|  (Mark One) |                                                                                                       |
|------------------|------------------------------------------------------------------------------------------------------------|
| ý           | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                       |
|             | For the fiscal year ended June 30, 2011                                                                    |
|             |                                                                                                       |
|             | OR                                                                                                         |
|             |                                                                                                       |
| q                | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] |
|             |                                                                                                       |
|             | For the transition period from _______ to _____                                                            |
|             |                                                                                                       |

| Delaware                                    |   | 33-0846191                           |
|---------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of             |   | (I.R.S. Employer Identification No.) |
| Incorporation or organization)              |   |                                 |
| 1921 E. Alton Avenue, Santa Ana, California |   | 92705                                |
| (Address of principal executive offices)    |   | (Zip Code)                           |

| Title of Class                          |   | Name of each Exchange on which registered |
|-----------------------------------------|--------|-------------------------------------------|
|                                    |   |                                      |
| Common Stock, par value $.001 per share |   | NASDAQ Global Market                      |

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

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| PART I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                       |                                                                                             | Page   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|--------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                       |                                                                                             |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Forward-Looking Statements | 1                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Item 1.                    | Business                                                                                         | 1      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Item 1A.                   | Risk Factors                                                                           | 15     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Item 1B.                   | Unresolved Staff Comments                                                                        | 20     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Item 2.                    | Properties                                                                                       | 20     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Item 3.                    | Legal Proceedings                                                                                | 21     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                       | Executive Officers of Registrant                                                                 | 21     |
| PART II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                       |                                                                                             |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Item 5.                    | Market for Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities   | 22     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Item 6.                    | Selected Consolidated Financial Data                                                             | 23     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Item 7.                    | Management’s Discussion and Analysis of Financial Condition and Results of Operations      | 25     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Item 7A.                   | Quantitative and Qualitative Disclosures About Market Risk                                       | 46     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Item 8.                    | Financial Statements and Supplementary Data                                                      | 47     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                       | Report of Independent Registered Public Accounting Firm                                          | 48     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                       | Consolidated Balance Sheets at June 30, 2011 and 2010                                            | 49     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                       | Consolidated Statements of Operations for the Years ended June 30, 2011, 2010 and 2009           | 50     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                       | Consolidated Statements of Stockholders' Equity for the Years Ended June 30, 2011, 2010 and 2009 | 51     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                       | Consolidated Statements of Cash Flows for the Years Ended June 30, 2011, 2010 and 2009           | 52     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                       | Notes to Consolidated Financial Statements                                                       | 54     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                       | Schedule II – Valuation and Qualifying Accounts                                            | 78     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Item 9.                    | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure             | 79     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Item 9A.                   | Controls and Procedures                                                                          | 79     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Item 9B.                   | Other Information                                                                                | 80     |
| PART III                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                       |                                                                                             |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Item 10.                   | Directors, Executive Officers and Corporate Governance                                           | 81     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Item 11.                   | Executive Compensation                                                                           | 81     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Item 12.                   | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters   | 81     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Item 13.                   | Certain Relationships and Related Transactions and Director Independence                         | 81     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Item 14.                   | Principal Accountant Fees and Services                                                           | 81     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                       |                                                                                             |   |
| PART IV                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Item 15.                   | Exhibits and Financial Statement Schedules                                                       | 82     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                       |
| SIGNATURES                                                                                                                                                  | S-1                        |
| INDEX TO EXHIBITS                                                                                                                                           | E-1                        |

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FORWARD-LOOKING STATEMENTS

PART I

ITEM 1.

| §   | “PCGS” (Professional Coin Grading Service), which is the brand name for our independent coin authentication and grading service; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| §   | “PSA” (Professional Sports Authenticator), which is the brand name for our independent sports and trading cards authentication and grading service; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| §   | “PSA/DNA” (PSA/DNA Authentication Services), which is the brand name for our independent authentication and grading service for vintage autographs and memorabilia; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | “PSE” (Professional Stamp Experts), which is the brand name for our independent stamp authentication and grading service. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------|

|          |   | Units Processed |      |
|---------------|--------|-----------------|-----------|
|          |   | 2011            |      |   | 2010 |   |   | 2009 |   |
| Coins         |   |            | 1,973,700 |   |   |   | 59 | % |   |   | 1,708,200 |   |   |   | 57 | % |   |   | 1,456,100 |   |   |   | 52 | % |
| Trading cards |   |            | 1,120,800 |   |   |   | 34 | % |   |   | 1,090,600 |   |   |   | 36 | % |   |   | 1,171,600 |   |   |   | 41 | % |
| Autographs    |   |            | 240,100   |   |   |   | 7 | % |   |   | 196,500 |   |   |   | 6 | % |   |   | 168,100 |   |   |   | 6 | % |
| Stamps        |   |            | 13,900    |   |   |   | - |   |   |   | 19,000 |   |   |   | 1 | % |   |   | 25,700 |   |   |   | 1 | % |
| Total         |   |            | 3,348,500 |   |   |   | 100 | % |   |   | 3,014,300 |   |   |   | 100 | % |   |   | 2,821,500 |   |   |   | 100 | % |

|          |   | Declared Values (000’s) |      |
|---------------|--------|-------------------------------|-----------|
|          |   | 2011                          |      |   | 2010 |   |   | 2009 |   |
| Coins         |   | $                             | 1,292,000 |   |   |   | 92 | % |   | $ | 1,390,000 |   |   |   | 93 | % |   | $ | 1,119,000 |   |   |   | 91 | % |
| Trading cards |   |                          | 83,000    |   |   |   | 6 | % |   |   | 73,000 |   |   |   | 5 | % |   |   | 79,000 |   |   |   | 6 | % |
| Autographs    |   |                          | 21,000    |   |   |   | 1 | % |   |   | 18,000 |   |   |   | 1 | % |   |   | 15,000 |   |   |   | 1 | % |
| Stamps        |   |                          | 8,000     |   |   |   | 1 | % |   |   | 13,000 |   |   |   | 1 | % |   |   | 22,000 |   |   |   | 2 | % |
| Total         |   | $                             | 1,404,000 |   |   |   | 100 | % |   | $ | 1,494,000 |   |   |   | 100 | % |   | $ | 1,235,000 |   |   |   | 100 | % |

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| §   | they were fragmented and localized, which limited both the variety of available collectibles and the number of potential buyers; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------|

| §   | transaction costs were often relatively high due to the number of intermediaries involved; |
|--------------------|--------------------------------------------------------------------------------------------|

| §   | buyers usually lacked the information needed to determine the authenticity and quality and, hence the value, of the collectibles being sold; and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | buyers and sellers were vulnerable to fraudulent practices because they had to rely on the dealers or other sellers for opinions or representations as to authenticity, quality and rarity. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| §  | determinations, from independent, third-party experts, of the authenticity of the high-value collectibles that are sold and purchased by dealers and collectors, particularly “sight-unseen” or over the Internet; |
|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §  | representations of quality based on uniform standards consistently applied by independent, third-party experts; and |
|--------------|---------------------------------------------------------------------------------------------------------------------|

| §  | authoritative information, compiled by a credible third party, to help purchasers and collectors understand the factors that affect an item’s perceived value and price, including: |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| —   | its rarity; |
|---------------------|-------------|

| —   | its quality or grade; and |
|---------------------|---------------------------|

| —   | its historical and recent selling prices. |
|---------------------|-------------------------------------------|

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| §  | increase the values and liquidity of high-value collectibles; |
|--------------|---------------------------------------------------------------|

| §  | enable and facilitate transactions in high-value collectibles; |
|--------------|----------------------------------------------------------------|

| §  | generally enhance interest, activity and trading in high-value collectibles; and |
|--------------|----------------------------------------------------------------------------------|

| §  | achieve profitable growth, build long-term value for our stockholders and provide rewarding opportunities for our employees. |
|--------------|------------------------------------------------------------------------------------------------------------------------------|

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| §   | enhanced our marketing programs to promote our brands and services directly to Internet, other auction-related businesses and high-volume distributors of modern coins.  These programs emphasize the benefits of using our services, including increased marketability and the prospect of higher bids for collectibles; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | expanded our geographical reach by opening an office in Paris, France in 2010 to offer European coin dealers a more timely and cost-effective alternative to sending coins to the United States for grading and authentication and focused attention on increasing submissions of non-U.S. coins for grading and authentication.  In fiscal 2011, revenues for the Paris, France office represented about 1% of the Company’s total revenues.  We will continue to build on our fiscal 2011 success in the grading and authentication of non-U.S. coins, with particular attention to the Asian market; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | recently launched PCGS Secure Plus to increase consumer confidence and introduce a new certification designation.  The PCGS Secure process uses laser scanning to help detect coins that have been artificially enhanced since their last certification and can also be used to help identify recovered stolen coins. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | revamped and re-launched our CoinFacts website to include many new features that can be accessed for a subscription fee of $12.95 per month.  The upgraded CoinFacts website offers a comprehensive one-stop source for historical U.S. numismatic information and value added content, including dedicated pages for nearly 33,000 coins and access to information that can help determine coin values, including the PCGS Population Report, auction prices realized and an expanded price guide. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | participated at collectibles industry trade shows and organized “members only” shows for PCGS authorized dealers and Collectors Club members, at which we offer on-site authentication and grading services to facilitate trading activities. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | established authorized PCGS and PSA dealer networks to increase the visibility of our brands and the use of our services by those dealers and their customers; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | developed and expanded our Set RegistrySM programs to increase demand for our collectible coin, trading card and stamp authentication and grading services, among collectors and increase traffic on our websites; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | developed and linked buying and selling demand from our Set Registry program to Collectors Corner in order to increase the referrals of coin, trading card and stamp collectors to Collectors Corner dealer-subscribers, to enhance the value of the Collectors Corner dealer subscription and increase the preference, among dealers, for our brands in their respective markets; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | expanded the offerings and markets in which Collectors Corner provides a business-to-consumer website for the sale of third-party collectibles certified by us; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | promoted our Collectors Clubs to attract and to provide incentives for collectors to use our services; and |
|--------------------|------------------------------------------------------------------------------------------------------------|

| §   | expanded our website information services, including auction results, reference materials and ongoing price guides and rarity reports. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------|

| §   | We intend to develop a comprehensive plan to optimize all elements of our combined digital presence, which will include CCE, Collectors Corner, Collectors Club, all advertising on our various websites and CoinFacts.  These activities combined, represented approximately 13% of total revenues in FY2011. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

| §   | Direct Advertising.  We directly address collectors by advertising our services in trade journals and periodicals in each of our markets.  Those journals include Coin World, Numismatic News andLinn’s Stamp News.  We make personal appearances at major, national-market and international trade shows around the world that are attended by collectors, as well as dealers.  We also participate in and support programs conducted by non-profit associations whose members are primarily collectors, such as the American Numismatic Association and the American Stamp Dealers Association. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Set Registry Programs.  We provide collectors with the opportunity to participate in free Internet “Set Registry” programs that we host on our collectibles websites.  These programs encourage collectors to assemble full sets of related collectibles that have been authenticated and graded by us.  Generally, each registered set is comprised of between 50 and 200 separate, but related, collectibles.  Examples include particular issues of coins, such as Twenty Dollar Gold Double Eagles or Morgan Silver Dollars; particular sets of trading cards, such as all Hall of Fame pitchers or a particular team, like the 1961 Yankees; or sets of collectible stamps, such as Columbian Commemoratives or Graf Zeppelin Airmail stamps.  Our Set Registry programs enable collectors: |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| —   | to register their sets on our websites, which provides them with an off-site reference source for insurance and informational purposes; |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| —   | to display on our websites, and compare the completeness and quality grades of the collectibles making up their sets to those of other collectors who have registered similar sets on our websites, thereby creating a competitive aspect to collecting that adds to its excitement; and |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| —   | to enter our annual Company-sponsored Set Registry competitions and awards programs in which collectors can win awards for having collected the most complete and highest graded sets of particular series or issues of coins, trading cards or stamps. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Collectors Clubs Subscription Program.  We also have established “Collectors Clubs” for coin, currency and trading card collectors.  For an annual membership fee, ranging from $50 to $300, collectors receive a number of benefits, including (i) the right to have, without any further charge, a specified number of collectibles authenticated and graded by us, a privilege that non-member collectors do not have; and (ii) access to certain proprietary data that we make available on our websites or in print.  As of June 30, 2011, there were approximately 15,000 members in our Collectors Clubs. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   |  Certified Coin Exchange Business-to-Business Website.  The Certified Coin Exchange (CCE) website is a business-to-business website where recognized dealers make a market in and over which they can sell and purchase certified coins and other certified collectibles. Currently, there are over 100,000 certified coins being offered at bid and ask prices, the aggregate value of which is approximately $300 million.  We believe that the liquidity created for certified coins by CCE increases the demand for PCGS certified coins among dealers. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Collectors Corner Business-to-Consumer Website.  We have launched Collectors Corner (www.collectorscorner.com), which is a business-to-consumer website where consumers can visit, identify, search, sort over and select for purchase coins, trading cards and items of currency that have been certified by us and are being offered for sale by dealers.  Currently, there are approximately 90,000 collectibles listed for sale on Collectors Corner.  All items on Collectors Corner are offered by dealer members who have applied for the right to offer such collectibles on Collectors Corner.  We believe that Collectors Corner has advantages over other business-to-consumer websites because the counterparties to the consumer have been accepted as sellers on the Collectors Corner website and are known members of the marketplace and selling community. Items listed are at fixed prices with the opportunity to negotiate lower prices.  We believe that the increased turnover offered for items listed on Collectors Corner, as well as the ability to use Collectors Corner to improve a trading card set in the PSA Set Registry, create increased brand preference for PCGS, PSA and PSE authenticated and graded items. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Trade Publication Advertising and Direct Communications.  We communicate to dealers and auctioneers by direct contact and through advertising in trade journals and publications in the respective markets. Those journals include Coin World, Numismatic News and Linn’s Stamp News.  We also communicate with our dealers and with auctioneers by direct mail, email, and telephone. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| §   | Trade Shows and Conventions.  There are numerous collectibles trade shows and conventions held annually in the United States, where collectibles dealers gather on a trading floor or “bourse” to buy and sell collectibles.  We attend the largest and most significant of those trade shows and conventions, at which we offer same-day on-site authentication and grading services, which facilitate the trading and sales of collectibles at these shows and conventions.  At the same time, we obtain additional brand exposure and generate increased revenues, because dealers and collectors generally are willing to pay higher fees for same- day on-site services. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | In July 2006, we acquired Expos Unlimited LLC (“Expos”), a trade show management company that operates two of the larger and better-known coin, stamp and collectibles shows in Long Beach and Santa Clara, California, respectively.  Expos assures us of  the continued availability of these two show venues for our onsite authentication and grading services. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Authorized Dealer Network.  We have implemented authorized dealer programs for coin and trading card collectibles dealers and auction companies.  Authorized dealers are able to use our marketing materials which are designed to promote our services and those of our authorized dealers to collectors.  Those materials include “point of sale” and “point of purchase” displays and brochures and direct mail pieces for insertion in customer mailings.  In addition, authorized dealers may use our brand logotypes on their websites to attract buyers for coins and trading cards that have been authenticated and graded by us.  We also conduct joint marketing programs with our authorized dealers in which we provide financial support for dealer marketing programs, approved by us, that promote both the dealer’s products and services and our authentication and grading services. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Registered Marks                  |   | Unregistered Marks      |
|-----------------------------------|--------|-------------------------|
| Collectors Universe               |   | World Series of Grading |   | Coin Universe |
| PCGS                              |   | CU3000                  |   | Collectors.com |
| Professional Sports Authenticator |   | PSE                     |   | Record Universe |
| PSA                               |   | History in Your Hands   |   | Set Registry |
| PSA/DNA                           |   |                    |   | Expos Unlimited |
| First Strike                      |   |                    |   | Long Beach Coin, Stamp and Collectibles Expo |
| Quick Opinion                     |   |                    |   | Santa Clara Coin, Stamp and Collectibles Expo |
| Sports Market Report              |   |                    |   |   |

