  |   |   |   |   |   |    |   |   |    |        |
| Operating lease obligations          |   | 1,462                 |   |   | 876    |   |   | 362     |   |   | 224     |        |   | — |    |   | — |   |
| Total                                |   | $                     | 91,962 |   |   | $      | 91,376 |    |   | $      | 362     |        |   | $       | 224     |   |    | $      | — |   |   | $ | — |   |

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|                   |        |                                                                                                   |
|-------------------|--------|---------------------------------------------------------------------------------------------------|
| Exhibit 31.1 |   | Certification of Chief Executive Officer Under Section 302 of the Sarbanes-Oxley Act of 2002 |
|              |   |                                                                                              |
| Exhibit 31.2 |   | Certification of Chief Financial Officer Under Section 302 of the Sarbanes-Oxley Act of 2002 |
|              |   |                                                                                              |
| Exhibit 32.1 |   | Chief Executive Officer Certification Under Section 906 of the Sarbanes-Oxley Act of 2002    |
|              |   |                                                                                              |
| Exhibit 32.2 |   | Chief Financial Officer Certification Under Section 906 of the Sarbanes-Oxley Act of 2002    |

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|        |                        |                                    |                                    |                                             |        |
|--------|------------------------|------------------------------------|------------------------------------|---------------------------------------------|--------|
| Date:  | November 10, 2010 | SPECTRUM GROUP INTERNATIONAL, INC. |                               |
|   |                   | By:                      | /s/ Gregory N. Roberts   |                                        |
|   |                   |                               | Name:                    | Gregory N. Roberts                     |   |
|   |                   |                               | Title:                   | President and Chief Executive Officer  |   |

|                        |        |                                                                                          |        |                        |
|------------------------|--------|------------------------------------------------------------------------------------------|--------|------------------------|
| Signatures             |   | Title(s)                                                                                 |   | Date                   |
|                   |   |                                                                                     |   |                   |
| /s/ Gregory N. Roberts |   | President, Chief Executive Officer and Director(Principal Executive Officer)             |   | November 10, 2010 |
| Gregory N. Roberts     |   |                                                                                     |   |                   |
|                   |   |                                                                                     |   |                   |
| /s/ Paul Soth          |   | Chief Financial Officer and Executive Vice President (Principal Financial Officer)  |   | November 10, 2010 |
| Paul Soth              |   |                                                                                     |   |                   |
|                   |   |                                                                                     |   |                   |
|                   |   |                                                                                     |   |                   |
|                   |   |                                                                                     |   |                   |