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ITEM 1A   RISK FACTORS

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| §   | if a trading card or stamp that we authenticated and sealed in our tamper-evident plastic cases is later determined not to have been genuine, we would have to purchase the collectible at the price paid for it by its then owner; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | if a coin, trading card or stamp that we graded and sealed in our tamper-evident plastic cases later receives a lower grade upon resubmission to us for grading, we would be obligated either to purchase the collectible at the price paid by its then owner or to pay the difference in its value at its original grade, as compared to its value at the lower grade. |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

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| §  | increases or decreases in number of collectibles graded from period to period; |
|--------------|--------------------------------------------------------------------------------|

| §  | changes in market conditions that can affect the demand for our authentication and grading services, such as a decline in the popularity of certain collectibles and volatility in the prices of gold and other precious metals; |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §  | changes in economic conditions that reduce the availability of disposable income and may cause collectors and collectibles dealers to reduce their purchases of collectibles, which could result in declines in the demand for the services we provide; and |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §  | the actions of our competitors. |
|--------------|---------------------------------|

| §  | our board of directors has the authority to issue additional common stock and preferred stock and to determine the price, rights and preferences of any new series of preferred stock without stockholder approval; |
|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §  | there are limitations on who can call special meetings of our stockholders; |
|--------------|-----------------------------------------------------------------------------|

| §  | stockholders may not take action by written consent; and |
|--------------|----------------------------------------------------------|

| §  | In addition, provisions of Delaware law and provisions of our stock incentive plans may also discourage, delay or prevent a change in control or unsolicited acquisition proposals. |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

ITEM 1B.      UNRESOLVED STAFF COMMENTS

ITEM 2.         PROPERTIES

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ITEM 3.         LEGAL PROCEEDINGS

EXECUTIVE OFFICERS OF REGISTRANT

| Name                                                                                                                                                                                                              |   | Age |   | Positions               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----|--------|-------------------------|
| Michael J. McConnell                                                                                                                                                                                              |   | 45  |   | Chief Executive Officer |
| David G. Hall                                     |   | 64  |   | President               |
| Joseph J. Wallace                                 |   | 51  |   | Chief Financial Officer |

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PART II

ITEM 5.      MARKET FOR COMMON STOCK, RELATED STOCKHOLDER MATTERS AND 
ISSUER PURCHASES OF EQUITY SEC

|                                                                                                                                                                                                                                                                                                           |   | Closing Share Prices |   |   | CashDividend |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------|--------|--------|--------------|--------|
| Fiscal 2011                                                                                                                                                                                                                                                                                                    |   | High                 |   |   | Low          |   |   | Per Share |   |
| First Quarter                                                  |   | $                    | 13.46  |   |         | $      | 11.18 |   |   | $ | 0.30   |   |
| Second Quarter                                                 |   |                 | 16.08  |   |         |   | 12.72 |   |   |   | 0.325 |   |
| Third Quarter                                                  |   |                 | 14.12  |   |         |   | 13.11 |   |   |   | 0.325 |   |
| Fourth Quarter                                                 |   |                 | 15.15  |   |         |   | 13.75 |   |   |   | 0.325 |   |

|                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Fiscal 2010                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |
| First Quarter                                                  |   | $      | 5.44   |   |   | $      | 3.70 |   |   | $ | - |   |
| Second Quarter                                                 |   |   | 9.05   |   |   |   | 5.07 |   |   |   | 0.25 |   |
| Third Quarter                                                  |   |   | 11.07  |   |   |   | 8.92 |   |   |   | 0.25 |   |
| Fourth Quarter                                                 |   |   | 14.32  |   |   |   | 11.20 |   |   |   | 0.30 |   |

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ITEM 6.      SELECTED CONSOLIDATED FINANCIAL DATA

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|                                                                                                                                         |   | Year Ended June 30,                   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|--------|
|                                                                                                                                         |   | 2011                                  |   |   | 2010 |   |   | 2009 |   |   | 2008 |   |   | 2007 |   |
|                                                                                                                                         |   | (In thousands, except per share data) |   |
| Net revenues(1)                                                                                                                              |   | $                                     | 44,432 |   |   | $ | 39,763 |   |   | $ | 35,914 |   |   | $ | 39,505 |   |   | $ | 38,686 |   |
| Cost of revenues                                                                                                                             |   |                                  | 17,249 |   |   |   | 15,594 |   |   |   | 16,385 |   |   |   | 19,779 |   |   |   | 16,736 |   |
| Gross profit(1)                                                                                                                              |   |                                  | 27,183 |   |   |   | 24,169 |   |   |   | 19,529 |   |   |   | 19,726 |   |   |   | 21,950 |   |
| Selling, general and administrative expenses                                                                                                 |   |                                  | 17,526 |   |   |   | 15,813 |   |   |   | 16,792 |   |   |   | 18,420 |   |   |   | 18,949 |   |
| Impairment losses                                                                                                                            |   |                                  | 1,368  |   |   |   | - |   |   |   | 649 |   |   |   | - |   |   |   | 16 |   |
| Operating income                                                                                                                             |   |                                  | 8,289  |   |   |   | 8,356 |   |   |   | 2,088 |   |   |   | 1,306 |   |   |   | 2,985 |   |
| Interest income, net                                                                                                                         |   |                                  | 98     |   |   |   | 89 |   |   |   | 284 |   |   |   | 1,138 |   |   |   | 2,149 |   |
| Other (expense) income, net                                                                                                                  |   |                                  | (5     | ) |   |   | 30 |   |   |   | 14 |   |   |   | 6 |   |   |   | 7 |   |
| Income before provision (benefit) for income taxes                                                                                           |   |                                  | 8,382  |   |   |   | 8,475 |   |   |   | 2,386 |   |   |   | 2,450 |   |   |   | 5,141 |   |
| Provision (benefit) for income taxes(2)                                                                                                      |   |                                  | 3,346  |   |   |   | (8,330 | ) |   |   | 1,183 |   |   |   | 2,155 |   |   |   | 2,336 |   |
| Income from continuing operations                                                                                                            |   |                                  | 5,036  |   |   |   | 16,805 |   |   |   | 1,203 |   |   |   | 295 |   |   |   | 2,805 |   |
| Income (loss) from discontinued operations, net of loss on     sales of discontinued businesses (net of income taxes)(3) |   |                                  | 83     |   |   |   | (107 | ) |   |   | (18,126 | ) |   |   | (15,927 | ) |   |   | (3,320 | ) |
| Net income (loss)                                                                                                                            |   | $                                     | 5,119  |   |   | $ | 16,698 |   |   | $ | (16,923 | ) |   | $ | (15,632 | ) |   | $ | (515 | ) |
|                                                                                                                                         |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) per basic share:                                                                                                           |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations                                                                                                            |   | $                                     | 0.66   |   |   | $ | 2.26 |   |   | $ | 0.13 |   |   | $ | 0.03 |   |   | $ | 0.30 |   |
| Income (loss) from discontinued operations, net of loss on     sales of discontinued businesses (net of income taxes)    |   |                                  | 0.01   |   |   |   | (0.02 | ) |   |   | (1.99 | ) |   |   | (1.71 | ) |   |   | (0.36 | ) |
| Net income (loss)                                                                                                                            |   | $                                     | 0.67   |   |   | $ | 2.24 |   |   | $ | (1.86 | ) |   | $ | (1.68 | ) |   | $ | (0.06 | ) |
| Net income (loss) per diluted share:                                                                                                         |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations                                                                                                            |   | $                                     | 0.65   |   |   | $ | 2.20 |   |   | $ | 0.13 |   |   | $ | 0.03 |   |   | $ | 0.30 |   |
| Income (loss) from discontinued operations, net of loss on     sales of discontinued businesses (net of income taxes)    |   |                                  | 0.01   |   |   |   | (0.01 | ) |   |   | (1.98 | ) |   |   | (1.69 | ) |   |   | (0.35 | ) |
| Net income (loss)                                                                                                                            |   | $                                     | 0.66   |   |   | $ | 2.19 |   |   | $ | (1.85 | ) |   | $ | (1.66 | ) |   | $ | (0.05 | ) |
| Weighted average shares outstanding(4)                                                                                                       |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                                                        |   |                                  | 7,682  |   |   |   | 7,451 |   |   |   | 9,103 |   |   |   | 9,295 |   |   |   | 9,204 |   |
| Diluted                                                                                                                                      |   |                                  | 7,798  |   |   |   | 7,637 |   |   |   | 9,135 |   |   |   | 9,419 |   |   |   | 9,462 |   |
|                                                                                                                                         |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash dividends paid on common stock                                                                                                          |   | $                                     | 9,944  |   |   | $ | 5,943 |   |   | $ | 2,090 |   |   | $ | 8,517 |   |   | $ | 3,350 |   |
| Cash dividends declared per share of common stock                                                                                            |   | $                                     | 1.28   |   |   | $ | 0.80 |   |   | $ | 0.23 |   |   | $ | 0.91 |   |   | $ | 0.36 |   |
|                                                                                                                                         |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance Sheet Data:                                                                                                                          |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                      |   | At June 30,    |   |
|-----------------------------------------------------------|--------|----------------|--------|
|                                                      |   | 2011           |   |   | 2010 |   |   | 2009 |   |   | 2008 |   |   | 2007 |   |
|                                                      |   | (In thousands) |   |
| Cash and cash equivalents                                 |   | $              | 21,926 |   |   | $ | 20,321 |   |   | $ | 23,870 |   |   | $ | 23,345 |   |   | $ | 42,386 |   |
| Working capital – continuing operations             |   |           | 20,010 |   |   |   | 21,134 |   |   |   | 23,108 |   |   |   | 26,771 |   |   |   | 42,720 |   |
| Working capital (deficit) – discontinued operations |   |           | (716   | ) |   |   | (871 | ) |   |   | (1,725 | ) |   |   | (774 | ) |   |   | (511 | ) |
| Goodwill and Intangibles – continuing               |   |           | 3,228  |   |   |   | 5,010 |   |   |   | 5,402 |   |   |   | 6,661 |   |   |   | 5,935 |   |
| Goodwill and Intangibles – discontinued             |   |           | -      |   |   |   | - |   |   |   | - |   |   |   | 5,805 |   |   |   | 17,315 |   |
| Total assets – continuing operations                |   |           | 36,302 |   |   |   | 38,452 |   |   |   | 35,989 |   |   |   | 42,567 |   |   |   | 57,315 |   |
| Total assets – discontinued operations              |   |           | 209    |   |   |   | 234 |   |   |   | 284 |   |   |   | 9,451 |   |   |   | 20,786 |   |
| Stockholders' equity                                      |   |           | 25,070 |   |   |   | 27,612 |   |   |   | 24,779 |   |   |   | 43,830 |   |   |   | 68,891 |   |

----

| 1.       | Includes revenues from product sales, consisting primarily of sales of coins purchased under our warranty policy, of $604,000, $92,000, $394,000, $1,046,000 and $284,000 in fiscal 2011, 2010, 2009, 2008 and 2007, respectively.  Such product revenues are not considered an integral part of our ongoing revenue generating activities.  The gross margins on product sales were 28%, (44)%, (51)%, 7% and 33%, in fiscal 2011, 2010, 2009, 2008 and 2007, respectively. |
|-----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.       | The income tax benefit of $8.3 million in fiscal 2010 reflects the release of valuation allowances against deferred tax assets at June 30, 2010.  See “Critical Accounting Policies and Estimates―Income Taxes, Deferred Tax Assets and Valuation Allowances.” |
|-----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.     | Discontinued operations include aggregate impairment losses in 2009 and 2008 of $7,695,000 and $11,233,000, respectively, and a loss on the closure of our jewelry businesses in fiscal 2009 of approximately $5,188,000, inclusive of an accrual for ongoing real estate lease obligations of those businesses.  See note 3 to our Consolidated Financial Statements below in Item 8, Financial Statements and Supplementary Data. |
|-----------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.       | On July 10, 2009, the Company purchased a total of 1,749,828 outstanding shares of its common stock, for a total purchase price of $8,910,000 in a “Dutch Auction” tender offer to its stockholders. |
|-----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

ITEM 7.        MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

----

|          |   | Units Processed |      |
|---------------|--------|-----------------|-----------|
|          |   | 2011            |      |   | 2010 |   |   | 2009 |   |
| Coins         |   |            | 1,973,700 |   |   |   | 59 | % |   |   | 1,708,200 |   |   |   | 57 | % |   |   | 1,456,100 |   |   |   | 52 | % |
| Trading cards |   |            | 1,120,800 |   |   |   | 34 | % |   |   | 1,090,600 |   |   |   | 36 | % |   |   | 1,171,600 |   |   |   | 41 | % |
| Autographs    |   |            | 240,100   |   |   |   | 7 | % |   |   | 196,500 |   |   |   | 6 | % |   |   | 168,100 |   |   |   | 6 | % |
| Stamps        |   |            | 13,900    |   |   |   | - |   |   |   | 19,000 |   |   |   | 1 | % |   |   | 25,700 |   |   |   | 1 | % |
| Total         |   |            | 3,348,500 |   |   |   | 100 | % |   |   | 3,014,300 |   |   |   | 100 | % |   |   | 2,821,500 |   |   |   | 100 | % |

|          |   | Declared Values (000’s) |      |
|---------------|--------|-------------------------------|-----------|
|          |   | 2011                          |      |   | 2010 |   |   | 2009 |   |
| Coins         |   | $                             | 1,292,000 |   |   |   | 92 | % |   | $ | 1,390,000 |   |   |   | 93 | % |   | $ | 1,119,000 |   |   |   | 91 | % |
| Trading cards |   |                          | 83,000    |   |   |   | 6 | % |   |   | 73,000 |   |   |   | 5 | % |   |   | 79,000 |   |   |   | 6 | % |
| Autographs    |   |                          | 21,000    |   |   |   | 1 | % |   |   | 18,000 |   |   |   | 1 | % |   |   | 15,000 |   |   |   | 1 | % |
| Stamps        |   |                          | 8,000     |   |   |   | 1 | % |   |   | 13,000 |   |   |   | 1 | % |   |   | 22,000 |   |   |   | 2 | % |
| Total         |   | $                             | 1,404,000 |   |   |   | 100 | % |   | $ | 1,494,000 |   |   |   | 100 | % |   | $ | 1,235,000 |   |   |   | 100 | % |

----

----

|                                               |   | Year Ended June 30, 2011 |   |   | Year Ended June 30, 2010 |   |
|----------------------------------------------------|--------|--------------------------|--------|--------|--------------------------|--------|
|                                               |   | Amount                   |   |   | Percent of Revenues      |   |   | Amount |   |   | Percent ofRevenues |   |
|                                               |
| Net revenues                                       |   | $                        | 44,432 |   |                     |   | 100.0 | % |   | $ | 39,763 |   |   |   | 100.0 | % |
| Cost of revenues                                   |   |                     | 17,249 |   |                     |   | 38.8 | % |   |   | 15,594 |   |   |   | 39.2 | % |
| Gross profit                                       |   |                     | 27,183 |   |                     |   | 61.2 | % |   |   | 24,169 |   |   |   | 60.8 | % |
| Selling and marketing expenses                     |   |                     | 6,029  |   |                     |   | 13.6 | % |   |   | 5,068 |   |   |   | 12.7 | % |
| General and administrative expenses                |   |                     | 11,497 |   |                     |   | 25.9 | % |   |   | 10,745 |   |   |   | 27.1 | % |
| Impairment losses                                  |   |                     | 1,368  |   |                     |   | 3.0 | % |   |   | - |   |   |   | - |   |
| Operating income                                   |   |                     | 8,289  |   |                     |   | 18.7 | % |   |   | 8,356 |   |   |   | 21.0 | % |
| Interest income, net                               |   |                     | 98     |   |                     |   | 0.2 | % |   |   | 89 |   |   |   | 0.2 | % |
| Other (expense) income, net                        |   |                     | (5     | )      |                     |   | - |   |   |   | 30 |   |   |   | 0.1 | % |
| Income before (benefit) provision for income taxes |   |                     | 8,382  |   |                     |   | 18.9 | % |   |   | 8,475 |   |   |   | 21.3 | % |
| Provision (benefit) for income taxes               |   |                     | 3,346  |   |                     |   | 7.6 | % |   |   | (8,330 | ) |   |   | (21.0 | )% |
| Income from continuing operations                  |   |                     | 5,036  |   |                     |   | 11.3 | % |   |   | 16,805 |   |   |   | 42.3 | % |
| Income (loss) from discontinued operations         |   |                     | 83     |   |                     |   | 0.2 | % |   |   | (107 | ) |   |   | (0.3 | )% |
| Net income                                         |   | $                        | 5,119  |   |                     |   | 11.5 | % |   | $ | 16,698 |   |   |   | 42.0 | % |
| Net income (loss) per diluted share:               |   |                     |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations                  |   | $                        | 0.65   |   |                     |   |   |   |   | $ | 2.20 |   |   |   |   |   |
| Income (loss) from discontinued operations         |   |                     | 0.01   |   |                     |   |   |   |   |   | (0.01 | ) |   |   |   |   |
| Net income                                         |   | $                        | 0.66   |   |                     |   |   |   |   | $ | 2.19 |   |   |   |   |   |

----

----

----

----

----

----

|                                                                                                    |   | Fiscal Year Ended June 30, |   |
|---------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|
|                                                                                                    |   | 2011                       |   |   | 2010 |   |   | 2009 |   |
| Net revenues                                                                                            |   |                       | 100.0  | % |   |   | 100.0 | % |   |   | 100.0 | % |
| Cost of revenues                                                                                        |   |                       | 38.8   | % |   |   | 39.2 | % |   |   | 45.6 | % |
| Gross profit                                                                                            |   |                       | 61.2   | % |   |   | 60.8 | % |   |   | 54.4 | % |
| Operating expenses:                                                                                     |   |                       |   |   |   |   |   |   |   |   |   |   |
| Selling and marketing expenses                                                                          |   |                       | 13.6   | % |   |   | 12.7 | % |   |   | 12.0 | % |
| General & administrative expenses                                                                   |   |                       | 25.9   | % |   |   | 27.1 | % |   |   | 34.8 | % |
| Impairment losses                                                                                       |   |                       | 3.0    | % |   |   | - |   |   |   | 1.8 | % |
| Total operating expenses                                                                                |   |                       | 42.5   | % |   |   | 39.8 | % |   |   | 48.6 | % |
| Operating income                                                                                        |   |                       | 18.7   | % |   |   | 21.0 | % |   |   | 5.8 | % |
| Interest and other income, net                                                                          |   |                       | 0.2    | % |   |   | 0.3 | % |   |   | 0.8 | % |
| Income before provision (benefit) for income taxes                                                      |   |                       | 18.9   | % |   |   | 21.3 | % |   |   | 6.6 | % |
| Provision (benefit) for income taxes                                                                    |   |                       | 7.6    | % |   |   | (21.0 | )% |   |   | 3.3 | % |
| Income from continuing operations                                                                       |   |                       | 11.3   | % |   |   | 42.3 | % |   |   | 3.3 | % |
| Loss from discontinued operations, net of losson sales of discontinued businesses (net of income taxes) |   |                       | 0.2    | % |   |   | (0.3 | )% |   |   | (50.4 | )% |
| Net income (loss)                                                                                       |   |                       | 11.5   | % |   |   | 42.0 | % |   |   | (47.1 | )% |

----

|                                |   |   |   |   |             |   |   | 2011 vs. 2010       |   |
|-------------------------------------|--------|--------|--------|--------|------------------|--------|--------|---------------------|--------|
|                                |   | 2011   |   |   | 2010             |   |   | Increase (Decrease) |   |
|                                |   | Amount |   |   | % of NetRevenues |   |   | Amount              |   |   | % of NetRevenues |   |   | Amount |   |   | Percent |   |
| Grading and authentication fees     |   | $      | 35,891 |   |             |   | 80.8   | %                   |   | $ | 32,617 |   |   |   | 82.0 | % |   | $ | 3,274 |   |   |   | 10.0 | % |
| Other related products and services |   |   | 8,541  |   |             |   | 19.2   | %                   |   |   | 7,146 |   |   |   | 18.0 | % |   |   | 1,395 |   |   |   | 19.5 | % |
| Total net revenues                  |   | $      | 44,432 |   |             |   | 100.0  | %                   |   | $ | 39,763 |   |   |   | 100.0 | % |   | $ | 4,669 |   |   |   | 11.7 | % |

|                                |   |   |   |   |             |   |   | 2010 vs. 2009       |   |
|-------------------------------------|--------|--------|--------|--------|------------------|--------|--------|---------------------|--------|
|                                |   | 2010   |   |   | 2009             |   |   | Increase (Decrease) |   |
|                                |   | Amount |   |   | % of NetRevenues |   |   | Amount              |   |   | % of NetRevenues |   |   | Amount |   |   | Percent |   |
| Grading and authentication fees     |   | $      | 32,617 |   |             |   | 82.0   | %                   |   | $ | 28,645 |   |   |   | 79.8 | % |   | $ | 3,972 |   |   |   | 13.9 | % |
| Other related products and services |   |   | 7,146  |   |             |   | 18.0   | %                   |   |   | 7,269 |   |   |   | 20.2 | % |   |   | (123 | ) |   |   | (1.7 | )% |
| Total net revenues                  |   | $      | 39,763 |   |             |   | 100.0  | %                   |   | $ | 35,914 |   |   |   | 100.0 | % |   | $ | 3,849 |   |   |   | 10.7 | % |

|                    |   |   |   |   |     |   |   | 2011 vs. 2010       |   |
|-------------------------|--------|--------|--------|--------|----------|--------|--------|---------------------|--------|
|                    |   | 2011   |   |   | 2010     |   |   | Increase (Decrease) |   |
|                    |   |   |   |   | % of Net |   |   |                |   |   | % of Net |   |   | Revenues |   |   | Units Processed |   |
|                    |   | Amount |   |   | Revenues |   |   | Amount              |   |   | Revenues |   |   | Amounts |   |   | Percent |   |   | Number |   |   | Percent |   |
| Coins                   |   | $      | 29,389 |   |     |   | 66.1   | %                   |   | $ | 25,689 |   |   |   | 64.6 | % |   | $ | 3,700 |   |   |   | 14.4 | % |   |   | 265,500 |   |   |   | 15.5 | % |
| Cards and Autographs(1) |   |   | 10,229 |   |     |   | 23.0   | %                   |   |   | 9,746 |   |   |   | 24.5 | % |   |   | 483 |   |   |   | 5.0 | % |   |   | 73,800 |   |   |   | 5.7 | % |
| Other (2)               |   |   | 4,814  |   |     |   | 10.9   | %                   |   |   | 4,328 |   |   |   | 10.9 | % |   |   | 486 |   |   |   | 11.2 | % |   |   | (5,100 | ) |   |   | (26.8 | )% |
|                    |   | $      | 44,432 |   |     |   | 100.0  | %                   |   | $ | 39,763 |   |   |   | 100.0 | % |   | $ | 4,669 |   |   |   | 11.7 | % |   |   | 334,200 |   |   |   | 11.1 | % |

|                    |   |   |   |   |     |   |   | 2010 vs. 2009       |   |
|-------------------------|--------|--------|--------|--------|----------|--------|--------|---------------------|--------|
|                    |   | 2010   |   |   | 2009     |   |   | Increase (Decrease) |   |
|                    |   |   |   |   | % of Net |   |   |                |   |   | % of Net |   |   | Revenues |   |   | Units Processed |   |
|                    |   | Amount |   |   | Revenues |   |   | Amount              |   |   | Revenues |   |   | Amounts |   |   | Percent |   |   | Number |   |   | Percent |   |
| Coins                   |   | $      | 25,689 |   |     |   | 64.6   | %                   |   | $ | 20,549 |   |   |   | 57.2 | % |   | $ | 5,140 |   |   |   | 25.0 | % |   |   | 252,100 |   |   |   | 17.3 | % |
| Cards and Autographs(1) |   |   | 9,746  |   |     |   | 24.5   | %                   |   |   | 10,190 |   |   |   | 28.4 | % |   |   | (444 | ) |   |   | (4.4 | )% |   |   | (52,600 | ) |   |   | (3.9 | )% |
| Other (2)               |   |   | 4,328  |   |     |   | 10.9   | %                   |   |   | 5,175 |   |   |   | 14.4 | % |   |   | (847 | ) |   |   | (16.4 | )% |   |   | (6,700 | ) |   |   | (26.1 | )% |
|                    |   | $      | 39,763 |   |     |   | 100.0  | %                   |   | $ | 35,914 |   |   |   | 100.0 | % |   | $ | 3,849 |   |   |   | 10.7 | % |   |   | 192,800 |   |   |   | 6.8 | % |

----

| (1)       | Consists of revenues from our PSA trading card authentication and grading business and our PSA/DNA autograph authentication and grading business. |
|------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)         | Includes the revenues of our stamp authentication and grading business, CCE subscription fees, CFC interest income, the revenues of our Expos convention business, and product sales revenues. |
|------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                |   | Fiscal Year Ended June 30, |   |
|---------------------|--------|----------------------------|--------|
|                |   | 2011                       |   |   | 2010 |   |   | 2009 |   |
| Gross profit        |   | $                          | 27,183 |   |   | $ | 24,169 |   |   | $ | 19,529 |   |
| Gross profit margin |   |                       | 61.2   | % |   |   | 60.8 | % |   |   | 54.4 | % |

----

|                            |   | Fiscal Year Ended June 30, |   |
|---------------------------------|--------|----------------------------|--------|
|                            |   | 2011                       |   |   | 2010 |   |   | 2009 |   |
| Selling and marketing expenses  |   | $                          | 6,029  |   |   | $ | 5,068 |   |   | $ | 4,306 |   |
| As a percentage of net revenues |   |                       | 13.6   | % |   |   | 12.7 | % |   |   | 12.0 | % |

----

|                                                                                                                                                                                                                                                                                                                                              |   | Fiscal Year Ended June 30, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                              |   | 2011                       |   |   | 2010 |   |   | 2009 |   |
| General & administrative expenses                                                                                                                                                                                                                                                                                                             |   | $                          | 11,497 |   |   | $ | 10,745 |   |   | $ | 12,486 |   |
| As a percentage of net revenues                                                    |   |                       | 25.9   | % |   |   | 27.1 | % |   |   | 34.8 | % |

|                                                                                                                                                                                                                                                                                                                  |   | Fiscal Year Ended June 30,(Dollars in thousands) |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                  |   | 2011                                             |   |   | 2010 |   |   | 2009 |   |
| Impairment losses on intangible assets                                                                                                                                                                                                                                                                                |   | $                                                | 625    |   |   | $ | - |   |   | $ | 649 |   |
| Impairment loss on goodwill                                                |   |                                             | 743    |   |   |   | - |   |   |   | - |   |
|                                                                                                                                                                                                                                                                                                                  |   | $                                                | 1,368  |   |   | $ | - |   |   | $ |  - |   |

----

|                                                                                                                                                                                                                                                                                                       |   | Fiscal Year Ended June 30, |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|
| Included In:                                                                                                                                                                                                                                                                                               |   | 2011                       |   |   | 2010 |   |   | 2009 |   |
| Cost of revenues                                                |   | $                          | -      |   |   | $ | - |   |   | $ | 294 |   |
| General and administrative expenses                                                                                                                                                                                                                                                                        |   |                       | 1,131  |   |   |   | 968 |   |   |   | 465 |   |
|                                                                                                                                                                                                                                                                                                       |   | $                          | 1,131  |   |   | $ | 968 |   |   | $ | 759 |   |

| Year Ending June 30, |   |   |   |
|----------------------|--------|--------|--------|
|                 |   |   |   |
| 2012                 |   | $      | 542    |   |
| 2013                 |   |   | 41     |   |
| Total                |   | $      | 583    |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | Fiscal Year Ended June 30, |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 2011                       |   |   | 2010 |   |   | 2009 |   |
| Interest income, net                                                                   |   | $                          | 98     |   |   | $ | 89 |   |   | $ | 284 |   |
| Percent of net revenue                                                                 |   |                       | 0.2    | % |   |   | 0.2 | % |   |   | 0.8 | % |

----

|                                 |   | Fiscal Year Ended June 30,(Dollars in thousands) |   |
|--------------------------------------|--------|--------------------------------------------------|--------|
|                                 |   | 2011                                             |   |   | 2010 |   |   | 2009 |   |
| Provision (benefit) for income taxes |   | $                                                | 3,346  |   |   | $ | (8,330 | ) |   | $ | 1,183 |   |

|                                                                                                                                        | Fiscal Year Ended June 30,(Dollars in thousands)                      |
|---------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|
|                                                                                                                                        | 2011                                                                  |   | 2010 |   | 2009 |
| Income (loss) from discontinued operations, net of losses     on sales of discontinued businesses (net of income taxes) |  $          83 |   |  $     (107) |   |  $(18,126) |

----

----

|  Quarterly Results of Operations                                                                                                              |   | Quarter Ended(In thousands, except per share data) |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------|--------|
|                                                                                                                                               |   | Sept. 30,2009                                      |   |   | Dec. 31,2009 |   |   | Mar. 31,2010 |   |   | June 30,2010 |   |   | Sept. 30,2010 |   |   | Dec. 31,2010 |   |   | Mar. 31,2011 |   |   | June 30,2011 |   |
| Statement of Operations Data:                                                                                                                      |   |                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net revenues                                                                                                                                       |   | $                                                  | 9,298  |   |   | $ | 8,883 |   |   | $ | 10,790 |   |   | $ | 10,792 |   |   | $ | 9,755 |   |   | $ | 9,600 |   |   | $ | 12,818 |   |   | $ | 12,259 |   |
| Cost of revenues                                                                                                                                   |   |                                               | 3,739  |   |   |   | 3,633 |   |   |   | 4,204 |   |   |   | 4,018 |   |   |   | 3,774 |   |   |   | 3,895 |   |   |   | 4,907 |   |   |   | 4,673 |   |
| Gross profit                                                                                                                                       |   |                                               | 5,559  |   |   |   | 5,250 |   |   |   | 6,586 |   |   |   | 6,774 |   |   |   | 5,981 |   |   |   | 5,705 |   |   |   | 7,911 |   |   |   | 7,586 |   |
| Operating Expenses:                                                                                                                                |   |                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SG&A expenses                                                                                                                                  |   |                                               | 3,763  |   |   |   | 3,785 |   |   |   | 4,051 |   |   |   | 4,214 |   |   |   | 4,142 |   |   |   | 4,154 |   |   |   | 4,598 |   |   |   | 4,632 |   |
| Impairment losses (1)                                                                                                                              |   |                                               | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,368 |   |
| Operating income (loss)                                                                                                                            |   |                                               | 1,796  |   |   |   | 1,465 |   |   |   | 2,535 |   |   |   | 2,560 |   |   |   | 1,839 |   |   |   | 1,551 |   |   |   | 3,313 |   |   |   | 1586 |   |
| Interest and other income, net                                                                                                                     |   |                                               | 40     |   |   |   | 12 |   |   |   | 35 |   |   |   | 32 |   |   |   | 24 |   |   |   | 28 |   |   |   | 36 |   |   |   | 5 |   |
| Income (loss) before income taxes                                                                                                                  |   |                                               | 1,836  |   |   |   | 1,477 |   |   |   | 2,570 |   |   |   | 2,592 |   |   |   | 1,863 |   |   |   | 1,579 |   |   |   | 3,349 |   |   |   | 1,591 |   |
| Provision (benefit) for income taxes(2)                                                                                                            |   |                                               | 127    |   |   |   | (202 | ) |   |   | 129 |   |   |   | (8,384 | ) |   |   | 745 |   |   |   | 609 |   |   |   | 1,381 |   |   |   | 611 |   |
| Income (loss) from continuing operations                                                                                                           |   |                                               | 1,709  |   |   |   | 1,679 |   |   |   | 2,441 |   |   |   | 10,976 |   |   |   | 1,118 |   |   |   | 970 |   |   |   | 1,968 |   |   |   | 980 |   |
| Income (loss) from discontinued operations, net of loss on sales of     discontinued businesses (net of income taxes) (3) |   |                                               | (53    | ) |   |   | (508 | ) |   |   | (68 | ) |   |   | 522 |   |   |   | (13 | ) |   |   | (22 | ) |   |   | - |   |   |   | 118 |   |
| Net income (loss)                                                                                                                                  |   | $                                                  | 1,656  |   |   | $ | 1,171 |   |   | $ | 2,373 |   |   | $ | 11,498 |   |   | $ | 1,105 |   |   | $ | 948 |   |   | $ | 1,968 |   |   | $ | 1,098 |   |
| Net income (loss) per basic share:                                                                                                                 |   |                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From continuing operations                                                                                                                         |   | $                                                  | 0.23   |   |   | $ | 0.23 |   |   | $ | 0.33 |   |   | $ | 1.48 |   |   | $ | 0.15 |   |   | $ | 0.13 |   |   | $ | 0.25 |   |   | $ | 0.13 |   |
| From discontinued operations, net of loss on sales of discontinued   businesses (net of income taxes)                               |   |                                               | (0.01  | ) |   |   | (0.07 | ) |   |   | (0.01 | ) |   |   | 0.07 |   |   |   | - |   |   |   | (0.01 | ) |   |   | - |   |   |   | 0.01 |   |
| Net income (loss)                                                                                                                                  |   | $                                                  | 0.22   |   |   | $ | 0.16 |   |   | $ | 0.32 |   |   | $ | 1.55 |   |   | $ | 0.15 |   |   | $ | 0.12 |   |   | $ | 0.25 |   |   | $ | 0.14 |   |
| Net income (loss) per diluted share:                                                                                                               |   |                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From continuing operations                                                                                                                         |   | $                                                  | 0.22   |   |   | $ | 0.22 |   |   | $ | 0.32 |   |   | $ | 1.43 |   |   | $ | 0.14 |   |   | $ | 0.12 |   |   | $ | 0.25 |   |   | $ | 0.13 |   |
| From discontinued operations, net of loss on sales of discontinued businesses (net of income taxes)                                                |   |                                               | -      |   |   |   | (0.07 | ) |   |   | (0.01 | ) |   |   | 0.07 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 0.01 |   |
| Net income (loss)                                                                                                                                  |   | $                                                  | 0.22   |   |   | $ | 0.15 |   |   | $ | 0.31 |   |   | $ | 1.50 |   |   | $ | 0.14 |   |   | $ | 0.12 |   |   | $ | 0.25 |   |   | $ | 0.14 |   |
| Weighted average shares outstanding                                                                                                                |   |                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                                                              |   |                                               | 7,551  |   |   |   | 7,404 |   |   |   | 7,420 |   |   |   | 7,429 |   |   |   | 7,502 |   |   |   | 7,732 |   |   |   | 7,727 |   |   |   | 7,716 |   |
| Diluted                                                                                                                                            |   |                                               | 7,629  |   |   |   | 7,555 |   |   |   | 7,676 |   |   |   | 7,689 |   |   |   | 7,725 |   |   |   | 7,820 |   |   |   | 7,841 |   |   |   | 7,806 |   |

----

| (1)   | The impairment losses recognized in the fourth quarter of fiscal 2011, related to our Expos business.  See “Critical Accounting Policies and Estimates-Goodwill and Long-Lived Assets Other Than Goodwill.” |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | The income tax benefit in the fourth quarter of fiscal 2010 related to the release of valuation allowances.  See “Critical Accounting Policies and Estimates―Income Tax, Deferred Tax Assets and Valuation Allowances.” |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | The income from discontinued operations in the fourth quarter of fiscal 2010 related to agreements reached in the fourth quarter to reduce the Company’s obligations under the New York leases.  See “Critical Accounting Policies and Estimates―Accruals for Losses on Facility Leases.” |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                          |   | Quarter Ended(In thousands) |   |
|-------------------------------|--------|-----------------------------|--------|
|                          |   | Sept. 30,2009               |   |   | Dec. 31,2009 |   |   | Mar. 31,2010 |   |   | June 30,2010 |   |   | Sept. 30,2010 |   |   | Dec. 31,2010 |   |   | Mar. 31,2011 |   |   | June 30,2011 |   |
| Selected Operating Data:      |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Units authenticated or graded |   |                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Coins                         |   |                        | 359    |   |   |   | 400 |   |   |   | 480 |   |   |   | 469 |   |   |   | 448 |   |   |   | 404 |   |   |   | 576 |   |   |   | 546 |   |
| Trading cards and autographs  |   |                        | 334    |   |   |   | 301 |   |   |   | 318 |   |   |   | 334 |   |   |   | 344 |   |   |   | 302 |   |   |   | 340 |   |   |   | 375 |   |
| Stamps                        |   |                        | 5      |   |   |   | 5 |   |   |   | 5 |   |   |   | 4 |   |   |   | 4 |   |   |   | 4 |   |   |   | 3 |   |   |   | 3 |   |
| Total                         |   |                        | 698    |   |   |   | 706 |   |   |   | 803 |   |   |   | 807 |   |   |   | 796 |   |   |   | 710 |   |   |   | 919 |   |   |   | 924 |   |

----

|  Year Ending June 30,                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | Gross Payment |   |   | SubleaseIncome |   |   | Net    |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|----------------|--------|--------|--------|--------|
| 2012                                                                                  |   | $             | 1,255  |   |           | $      | 43     |   |   | $ | 1,212 |   |
| 2013                                                                                  |   |          | 1,276  |   |           |   | 45     |   |   |   | 1,231 |   |
| 2014                                                                                                                                                                                                                                                                                                                                                                                                                            |   |          | 1,252  |   |           |   | 46     |   |   |   | 1,206 |   |
| 2015                                                                                  |   |          | 1,160  |   |           |   | 47     |   |   |   | 1,113 |   |
| 2016                                                                                  |   |          | 1,135  |   |           |   | 49     |   |   |   | 1,086 |   |
| Thereafter                                                                            |   |          | 3,150  |   |           |   | 142    |   |   |   | 3,008 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $             | 9,228  |   |           | $      | 372    |   |   | $ | 8,856 |   |

----

|  Year Ending June 30,                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | GrossPayment |   |   | SubleaseIncome |   |   | Net    |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|--------|----------------|--------|--------|--------|--------|
| 2012                                                                                  |   | $            | 680    |   |           | $      | 174    |   |   | $ | 506 |   |
| 2013                                                                                  |   |         | 721    |   |           |   | 181    |   |   |   | 540 |   |
| 2014                                                                                                                                                                                                                                                                                                                                                                                                                            |   |         | 758    |   |           |   | 192    |   |   |   | 566 |   |
| 2015                                                                                                                                                                                                                                                                                                                                                                                                                       |   |         | 794    |   |           |   | 195    |   |   |   | 599 |   |
| 2016                                                                                                                                                                                                                                                                                                                                                                                                                       |   |         | 635    |   |           |   | 99     |   |   |   | 536 |   |
| Thereafter                                                                            |   |         | 715    |   |           |   | -      |   |   |   | 715 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $            | 4,303  |   |           | $      | 841    |   |   |   | 3,462 |   |
| Less: Discounted estimated fair value of minimum lease payments                                                                                                                                                                                                                                                                                                                                                                                                              |   |         |   |   |           |   |   |   |   |   | 3,015 |   |
| Accretion expense to be recognized in future years                                                                                                                                                                                                                                                                                                                                                                                                                           |   |         |   |   |           |   |   |   |   | $ | 447 |   |

----

ITEM 7A.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

----

ITEM 8.      FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Page   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Report of Independent Registered Public Accounting Firm                                                                                                                                   | 48     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| Consolidated Balance Sheets at June 30, 2011 and 2010                                                                                                                                     | 49     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| Consolidated Statements of Operations for the Years Ended June 30, 2011, 2010 and 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 50     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| Consolidated Statements of Stockholders’ Equity for the Years Ended June 30, 2011, 2010 and 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 51     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| Consolidated Statements of Cash Flows for the Years Ended June 30, 2011, 2010 and 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 52     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| Notes to Consolidated Financial Statements                                                                                                                                                | 54     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| Schedule II – Valuation and Qualifying Accounts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 78     |

----

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

----

COLLECTORS UNIVERSE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

|                                                                                                         |   | June 30, |    |
|--------------------------------------------------------------------------------------------------------------|--------|----------|---------|
| ASSETS                                                                                                       |   | 2011     |    |   | 2010 |   |
| Current assets:                                                                                              |   |     |    |   |   |   |
| Cash and cash equivalents                                                                                    |   | $        | 21,926  |   |   | $ | 20,321 |   |
| Accounts receivable, net of allowance of $66 in 2011 and $75 in 2010                                         |   |     | 1,534   |   |   |   | 1,246 |   |
| Refundable income taxes                                                                                      |   |     | 60      |   |   |   | 335 |   |
| Inventories, net                                                                                             |   |     | 1,442   |   |   |   | 708 |   |
| Prepaid expenses and other current assets                                                                    |   |     | 959     |   |   |   | 919 |   |
| Deferred income tax asset                                                                                    |   |     | 1,769   |   |   |   | 4,365 |   |
| Notes receivable from sale of net assets of discontinued operations                                          |   |     | 50      |   |   |   | 96 |   |
| Current assets of discontinued operations                                                                    |   |     | 27      |   |   |   | 52 |   |
| Total current assets                                                                                         |   |     | 27,767  |   |   |   | 28,042 |   |
|                                                                                                         |   |     |    |   |   |   |   |   |
| Property and equipment, net                                                                                  |   |     | 1,301   |   |   |   | 1,145 |   |
| Goodwill                                                                                                     |   |     | 2,083   |   |   |   | 2,826 |   |
| Intangible assets, net                                                                                       |   |     | 1,145   |   |   |   | 2,184 |   |
| Deferred income tax asset                                                                                    |   |     | 2,956   |   |   |   | 3,807 |   |
| Notes receivable from sale of net assets of discontinued operations, less current portion                    |   |     | 135     |   |   |   | 170 |   |
| Other assets, including coin inventory of $750 at June 30, 2011                                              |   |     | 942     |   |   |   | 330 |   |
| Non-current assets of discontinued operations                                                                |   |     | 182     |   |   |   | 182 |   |
|                                                                                                         |   | $        | 36,511  |   |   | $ | 38,686 |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                   |   |     |    |   |   |   |   |   |
| Current liabilities:                                                                                         |   |     |    |   |   |   |   |   |
| Accounts payable                                                                                             |   | $        | 1,390   |   |   | $ | 1,434 |   |
| Accrued liabilities                                                                                          |   |     | 1,415   |   |   |   | 1,495 |   |
| Accrued compensation and benefits                                                                            |   |     | 2,383   |   |   |   | 1,804 |   |
| Income taxes payable                                                                                         |   |     | 125     |   |   |   | 197 |   |
| Deferred revenue                                                                                             |   |     | 2,417   |   |   |   | 1,926 |   |
| Current liabilities of discontinued operations                                                               |   |     | 743     |   |   |   | 923 |   |
| Total current liabilities                                                                                    |   |     | 8,473   |   |   |   | 7,779 |   |
|                                                                                                         |   |     |    |   |   |   |   |   |
| Deferred rent                                                                                                |   |     | 396     |   |   |   | 321 |   |
| Non-current liabilities of discontinued operations                                                           |   |     | 2,572   |   |   |   | 2,974 |   |
| Commitments and contingencies (note 14)                                                                      |   |     |    |   |   |   |   |   |
|                                                                                                         |   |     |    |   |   |   |   |   |
| Stockholders’ equity:                                                                                  |   |     |    |   |   |   |   |   |
| Preferred stock, $.001 par value; 3,000 shares authorized; no shares issued or outstanding                   |   |     | -       |   |   |   | - |   |
| Common stock, $.001 par value; 20,000 shares authorized; shares outstanding: 7,943 in 2011 and 7,693 in 2010 |   |     | 8       |   |   |   | 8 |   |
| Additional paid-in capital                                                                                   |   |     | 70,402  |   |   |   | 68,134 |   |
| Accumulated deficit                                                                                          |   |     | (45,340 | ) |   |   | (40,530 | ) |
| Total stockholders’ equity                                                                             |   |     | 25,070  |   |   |   | 27,612 |   |
|                                                                                                         |   | $        | 36,511  |   |   | $ | 38,686 |   |

----

COLLECTORS UNIVERSE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

|                                                                                                              |   | Year Ended June 30, |   |
|-------------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|
|                                                                                                              |   | 2011                |   |   | 2010 |   |   | 2009 |   |
| Net revenues:                                                                                                     |   |                |   |   |   |   |   |   |   |
| Grading, authentication and related services                                                                      |   | $                   | 44,432 |   |   | $ | 39,763 |   |   | $ | 35,914 |   |
| Cost of revenues:                                                                                                 |   |                |   |   |   |   |   |   |   |   |   |   |
| Cost of grading, authentication and related services                                                              |   |                | 17,249 |   |   |   | 15,594 |   |   |   | 16,385 |   |
| Gross profit                                                                                                      |   |                | 27,183 |   |   |   | 24,169 |   |   |   | 19,529 |   |
| Operating expenses:                                                                                               |   |                |   |   |   |   |   |   |   |   |   |   |
| Selling and marketing expenses                                                                                    |   |                | 6,029  |   |   |   | 5,068 |   |   |   | 4,306 |   |
| General and administrative expenses                                                                               |   |                | 11,497 |   |   |   | 10,745 |   |   |   | 12,486 |   |
| Impairment losses                                                                                                 |   |                | 1,368  |   |   |   | - |   |   |   | 649 |   |
| Total operating expenses                                                                                          |   |                | 18,894 |   |   |   | 15,813 |   |   |   | 17,441 |   |
| Operating income                                                                                                  |   |                | 8,289  |   |   |   | 8,356 |   |   |   | 2,088 |   |
| Interest income, net                                                                                              |   |                | 98     |   |   |   | 89 |   |   |   | 284 |   |
| Other (expense) income, net                                                                                       |   |                | (5     | ) |   |   | 30 |   |   |   | 14 |   |
| Income before provision (benefit) for income taxes                                                                |   |                | 8,382  |   |   |   | 8,475 |   |   |   | 2,386 |   |
| Provision (benefit) for income taxes                                                                              |   |                | 3,346  |   |   |   | (8,330 | ) |   |   | 1,183 |   |
| Income from continuing operations                                                                                 |   |                | 5,036  |   |   |   | 16,805 |   |   |   | 1,203 |   |
| Income (loss) from discontinued operations, net of loss on sales of discontinued businesses (net of income taxes) |   |                | 83     |   |   |   | (107 | ) |   |   | (18,126 | ) |
| Net income (loss)                                                                                                 |   | $                   | 5,119  |   |   | $ | 16,698 |   |   | $ | (16,923 | ) |
|                                                                                                              |   |                |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) per basic share:                                                                                |   |                |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations                                                                                 |   | $                   | 0.66   |   |   | $ | 2.26 |   |   | $ | 0.13 |   |
| Income (loss) from discontinued operations, net of loss on sales of discontinued businesses (net of income taxes) |   |                | 0.01   |   |   |   | (0.02 | ) |   |   | (1.99 | ) |
| Net income (loss)                                                                                                 |   | $                   | 0.67   |   |   | $ | 2.24 |   |   | $ | (1.86 | ) |
|                                                                                                              |   |                |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) per diluted share:                                                                              |   |                |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations                                                                                 |   | $                   | 0.65   |   |   | $ | 2.20 |   |   | $ | 0.13 |   |
| Income (loss) from discontinued operations, net of loss on sales ofdiscontinued businesses (net of income taxes)  |   |                | 0.01   |   |   |   | (0.01 | ) |   |   | (1.98 | ) |
| Net income (loss)                                                                                                 |   | $                   | 0.66   |   |   | $ | 2.19 |   |   | $ | (1.85 | ) |
| Weighted average shares outstanding:                                                                              |   |                |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                             |   |                | 7,682  |   |   |   | 7,451 |   |   |   | 9,103 |   |
| Diluted                                                                                                           |   |                | 7,798  |   |   |   | 7,637 |   |   |   | 9,135 |   |
| Dividends declared per common share                                                                               |   | $                   | 1.28   |   |   | $ | 0.80 |   |   | $ | 0.23 |   |

----

COLLECTORS UNIVERSE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

|                                                                |   | Common Stock |   |   | AdditionalPaid-in |   |   | Accumulated |   |   |    |   |
|---------------------------------------------------------------------|--------|--------------|--------|--------|-------------------|--------|--------|-------------|--------|--------|---------|--------|
|                                                                |   | Shares       |   |   | Amount            |   |   | Capital     |   |   | Deficit |   |   | Total |   |
| Balance at June 30, 2008                                            |   |         | 8,361  |   |              | $      | 8      |        |   | $      | 75,996  |   |   | $ | (32,174 | ) |   | $ | 43,830 |   |
| 10% stock dividend issued November 2008                             |   |         | 828    |   |              |   | 1      |        |   |   | (1      | )      |   |   | - |   |   |   | - |   |
| Shares sold to directors                                            |   |         | 40     |   |              |   | -      |        |   |   | 161     |   |   |   | - |   |   |   | 161 |   |
| Stock-based compensation – options                            |   |         | -      |   |              |   | -      |        |   |   | 524     |   |   |   | - |   |   |   | 524 |   |
| 1999 supplier stock options expired in 2009                         |   |         | -      |   |              |   | -      |        |   |   | (495    | )      |   |   | - |   |   |   | (495 | ) |
| Stock-based compensation – restricted stock                   |   |         | 49     |   |              |   | -      |        |   |   | 256     |   |   |   | - |   |   |   | 256 |   |
| Shares repurchased and cancelled under the Stock Repurchase Plan    |   |         | (120   | )      |              |   | -      |        |   |   | (484    | )      |   |   | - |   |   |   | (484 | ) |
| Net loss                                                            |   |         | -      |   |              |   | -      |        |   |   | -       |   |   |   | (16,923 | ) |   |   | (16,923 | ) |
| Dividends paid                                                      |   |         | -      |   |              |   | -      |        |   |   | -       |   |   |   | (2,090 | ) |   |   | (2,090 | ) |
| Balance at June 30, 2009                                            |   |         | 9,158  |   |              |   | 9      |        |   |   | 75,957  |   |   |   | (51,187 | ) |   |   | 24,779 |   |
| Exercise of stock options                                           |   |         | 10     |   |              |   | -      |        |   |   | 118     |   |   |   | - |   |   |   | 118 |   |
| Stock-based compensation – options                            |   |         | -      |   |              |   | -      |        |   |   | 27      |   |   |   | - |   |   |   | 27 |   |
| Stock-based compensation – restricted stock                   |   |         | 275    |   |              |   | -      |        |   |   | 941     |   |   |   | - |   |   |   | 941 |   |
| Shares purchased and cancelled under the Dutch Auction Tender Offer |   |         | (1,750 | )      |              |   | (1     | )           |   |   | (8,909  | )      |   |   | - |   |   |   | (8,910 | ) |
| Net income                                                          |   |         | -      |   |              |   | -      |        |   |   | -       |   |   |   | 16,698 |   |   |   | 16,698 |   |
| Dividends paid and accrued                                          |   |         | -      |   |              |   | -      |        |   |   | -       |   |   |   | (6,041 | ) |   |   | (6,041 | ) |
| Balance at June 30, 2010                                            |   |         | 7,693  |   |              |   | 8      |        |   |   | 68,134  |   |   |   | (40,530 | ) |   |   | 27,612 |   |
| Exercise of stock options                                           |   |         | 153    |   |              |   | -      |        |   |   | 1,137   |   |   |   | - |   |   |   | 1,137 |   |
| Stock-based compensation – options                            |   |         | -      |   |              |   | -      |        |   |   | 10      |   |   |   | - |   |   |   | 10 |   |
| Stock-based compensation – restricted stock                   |   |         | 97     |   |              |   | -      |        |   |   | 1,121   |   |   |   | - |   |   |   | 1,121 |   |
| Net income                                                          |   |         | -      |   |              |   | -      |        |   |   | -       |   |   |   | 5,119 |   |   |   | 5,119 |   |
| Dividends paid and accrued                                          |   |         | -      |   |              |   | -      |        |   |   | -       |   |   |   | (9,929 | ) |   |   | (9,929 | ) |
| Balance at June 30, 2011                                            |   |         | 7,943  |   |              | $      | 8      |        |   | $      | 70,402  |   |   | $ | (45,340 | ) |   | $ | 25,070 |   |

----

COLLECTORS UNIVERSE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

|                                                                                               |   | Year Ended June 30, |   |
|----------------------------------------------------------------------------------------------------|--------|---------------------|--------|
|                                                                                               |   | 2011                |   |   | 2010 |   |   | 2009 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                              |   |                |   |   |   |   |   |   |   |
| Net income (loss)                                                                                  |   | $                   | 5,119  |   |   | $ | 16,698 |   |   | $ | (16,923 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |   |                |   |   |   |   |   |   |   |   |   |   |
| (Income) loss from discontinued operations                                                         |   |                | (83    | ) |   |   | 107 |   |   |   | 18,126 |   |
| Depreciation and amortization expense                                                              |   |                | 771    |   |   |   | 991 |   |   |   | 1,401 |   |
| Stock-based compensation expense                                                                   |   |                | 1,131  |   |   |   | 968 |   |   |   | 759 |   |
| Impairment losses                                                                                  |   |                | 1,368  |   |   |   | - |   |   |   | 649 |   |
| Provision for bad debts                                                                            |   |                | 17     |   |   |   | 4 |   |   |   | 42 |   |
| Provision for inventory write-down                                                                 |   |                | 1      |   |   |   | 58 |   |   |   | 176 |   |
| Provision for warranty                                                                             |   |                | 751    |   |   |   | 641 |   |   |   | 576 |   |
| Loss (gain) on sale of property and equipment                                                      |   |                | 9      |   |   |   | (12 | ) |   |   | 2 |   |
| Gain on customer notes                                                                             |   |                | 1      |   |   |   | - |   |   |   | (10 | ) |
| Interest accrued on note receivables                                                               |   |                | (15    | ) |   |   | (9 | ) |   |   | (8 | ) |
| Provision for deferred income taxes                                                                |   |                | 3,447  |   |   |   | (8,440 | ) |   |   | 1,168 |   |
| Changes in operating assets and liabilities:                                                       |   |                |   |   |   |   |   |   |   |   |   |   |
| Accounts receivable                                                                                |   |                | (356   | ) |   |   | 37 |   |   |   | (82 | ) |
| Inventories                                                                                        |   |                | (734   | ) |   |   | (269 | ) |   |   | 288 |   |
| Prepaid expenses and other                                                                         |   |                | 11     |   |   |   | (53 | ) |   |   | (16 | ) |
| Refundable income taxes                                                                            |   |                | 275    |   |   |   | (335 | ) |   |   | 575 |   |
| Other assets                                                                                       |   |                | (662   | ) |   |   | (204 | ) |   |   | 60 |   |
| Accounts payable and accrued liabilities                                                           |   |                | (862   | ) |   |   | (205 | ) |   |   | (860 | ) |
| Accrued compensation and benefits                                                                  |   |                | 578    |   |   |   | 463 |   |   |   | 72 |   |
| Income taxes payable                                                                               |   |                | (72    | ) |   |   | (55 | ) |   |   | (117 | ) |
| Deferred revenue                                                                                   |   |                | 491    |   |   |   | 43 |   |   |   | (118 | ) |
| Deferred rent                                                                                      |   |                | 75     |   |   |   | 101 |   |   |   | 46 |   |
| Net cash provided by operating activities of continuing operations                                 |   |                | 11,261 |   |   |   | 10,529 |   |   |   | 5,806 |   |
| Net cash used in operating activities of discontinued operations                                   |   |                | (716   | ) |   |   | (1,303 | ) |   |   | (6,568 | ) |
| Net cash provided by (used in) operating activities                                                |   |                | 10,545 |   |   |   | 9,226 |   |   |   | (762 | ) |
|                                                                                               |   |                |   |   |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                              |   |                |   |   |   |   |   |   |   |   |   |   |
| Proceeds from sale of property and equipment                                                       |   |                | 124    |   |   |   | 104 |   |   |   | 3 |   |
| Capital expenditures                                                                               |   |                | (637   | ) |   |   | (479 | ) |   |   | (123 | ) |
| Expos purchase price adjustment                                                                    |   |                | -      |   |   |   | (200 | ) |   |   | - |   |
| Advances on customer notes receivable                                                              |   |                | -      |   |   |   | - |   |   |   | (2,446 | ) |
| Proceeds from collection of customer notes receivable                                              |   |                | -      |   |   |   | 2,355 |   |   |   | 5,731 |   |
| Capitalized software                                                                               |   |                | (9     | ) |   |   | (35 | ) |   |   | (261 | ) |
| Cash received from sale of net assets of discontinued operations                                   |   |                | 389    |   |   |   | 215 |   |   |   | 796 |   |
| Net cash (used in) provided by investing activities                                                |   |                | (133   | ) |   |   | 1,960 |   |   |   | 3,700 |   |
|                                                                                               |   |                |   |   |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                              |   |                |   |   |   |   |   |   |   |   |   |   |
| Proceeds from sale of common stock                                                                 |   |                | -      |   |   |   | - |   |   |   | 161 |   |
| Proceeds from exercise of stock options                                                            |   |                | 1,137  |   |   |   | 118 |   |   |   | - |   |
| Payments for retirement of common stock                                                            |   |                | -      |   |   |   | (8,910 | ) |   |   | (484 | ) |
| Dividends paid to common stockholders                                                              |   |                | (9,944 | ) |   |   | (5,943 | ) |   |   | (2,090 | ) |
| Net cash used in financing activities                                                              |   |                | (8,807 | ) |   |   | (14,735 | ) |   |   | (2,413 | ) |
| Increase (decrease) in cash and cash equivalents                                                   |   |                | 1,605  |   |   |   | (3,549 | ) |   |   | 525 |   |
| Cash and cash equivalents at beginning of year                                                     |   |                | 20,321 |   |   |   | 23,870 |   |   |   | 23,345 |   |
| Cash and cash equivalents at end of year                                                           |   | $                   | 21,926 |   |   | $ | 20,321 |   |   | $ | 23,870 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Year ended June 30, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2011                |   |   | 2010 |   |   | 2009 |   |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                |   |   |   |   |   |   |   |
| Income taxes paid (refund), net                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | $                   | (251   | ) |   | $ | 431 |   |   | $ | (488 | ) |
| Interest paid                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $                   | -      |   |   | $ | - |   |   | $ | 59 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                |   |   |   |   |   |   |   |   |   |   |
| NON-CASH FINANCING ACTIVITY:                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                |   |   |   |   |   |   |   |   |   |   |
| Supplier Warrants                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                |   |   |   |   |   |   |   |   |   |   |
| During fiscal year 2009, approximately 165,000 warrants to acquire the Company’s stock that were issued in 1999 to suppliers with an exercise price of $18.18 expired unexercised.  Prior to expiration of these warrants, the Company recognized a deferred income tax asset of approximately $495,000 that was written off on the dates of expiration and charged to additional paid-in capital on the Consolidated Balance Sheet at June 30, 2009. |   |                |   |   |   |   |   |   |   |   |   |   |

----

COLLECTORS UNIVERSE, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

----

----

----

----

----

|                                                                                                                                       |   | Year Ended June 30, |   |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|
|                                                                                                                                       |   | 2011                |   |   | 2010 |   |   | 2009 |   |
| Income from continuing operations                                                                                                          |   | $                   | 5,036  |   |   | $ | 16,805 |   |   | $ | 1,203 |   |
| Income (loss) from discontinued operations, net of loss on sales of discontinued income (loss) businesses  (net of income taxes) |   |                | 83     |   |   |   | (107 | ) |   |   | (18,126 | ) |
| Net income (loss)                                                                                                                          |   | $                   | 5,119  |   |   | $ | 16,698 |   |   | $ | (16,923 | ) |
|                                                                                                                                       |   |                |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) per basic share:                                                                                                         |   |                |   |   |   |   |   |   |   |   |   |   |
| From continuing operations                                                                                                                 |   | $                   | 0.66   |   |   | $ | 2.26 |   |   | $ | 0.13 |   |
| From discontinued operations, net of loss on sales of discontinued businesses (net of income taxes)                                        |   |                | 0.01   |   |   |   | (0.02 | ) |   |   | (1.99 | ) |
| Net income (loss)                                                                                                                          |   | $                   | 0.67   |   |   | $ | 2.24 |   |   | $ | (1.86 | ) |
|                                                                                                                                       |   |                |   |   |   |   |   |   |   |   |   |   |
| Net Income (loss) per diluted share:                                                                                                       |   |                |   |   |   |   |   |   |   |   |   |   |
| From continuing operations                                                                                                                 |   | $                   | 0.65   |   |   | $ | 2.20 |   |   | $ | 0.13 |   |
| From discontinued operations, net of loss on sales of discontinued businesses (net of income taxes)                                        |   |                | 0.01   |   |   |   | (0.01 | ) |   |   | (1.98 | ) |
| Net income (loss)                                                                                                                          |   | $                   | 0.66   |   |   | $ | 2.19 |   |   | $ | (1.85 | ) |
|                                                                                                                                       |   |                |   |   |   |   |   |   |   |   |   |   |
| Weighted-average shares outstanding:                                                                                                       |   |                |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                                                      |   |                | 7,682  |   |   |   | 7,451 |   |   |   | 9,103 |   |
| Effect of dilutive shares                                                                                                                  |   |                | 116    |   |   |   | 186 |   |   |   | 32 |   |
| Diluted                                                                                                                                    |   |                | 7,798  |   |   |   | 7,637 |   |   |   | 9,135 |   |

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                               |   | Year Ended June 30, |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                               |   | 2011                |   |   | 2010 |   |   | 2009 |   |
| Net revenues                                                                                      |   | $                   | 15     |   |   | $ | 12 |   |   | $ | 1,437 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                               |   |                |   |   |   |   |   |   |   |   |   |   |
| Loss from operations of discontinued businesses                                                                                                                                                                                                                                                                                                                                                                    |   |                | (2     | ) |   |   | (209 | ) |   |   | (5,212 | ) |
| Impairment losses                                                                                 |   |                | -      |   |   |   | - |   |   |   | (7,695 | ) |
| Gain (loss) on sales of discontinued businesses                                                                                                                                                                                                                                                                                                                                                                    |   |                | 140    |   |   |   | 33 |   |   |   | (5,219 | ) |
| Gain (loss) before income tax benefit                                                                                                                                                                                                                                                                                                                                                                              |   |                | 138    |   |   |   | (176 | ) |   |   | (18,126 | ) |
| Provision (benefit) for income taxes                                                              |   |                | 55     |   |   |   | (69 | ) |   |   | - |   |
| Income (loss) from discontinued operations                                                                                                                                                                                                                                                                                                                                                                         |   | $                   | 83     |   |   | $ | (107 | ) |   | $ | (18,126 | ) |

----

|                                          |   | June 30, |   |
|-----------------------------------------------|--------|----------|--------|
| Balance Sheet Data of Discontinued Operations |   | 2011     |   |   | 2010 |   |
| Current Assets:                               |   |     |   |   |   |   |
| Accounts receivable, net                      |   | $        | -      |   |   | $ | 25 |   |
| Assets held for sale                          |   |     | 27     |   |   |   | 27 |   |
|                                          |   | $        | 27     |   |   | $ | 52 |   |
| Non-current assets:                           |   |     |   |   |   |   |   |   |
| Other assets                                  |   |     | 182    |   |   |   | 182 |   |
|                                          |   | $        | 182    |   |   | $ | 182 |   |
| Current liabilities:                          |   |     |   |   |   |   |   |   |
| Accounts payable                              |   | $        | 10     |   |   | $ | 27 |   |
| Lease obligations                             |   |     | 565    |   |   |   | 532 |   |
| Other accrued expenses                        |   |     | 168    |   |   |   | 342 |   |
| Deferred revenue                              |   |     | -      |   |   |   | 22 |   |
|                                          |   | $        | 743    |   |   | $ | 923 |   |
| Non-current liabilities:                      |   |     |   |   |   |   |   |   |
| Lease obligations                             |   | $        | 2,572  |   |   | $ | 2,938 |   |
| Other long-term liabilities                   |   |     | -      |   |   |   | 36 |   |
|                                          |   | $        | 2,572  |   |   | $ | 2,974 |   |

| 4.             | Inventories |
|-----------------------------------------------------------------------|-------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 2011   |   |   | 2010   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Coins                                                                                                                                                                                                                                                                                                                                                                                                                   |   | $      | 1,468  |   |   | $      | 493 |   |
| Other collectibles                                                                                                                                                                                                                                                                                                                                                                                                      |   |   | 76     |   |   |   | 32 |   |
| Grading raw materials consumable inventory                                                                                                                                                                                                                                                                                                                                                                              |   |   | 774    |   |   |   | 327 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | 2,318  |   |   |   | 852 |   |
| Less inventory reserve                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | (126   | )      |   |   | (144 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                    |   | $      | 2,192  |   |   | $      | 708 |   |
| Classified as long-term                                                                 |   |   | (750   | )      |   |   | - |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                    |   | $      | 1,442  |   |   | $      | 708 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 2011   |   |   | 2010   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Coins and stamp reference sets                                                                         |   | $      | 331    |   |   | $      | 461 |   |
| Computer hardware and equipment                                                                        |   |   | 1,467  |   |   |   | 1,419 |   |
| Computer software                                                                                      |   |   | 1,023  |   |   |   | 999 |   |
| Equipment                                                                                              |   |   | 2,509  |   |   |   | 2,090 |   |
| Furniture and office equipment                                                                         |   |   | 912    |   |   |   | 907 |   |
| Leasehold improvements                                                                                 |   |   | 704    |   |   |   | 695 |   |
| Trading card reference library                                                                         |   |   | 52     |   |   |   | 52 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   | 6,998  |   |   |   | 6,623 |   |
| Less accumulated depreciation and amortization                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   | (5,697 | )      |   |   | (5,478 | ) |
| Property and equipment, net                                                                            |   | $      | 1,301  |   |   | $      | 1,145 |   |

----

| 6.             | Goodwill and Intangible Assets |
|-----------------------------------------------------------------------|--------------------------------|

|            |   | 2011   |   |   | 2010   |   |
|-----------------|--------|--------|--------|--------|--------|--------|
| CoinFacts       |   | $      | 515    |   |   | $      | 515 |   |
| Expos Unlimited |   |   | 458    |   |   |   | 1,201 |   |
| CCE             |   |   | 1,110  |   |   |   | 1,110 |   |
|            |   | $      | 2,083  |   |   | $      | 2,826 |   |

----

|                           |   | As of June 30, 2011 |   |   | As of June 30, 2010      |   |
|--------------------------------|--------|---------------------|--------|--------|--------------------------|--------|
|                           |   | Gross Book Value    |   |   | Accumulated Amortization |   |   | Impairmentloss |   |   | Net Book Value |   |   | Gross Book Value |   |   | Accumulated Amortization |   |   | Net Book Value |   |
| Amortized Intangible Assets:   |   |                |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expos Unlimited:               |   |                |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Auctioneer relationships       |   | $                   | 150    |   |                     | $      | (75 | ) |   | $ | - |   |   | $ | 75 |   |   | $ | 150 |   |   | $ | (60 | ) |   | $ | 90 |   |
| Covenant not to compete        |   |                | 130    |   |                     |   | (81 | ) |   |   | - |   |   |   | 49 |   |   |   | 130 |   |   |   | (65 | ) |   |   | 65 |   |
| Customer database              |   |                | 790    |   |                     |   | (395 | ) |   |   | (165 | ) |   |   | 230 |   |   |   | 790 |   |   |   | (316 | ) |   |   | 474 |   |
|                           |   |                | 1,070  |   |                     |   | (551 | ) |   |   | (165 | ) |   |   | 354 |   |   |   | 1,070 |   |   |   | (441 | ) |   |   | 629 |   |
| CCE:                           |   |                |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Covenant not to compete        |   |                | 25     |   |                     |   | (25 | ) |   |   | - |   |   |   | - |   |   |   | 25 |   |   |   | (24 | ) |   |   | 1 |   |
| Customer lists                 |   |                | 676    |   |                     |   | (263 | ) |   |   | - |   |   |   | 413 |   |   |   | 676 |   |   |   | (218 | ) |   |   | 458 |   |
| Website                        |   |                | 2      |   |                     |   | (2 | ) |   |   | - |   |   |   | - |   |   |   | 2 |   |   |   | (2 | ) |   |   | - |   |
|                           |   |                | 703    |   |                     |   | (290 | ) |   |   | - |   |   |   | 413 |   |   |   | 703 |   |   |   | (244 | ) |   |   | 459 |   |
|                           |   |                |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capitalized Software           |   |                | 2,634  |   |                     |   | (2,575 | ) |   |   | - |   |   |   | 59 |   |   |   | 2,625 |   |   |   | (2,308 | ) |   |   | 317 |   |
|                           |   | $                   | 4,407  |   |                     | $      | (3,416 | ) |   |   | (165 | ) |   | $ | 826 |   |   | $ | 4,398 |   |   | $ | (2,993 | ) |   | $ | 1,405 |   |
| Unamortized Intangible Assets: |   |                |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expos:  Trade name   |   | $                   | 740    |   |                     | $      | - |   |   |   | (460 | ) |   | $ | 280 |   |   | $ | 740 |   |   | $ | - |   |   | $ | 740 |   |
| CCE:  Trade name     |   |                | 39     |   |                     |   | - |   |   |   | - |   |   |   | 39 |   |   |   | 39 |   |   |   | - |   |   |   | 39 |   |
|                           |   | $                   | 779    |   |                     | $      | - |   |   |   | (460 | ) |   | $ | 319 |   |   | $ | 779 |   |   |   | - |   |   | $ | 779 |   |
|                           |   | $                   | 5,186  |   |                     | $      | (3,416 | ) |   | $ | (625 | ) |   | $ | 1,145 |   |   | $ | 5,177 |   |   | $ | (2,993 | ) |   | $ | 2,184 |   |

| Fiscal Year Ending June 30, |   |   |   |
|-----------------------------|--------|--------|--------|
| 2012                        |   | $      | 164    |   |
| 2013                        |   |   | 137    |   |
| 2014                        |   |   | 125    |   |
| 2015                        |   |   | 106    |   |
| 2016                        |   |   | 106    |   |
| Thereafter                  |   |   | 188    |   |
| Total                       |   | $      | 826    |   |

|                     |   |  CCE |   |  Expos |   | CapitalizedSoftware |
|--------------------------|--------|-----------|--------|-------------|--------|---------------------|
| Customer relationships   |   | 15 years  |   | 10 years    |   | -                   |
| Covenant not to compete  |   | 5 years   |   | 8 years     |   | -                   |
| Auctioneer relationships |   | -         |   | 10 years    |   | -                   |
| Capitalized software     |   | -         |   | -           |   | 3 years             |

----

| 7.             | Fair Value Measurements |
|-----------------------------------------------------------------------|-------------------------|

|                             |   | AtJune 30, |   |   | Fair Value Measurements Using |   |
|----------------------------------|--------|------------|--------|--------|-------------------------------|--------|
|                             |   | 2011       |   |   | (Level 1)                     |   |   | (Level 2) |   |   | (Level 3) |   |
| Assets:                          |   |       |   |   |                          |   |   |   |   |   |   |   |
|     Goodwill |   | $          | 458    |   |                          | $      | - |   |   | $ | - |   |   | $ | 458 |   |
| Intangible assets                |   |       | 634    |   |                          |   | - |   |   |   | - |   |   |   | 634 |   |
|                             |   | $          | 1,092  |   |                          | $      | - |   |   | $ | - |   |   | $ | 1,092 |   |

|                             |   | BeginningBalanceJune 30,2010 |   |   |   Amortization |   |   | ImpairmentLossIncluded inNet Income |   |   | EndingBalanceJune 30, 2011 |   |
|----------------------------------|--------|------------------------------|--------|--------|--------------------------|--------|--------|-------------------------------------|--------|--------|----------------------------|--------|
| Assets:                          |   |                         |   |   |                     |   |   |                                |   |   |                       |   |
|     Goodwill |   | $                            | 1,201  |   |                     | $      | -      |                                |   | $      | (743                       | )      |   | $ | 458 |   |
| Intangible assets                |   |                         | 1,369  |   |                     |   | (110   | )                                   |   |   | (625                       | )      |   |   | 634 |   |
|                             |   | $                            | 2,570  |   |                     | $      | (110   | )                                   |   | $      | (1,368                     | )      |   | $ | 1,092 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                              |   | 2011   |   |   | 2010   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Warranty reserve                                                                  |   | $      | 641    |   |   | $      | 669 |   |
| Professional fees                                                                 |   |   | 122    |   |   |   | 82 |   |
| Other                                                                             |   |   | 652    |   |   |   | 744 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                              |   | $      | 1,415  |   |   | $      | 1,495 |   |

----

| Warranty reserve at June 30, 2008 |   | $      | 665  |   |
|-----------------------------------|--------|--------|------|--------|
| Charged to cost of revenues       |   |   | 576  |   |
| Payments                          |   |   | (533 | )      |
| Warranty reserve at June 30, 2009 |   |   | 708  |   |
| Charged to cost of revenues       |   |   | 641  |   |
| Payments                          |   |   | (680 | )      |
| Warranty reserve at June 30, 2010 |   |   | 669  |   |
| Charged to cost of revenues       |   |   | 751  |   |
| Payments                          |   |   | (779 | )      |
| Warranty reserve at June 30, 2011 |   | $      | 641  |   |

|                                                                                                                                                                                                                                                                                                                      |   | 2011   |   |   | 2010   |   |   | 2009   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Current:                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |
| Federal                                                    |   | $      | (22    | )      |   | $      | (242   | )      |   | $ | (8 | ) |
| State                                                                                                                                                                                                                                                                                                                     |   |   | (37    | )      |   |   | 297    |   |   |   | 17 |   |
|                                                                                                                                                                                                                                                                                                                      |   |   | (59    | )      |   |   | 55     |   |   |   | 9 |   |
| Deferred:                                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Federal                                                                                                                                                                                                                                                                                                                   |   |   | 2,650  |   |   |   | (5,105 | )      |   |   | 877 |   |
| State                                                                                                                                                                                                                                                                                                                     |   |   | 755    |   |   |   | (3,280 | )      |   |   | 297 |   |
|                                                                                                                                                                                                                                                                                                                      |   |   | 3,405  |   |   |   | (8,385 | )      |   |   | 1,174 |   |
| Total (benefit) provision for income taxes                                                                                                                                                                                                                                                                                |   | $      | 3,346  |   |   | $      | (8,330 | )      |   | $ | 1,183 |   |

|                                                                                                                                                                                                                                                                                                                                                                           |   | 2011   |   |   | 2010   |   |   | 2009   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Provision at federal statutory rates                                                        |   | $      | 2,851  |   |   | $      | 2,882  |   |   | $ | 811 |   |
| State income taxes, net                                                                     |   |   | 473    |   |   |   | (1,969 | )      |   |   | 208 |   |
| Meals and entertainment                                                                     |   |   | 102    |   |   |   | 73     |   |   |   | 58 |   |
| Stock-based compensation                                                                                                                                                                                                                                                                                                                                                       |   |   | (48    | )      |   |   | 4      |   |   |   | 164 |   |
| Other                                                                                                                                                                                                                                                                                                                                                                          |   |   | (32    | )      |   |   | (250   | )      |   |   | (89 | ) |
| Valuation allowances                                                                                                                                                                                                                                                                                                                                                           |   |   | -      |   |   |   | (9,070 | )      |   |   | 31 |   |
|                                                                                                                                                                                                                                                                                                                                                                           |   | $      | 3,346  |   |   | $      | (8,330 | )      |   | $ | 1,183 |   |

----

|                                                                                                                                                                                                                                                                                                                                                  |   | 2011   |   |   | 2010   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Deferred tax assets:                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |
| Stock compensation costs                                                               |   | $      | 193    |   |   | $      | 309 |   |
| Reserves and accruals                                                                  |   |   | 2,109  |   |   |   | 2,385 |   |
| Net operating loss carryforward                                                        |   |   | 1,376  |   |   |   | 2,341 |   |
| Credits                                                                                |   |   | 790    |   |   |   | 805 |   |
| Intangible assets                                                                      |   |   | 495    |   |   |   | 2,447 |   |
| Other                                                                                  |   |   | 84     |   |   |   | 161 |   |
| Less: valuation allowance                                                                                                                                                                                                                                                                                                                             |   |   | (96    | )      |   |   | - |   |
| Total deferred tax assets                                                                                       |   |   | 4,951  |   |   |   | 8,448 |   |
| Deferred tax liabilities:                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Property and equipment                                                                 |   |   | (86    | )      |   |   | (46 | ) |
| Indefinite life                                                                        |   |   | -      |   |   |   | (95 | ) |
| Other                                                                                  |   |   | (140   | )      |   |   | (135 | ) |
| Total deferred tax liabilities                                                                                  |   |   | (226   | )      |   |   | (276 | ) |
| Net deferred tax assets                                                      |   |   | 4,725  |   |   |   | 8,172 |   |
| Less: current portion                                                        |   |   | (1,769 | )      |   |   | (4,365 | ) |
|                                                                                                                                                                                                                                                                                                                                                  |   | $      | 2,956  |   |   | $      | 3,807 |   |

----

| Unrecognized tax benefits balance at June 30, 2009 |   | $      | 151 |   |
|----------------------------------------------------|--------|--------|-----|--------|
| Gross increased for tax positions of prior years   |   |   | -   |   |
| Gross decreases for tax positions of prior years   |   |   | -   |   |
| Gross increases for tax positions of current year  |   |   | -   |   |
| Settlements                                        |   |   | -   |   |
| Lapse of statute of limitations                    |   |   | -   |   |
| Unrecognized tax benefits balance at June 30, 2010 |   |   | 151 |   |
| Gross increased for tax positions of prior years   |   |   | -   |   |
| Gross decreases for tax positions of prior years   |   |   | -   |   |
| Gross increases for tax positions of current year  |   |   | -   |   |
| Settlements                                        |   |   | -   |   |
| Lapse of statute of limitations                    |   |   | -   |   |
| Unrecognized tax benefits balance at June 30, 2011 |   | $      | 151 |   |

| 10.           | Employee Benefit Plans |
|------------------------------------------------------------|------------------------|

| 11.           | Stockholders’ Equity |
|------------------------------------------------------------|----------------------------|

----

| 12.           | Stock Incentive Plans |
|------------------------------------------------------------|-----------------------|

----

|                                 |   |  Number of Shares |   |   |  ExercisePrice Per Share |   |   | Weighted Average Exercise Price Per Share |   |
|--------------------------------------|--------|------------------------|--------|--------|-------------------------------|--------|--------|-------------------------------------------|--------|
| Options outstanding at June 30, 2008 |   |                   | 927    |   |                          | $      | 2.80   |                                      |   |   | - |   |   | $ | 21.82 |   |   | $ | 12.54 |   |
| Cancelled                            |   |                   | (264   | )      |                          |   | 2.80   |                                      |   |   | - |   |   |   | 21.82 |   |   |   | 13.33 |   |
| Expired                              |   |                   | (78    | )      |                          |   | 9.49   |                                      |   |   | - |   |   |   | 18.18 |   |   |   | 16.64 |   |
| Exercised                            |   |                   | -      |   |                          |   | -      |                                      |   |   | - |   |   |   | - |   |   |   | - |   |
| Options outstanding at June 30, 2009 |   |                   | 585    |   |                          |   | 2.80   |                                      |   |   | - |   |   |   | 21.82 |   |   |   | 11.61 |   |
| Granted                              |   |                   | -      |   |                          |   | -      |                                      |   |   | - |   |   |   | - |   |   |   | - |   |
| Cancelled                            |   |                   | (138   | )      |                          |   | 2.80   |                                      |   |   | - |   |   |   | 21.82 |   |   |   | 14.20 |   |
| Expired                              |   |                   | (3     | )      |                          |   | 18.18  |                                      |   |   | - |   |   |   | 21.82 |   |   |   | 21.65 |   |
| Exercised                            |   |                   | (10    | )      |                          |   | 2.80   |                                      |   |   | - |   |   |   | 12.48 |   |   |   | 12.16 |   |
| Options outstanding at June 30, 2010 |   |                   | 434    |   |                          |   | 2.80   |                                      |   |   | - |   |   |   | 17.82 |   |   |   | 10.72 |   |
| Cancelled                            |   |                   | (22    | )      |                          |   | 2.80   |                                      |   |   | - |   |   |   | 12.48 |   |   |   | 12.41 |   |
| Expired                              |   |                   | (8     | )      |                          |   | 7.27   |                                      |   |   | - |   |   |   | 10.91 |   |   |   | 7.88 |   |
| Exercised                            |   |                   | (152   | )      |                          |   | 2.80   |                                      |   |   | - |   |   |   | 12.48 |   |   |   | 7.47 |   |
| Options outstanding at June 30, 2011 |   |                   | 252    |   |                          | $      | 2.80   |                                      |   |   | - |   |   | $ | 17.82 |   |   | $ | 12.64 |   |

|                    |   |   |                        |   |   | Outstanding Options                             |   |   | Exercisable Options          |   |
|-------------------------|--------|--------|-----------------------------|--------|--------|-------------------------------------------------|--------|--------|------------------------------|--------|
| Range of Exercise Price |   |   | Numberof Shares Outstanding |   |   | WeightedAverageRemainingContractualLife (Years) |   |   | WeightedAverageExercisePrice |   |   | ($000’s)AggregateIntrinsicValue |   |   | Numberof Shares Exercisable |   |   | Weighted Average Exercise Price |   |   | ($000’s)Aggregate Intrinsic Value |   |
| $                       | 2.80   |   |                        | $      | 5.27   |                                            |   |   | 11                           |   |   |   | 1.78 |   |   | $ | 3.29 |   |   | $ | 126 |   |   |   | 11 |   |   | $ | 3.29 |   |   | $ | 126 |   |
| $                       | 6.91   |   |                        | $      | 7.27   |                                            |   |   | 50                           |   |   |   | 2.50 |   |   | $ | 6.91 |   |   | $ | 391 |   |   |   | 50 |   |   | $ | 6.91 |   |   | $ | 391 |   |
| $                       | 9.09   |   |                        | $      | 13.18  |                                            |   |   | 103                          |   |   |   | 3.44 |   |   | $ | 12.15 |   |   | $ | 275 |   |   |   | 100 |   |   | $ | 12.12 |   |   | $ | 271 |   |
| $                       | 14.17  |   |                        | $      | 17.82  |                                            |   |   | 88                           |   |   |   | 3.53 |   |   | $ | 17.59 |   |   | $ | 4 |   |   |   | 88 |   |   | $ | 17.59 |   |   | $ | 4 |   |
|                    |   |   |                        |   |   |                                            |   |   | 252                          |   |   |   | 3.22 |   |   | $ | 12.64 |   |   | $ | 796 |   |   |   | 249 |   |   | $ | 12.63 |   |   | $ | 792 |   |

----

----

|                                                                                                                                                                                                                                                                                                                                                  |   | Year Ended June 30, |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|
| Included In:                                                                                                                                                                                                                                                                                                                                          |   | 2011                |   |   | 2010 |   |   | 2009 |   |
| Cost of revenues                                                             |   | $                   | -      |   |   | $ | - |   |   | $ | 294 |   |
| Selling and marketing                                                                                                                                                                                                                                                                                                                                 |   |                | -      |   |   |   | - |   |   |   | - |   |
| General and administrative expenses                                                                                                                                                                                                                                                                                                                   |   |                | 1,131  |   |   |   | 968 |   |   |   | 465 |   |
| Continuing operations                                                        |   |                | 1,131  |   |   |   | 968 |   |   |   | 759 |   |
| Discontinued operations                                                      |   |                | -      |   |   |   | - |   |   |   | 21 |   |
|                                                                                                                                                                                                                                                                                                                                                  |   | $                   | 1,131  |   |   | $ | 968 |   |   | $ | 780 |   |

----

| Fiscal Year Ending June 30, |   |   |   |
|-----------------------------|--------|--------|--------|
| 2012                        |   | $      | 542    |   |
| 2013                        |   |   | 41     |   |
|                        |   | $      | 583    |   |

|    Non-Vested Shares: |   |   Shares |     |   | WeightedAverageGrant-DateFair Value |   |
|--------------------------------------|--------|--------------------|----------|--------|-------------------------------------|--------|
| Non-vested at June 30, 2008          |   |               | 50,359   |   |                                | $      | 12.60 |   |
| Granted                              |   |               | 77,778   |   |                                |   | 2.70 |   |
| Vested                               |   |               | (55,863  | )      |                                |   | 5.73 |   |
| Forfeited or cancelled               |   |               | (28,847  | )      |                                |   | 12.48 |   |
| Non-vested at June 30, 2009          |   |               | 43,427   |   |                                |   | 3.80 |   |
| Granted                              |   |               | 274,827  |   |                                |   | 4.50 |   |
| Vested                               |   |               | (64,155  | )      |                                |   | 4.42 |   |
| Forfeited or cancelled               |   |               | -        |   |                                |   | - |   |
| Non-vested at June 30, 2010          |   |               | 254,099  |   |                                |   | 4.43 |   |
| Granted                              |   |               | 97,025   |   |                                |   | 12.83 |   |
| Vested                               |   |               | (217,948 | )      |                                |   | 5.60 |   |
| Forfeited or cancelled               |   |               | -        |   |                                |   | - |   |
| Non-vested at June 30, 2011          |   |               | 133,176  |   |                                | $      | 8.64 |   |

| 13.           | Related-Party Transactions |
|------------------------------------------------------------|----------------------------|

----

| 14.           | Commitments and Contingencies |
|------------------------------------------------------------|-------------------------------|

|   Year Ending June 30,                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Company’sGross Payment |   |   | SubleaseIncome |   |   |  Net |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|--------|--------|----------------|--------|--------|-----------|--------|
| 2012                                                                                  |   | $                            | 1,255  |   |           | $      | 43     |      |   | $ | 1,212 |   |
| 2013                                                                                  |   |                         | 1,276  |   |           |   | 45     |      |   |   | 1,231 |   |
| 2014                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                         | 1,252  |   |           |   | 46     |      |   |   | 1,206 |   |
| 2015                                                                                  |   |                         | 1,160  |   |           |   | 47     |      |   |   | 1,113 |   |
| 2016                                                                                  |   |                         | 1,135  |   |           |   | 49     |      |   |   | 1,086 |   |
| Thereafter                                                                            |   |                         | 3,150  |   |           |   | 142    |      |   |   | 3,008 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $                            | 9,228  |   |           | $      | 372    |      |   | $ | 8,856 |   |

|   Year Ending June 30,                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | Company’sGrossPayment |   |   | SubleaseIncome |   |   |  Net |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|--------|----------------|--------|--------|-----------|--------|
| 2012                                                                                  |   | $                           | 680    |   |           | $      | 174    |      |   | $ | 506 |   |
| 2013                                                                                  |   |                        | 721    |   |           |   | 181    |      |   |   | 540 |   |
| 2014                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                        | 758    |   |           |   | 192    |      |   |   | 566 |   |
| 2015                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                        | 794    |   |           |   | 195    |      |   |   | 599 |   |
| 2016                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                        | 635    |   |           |   | 99     |      |   |   | 536 |   |
| Thereafter                                                                            |   |                        | 715    |   |           |   | -      |      |   |   | 715 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $                           | 4,303  |   |           | $      | 841    |      |   |   | 3,462 |   |
| Less: Discounted estimated fair value of minimum lease payments                                                                                                                                                                                                                                                                                                                                                                                                              |   |                        |   |   |           |   |   |      |   |   | 3,015 |   |
| Accretion expense to be recognized in future years                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                        |   |   |           |   |   |      |   | $ | 447 |   |

----

| 15.           | Business Segments |
|------------------------------------------------------------|-------------------|

----

|                                       |   | Year Ended June 30, |   |
|--------------------------------------------|--------|---------------------|--------|
| Net revenues from external customers:      |   | 2011                |   |   | 2010 |   |   | 2009 |   |
| Coins                                      |   | $                   | 29,992 |   |   | $ | 25,781 |   |   | $ | 20,943 |   |
| Trading cards and autographs               |   |                | 10,229 |   |   |   | 9,746 |   |   |   | 10,190 |   |
| Other                                      |   |                | 4,211  |   |   |   | 4,236 |   |   |   | 4,781 |   |
| Total revenue                              |   | $                   | 44,432 |   |   | $ | 39,763 |   |   | $ | 35,914 |   |
|                                       |   |                |   |   |   |   |   |   |   |   |   |   |
| Amortization and depreciation:             |   |                |   |   |   |   |   |   |   |   |   |   |
| Coins                                      |   | $                   | 235    |   |   | $ | 232 |   |   | $ | 303 |   |
| Trading cards and autographs               |   |                | 172    |   |   |   | 204 |   |   |   | 365 |   |
| Other                                      |   |                | 258    |   |   |   | 369 |   |   |   | 414 |   |
| Total                                      |   |                | 665    |   |   |   | 805 |   |   |   | 1,082 |   |
| Unallocated amortization and depreciation  |   |                | 106    |   |   |   | 186 |   |   |   | 319 |   |
| Consolidated amortization and depreciation |   | $                   | 771    |   |   | $ | 991 |   |   | $ | 1,401 |   |
|                                       |   |                |   |   |   |   |   |   |   |   |   |   |
| Impairment losses:                         |   |                |   |   |   |   |   |   |   |   |   |   |
| Coins                                      |   | $                   | -      |   |   | $ | - |   |   | $ | - |   |
| Trading cards and autographs               |   |                | -      |   |   |   | - |   |   |   | 649 |   |
| Other                                      |   |                | 1,368  |   |   |   | - |   |   |   | - |   |
| Total                                      |   |                | 1,368  |   |   |   | - |   |   |   | 649 |   |
| Unallocated impairment losses              |   |                | -      |   |   |   | - |   |   |   | - |   |
| Consolidated impairment losses             |   | $                   | 1,368  |   |   | $ | - |   |   | $ | 649 |   |
|                                       |   |                |   |   |   |   |   |   |   |   |   |   |
| Stock-based compensation:                  |   |                |   |   |   |   |   |   |   |   |   |   |
| Coins                                      |   | $                   | 196    |   |   | $ | - |   |   | $ | 195 |   |
| Trading cards and autographs               |   |                | 30     |   |   |   | - |   |   |   | 83 |   |
| Other                                      |   |                | 45     |   |   |   | - |   |   |   | 22 |   |
| Total                                      |   |                | 271    |   |   |   | - |   |   |   | 300 |   |
| Unallocated stock-based compensation       |   |                | 860    |   |   |   | 968 |   |   |   | 459 |   |
| Consolidated stock-based compensation      |   | $                   | 1,131  |   |   | $ | 968 |   |   | $ | 759 |   |
|                                       |   |                |   |   |   |   |   |   |   |   |   |   |
| Operating income:                          |   |                |   |   |   |   |   |   |   |   |   |   |
| Coins                                      |   | $                   | 11,041 |   |   | $ | 10,437 |   |   | $ | 6,825 |   |
| Trading cards and autographs               |   |                | 1,380  |   |   |   | 1,173 |   |   |   | 598 |   |
| Other                                      |   |                | (337   | ) |   |   | 780 |   |   |   | 396 |   |
| Total                                      |   |                | 12,084 |   |   |   | 12,390 |   |   |   | 7,819 |   |
| Unallocated operating expenses             |   |                | (3,795 | ) |   |   | (4,034 | ) |   |   | (5,731 | ) |
| Consolidated operating income              |   | $                   | 8,289  |   |   | $ | 8,356 |   |   | $ | 2,088 |   |

|                                                                                                                                                                                                                                                                  |   | At June 30, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|--------|
| Identifiable Assets:                                                                                                                                                                                                                                                  |   | 2011        |   |   | 2010 |   |
| Coins                                                         |   | $           | 4,892  |   |   | $ | 3,509 |   |
| Trading cards and autographs                                                                                                                                                                                                                                          |   |        | 982    |   |   |   | 810 |   |
| Other                                                         |   |        | 2,862  |   |   |   | 4,460 |   |
| Total                                                         |   |        | 8,736  |   |   |   | 8,779 |   |
| Unallocated assets                                            |   |        | 27,775 |   |   |   | 29,907 |   |
| Consolidated assets                                           |   | $           | 36,511 |   |   | $ | 38,686 |   |
| Goodwill:                                                                                                                                                                                                                                                             |   |        |   |   |   |   |   |   |
| Coins                                                         |   | $           | 515    |   |   | $ | 515 |   |
| Other                                                         |   |        | 1,568  |   |   |   | 2,311 |   |
| Consolidated goodwill                                         |   | $           | 2,083  |   |   | $ | 2,826 |   |

----

| 16.           | Quarterly Results (unaudited) |
|------------------------------------------------------------|-------------------------------|

|  Quarterly Results of Operations                                                                                                              |   | Quarter Ended(In thousands, except per share data) |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------|--------|
|                                                                                                                                               |   | Sept. 30,2009                                      |   |   | Dec. 31,2009 |   |   | Mar. 31,2010 |   |   | June 30,2010 |   |   | Sept. 30,2010 |   |   | Dec. 31,2010 |   |   | Mar. 31,2011 |   |   | June 30,2011 |   |
| Statement of Operations Data:                                                                                                                      |   |                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                                                                                                                           |   | $                                                  | 9,298  |   |   | $ | 8,883 |   |   | $ | 10,790 |   |   | $ | 10,792 |   |   | $ | 9,755 |   |   | $ | 9,600 |   |   | $ | 12,818 |   |   | $ | 12,259 |   |
| Cost of revenues                                                                                                                                   |   |                                               | 3,739  |   |   |   | 3,633 |   |   |   | 4,204 |   |   |   | 4,018 |   |   |   | 3,774 |   |   |   | 3,895 |   |   |   | 4,907 |   |   |   | 4,673 |   |
| Gross profit                                                                                                                                       |   |                                               | 5,559  |   |   |   | 5,250 |   |   |   | 6,586 |   |   |   | 6,774 |   |   |   | 5,981 |   |   |   | 5,705 |   |   |   | 7,911 |   |   |   | 7,586 |   |
| Operating Expenses:                                                                                                                                |   |                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SG&A expenses                                                                                                                                  |   |                                               | 3,763  |   |   |   | 3,785 |   |   |   | 4,051 |   |   |   | 4,214 |   |   |   | 4,142 |   |   |   | 4,154 |   |   |   | 4,598 |   |   |   | 4,632 |   |
| Impairment losses(1)                                                                                                                               |   |                                               | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,368 |   |
| Operating income                                                                                                                                   |   |                                               | 1,796  |   |   |   | 1,465 |   |   |   | 2,535 |   |   |   | 2,560 |   |   |   | 1,839 |   |   |   | 1,551 |   |   |   | 3,313 |   |   |   | 1,586 |   |
| Interest and other income, net                                                                                                                     |   |                                               | 40     |   |   |   | 12 |   |   |   | 35 |   |   |   | 32 |   |   |   | 24 |   |   |   | 28 |   |   |   | 36 |   |   |   | 5 |   |
| Income before income taxes                                                                                                                         |   |                                               | 1,836  |   |   |   | 1,477 |   |   |   | 2,570 |   |   |   | 2,592 |   |   |   | 1,863 |   |   |   | 1,579 |   |   |   | 3,349 |   |   |   | 1,591 |   |
| Provision (benefit) for income taxes(2)                                                                                                            |   |                                               | 127    |   |   |   | (202 | ) |   |   | 129 |   |   |   | (8,384 | ) |   |   | 745 |   |   |   | 609 |   |   |   | 1,381 |   |   |   | 611 |   |
| Income from continuing operations                                                                                                                  |   |                                               | 1,709  |   |   |   | 1,679 |   |   |   | 2,441 |   |   |   | 10,976 |   |   |   | 1,118 |   |   |   | 970 |   |   |   | 1,968 |   |   |   | 980 |   |
| Income (loss) from discontinued operations, net of loss on sales of      discontinued businesses (net of income taxes)(3) |   |                                               | (53    | ) |   |   | (508 | ) |   |   | (68 | ) |   |   | 522 |   |   |   | (13 | ) |   |   | (22 | ) |   |   | - |   |   |   | 118 |   |
| Net income                                                                                                                                         |   | $                                                  | 1,656  |   |   | $ | 1,171 |   |   | $ | 2,373 |   |   | $ | 11,498 |   |   | $ | 1,105 |   |   | $ | 948 |   |   | $ | 1,968 |   |   | $ | 1,098 |   |
| Net income per basic share:                                                                                                                        |   |                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From continuing operations                                                                                                                         |   | $                                                  | 0.23   |   |   | $ | 0.23 |   |   | $ | 0.33 |   |   | $ | 1.48 |   |   | $ | 0.15 |   |   | $ | 0.13 |   |   | $ | 0.25 |   |   | $ | 0.13 |   |
| From discontinued operations, net of loss on sales of discontinued    businesses (net of income taxes)                              |   |                                               | (0.01  | ) |   |   | (0.07 | ) |   |   | (0.01 | ) |   |   | 0.07 |   |   |   | - |   |   |   | (0.01 | ) |   |   | - |   |   |   | 0.01 |   |
| Net income                                                                                                                                         |   | $                                                  | 0.22   |   |   | $ | 0.16 |   |   | $ | 0.32 |   |   | $ | 1.55 |   |   | $ | 0.15 |   |   | $ | 0.12 |   |   | $ | 0.25 |   |   | $ | 0.14 |   |
| Net income per diluted share:                                                                                                                      |   |                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| From continuing operations                                                                                                                         |   | $                                                  | 0.22   |   |   | $ | 0.22 |   |   | $ | 0.32 |   |   | $ | 1.43 |   |   | $ | 0.14 |   |   | $ | 0.12 |   |   | $ | 0.25 |   |   | $ | 0.13 |   |
| From discontinued operations, net of loss on sales of discontinued    businesses (net of income taxes)                              |   |                                               | -      |   |   |   | (0.07 | ) |   |   | (0.01 | ) |   |   | 0.07 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 0.01 |   |
| Net income                                                                                                                                         |   | $                                                  | 0.22   |   |   | $ | 0.15 |   |   | $ | 0.31 |   |   | $ | 1.50 |   |   | $ | 0.14 |   |   | $ | 0.12 |   |   | $ | 0.25 |   |   | $ | 0.14 |   |
| Weighted average shares outstanding                                                                                                                |   |                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                                                              |   |                                               | 7,551  |   |   |   | 7,404 |   |   |   | 7,420 |   |   |   | 7,429 |   |   |   | 7,502 |   |   |   | 7,732 |   |   |   | 7,727 |   |   |   | 7,716 |   |
| Diluted                                                                                                                                            |   |                                               | 7,629  |   |   |   | 7,555 |   |   |   | 7,676 |   |   |   | 7,689 |   |   |   | 7,725 |   |   |   | 7,820 |   |   |   | 7,841 |   |   |   | 7,806 |   |

----

| (1)        | The impairment losses recognized in the fourth quarter of fiscal 2011, related to our Expos business (see note 6). |
|------------------------------------------|--------------------------------------------------------------------------------------------------------------------|

| (2)      | The income tax benefit in the fourth quarter of fiscal 2010 relates to the release of valuation allowances.  See “Critical Accounting Policies and Estimates―Income Tax, Deferred Tax Assets and Valuation Allowances.” |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)         | The income from discontinued operations in the fourth quarter of fiscal 2010 relates to agreements reached in the fourth quarter to reduce the Company’s obligations under the New York leases.  See “Critical Accounting Policies and Estimates―Accruals for Losses on Facility Leases.” |
|------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 17.          | Subsequent Events |
|------------------------------------------------------|-------------------|

|                                    |   | Schedule IIValuation and Qualifying Accounts |       |
|-----------------------------------------|--------|----------------------------------------------|------------|
| Description                             |   | Balance at Beginningof Period                |       |   | Charged (Credited)to Operating Expenses |   |   | Charged to Cost of Revenues |   |   | Charged (Credited)to Tax Provision |   |   | NetDeductions |   |   | Balanceat Endof Period |   |
| Year Ended June 30, 2009                |   |                                         |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Allowance for doubtful accounts         |   | $                                            | 27,000     |   |   | $ | 50,000 |   |   | $ | - |   |   | $ | - |   |   | $ | (14,000 | ) |   | $ | 63,000 |   |
| Allowance for customer notes receivable |   |                                         | 31,000     |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 31,000 |   |
| Inventory reserve                       |   |                                         | 91,000     |   |   |   | - |   |   |   | 176,000 |   |   |   | - |   |   |   | (165,000 | ) |   |   | 102,000 |   |
| Valuation allowance for deferred taxes  |   |                                         | 4,572,000  |   |   |   | - |   |   |   | - |   |   |   | 8,390,000 |   |   |   | - |   |   |   | 12,962,000 |   |
| Year Ended June 30, 2010                |   |                                         |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Allowance for doubtful accounts         |   | $                                            | 63,000     |   |   | $ | 51,000 |   |   | $ | - |   |   | $ | - |   |   | $ | (39,000 | ) |   | $ | 75,000 |   |
| Allowance for customer notes receivable |   |                                         | 31,000     |   |   |   | (15,000 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 16,000 |   |
| Inventory reserve                       |   |                                         | 102,000    |   |   |   | - |   |   |   | 58,000 |   |   |   | - |   |   |   | (16,000 | ) |   |   | 144,000 |   |
| Valuation allowance for deferred taxes  |   |                                         | 12,962,000 |   |   |   | - |   |   |   | - |   |   |   | (12,962,000 | ) |   |   | - |   |   |   | - |   |
| Year Ended June 30, 2011                |   |                                         |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Allowance for doubtful accounts         |   | $                                            | 75,000     |   |   | $ | 17,000 |   |   | $ | - |   |   | $ | - |   |   | $ | (26,000 | ) |   | $ | 66,000 |   |
| Allowance for customer notes receivable |   |                                         | 16,000     |   |   |   | (2,000 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 14,000 |   |
| Inventory reserve                       |   |                                         | 144,000    |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (18,000 | ) |   |   | 126,000 |   |

----

ITEM 9.      CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9A.   CONTROLS AND PROCEDURES

| §   | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | provide reasonable assurance that our receipts and expenditures are being made only in accordance with authorization of our management and directors; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on our consolidated financial statements. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

ITEM 9B.     OTHER INFORMATION

----

PART III

ITEM 10.     DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 11.     EXECUTIVE COMPENSATION

ITEM 12.     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

|                                               |   | Column A                                                                                               |    |   | Column B                                                         |   |   | Column C                                                                                                                                  |   |
|----------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------|---------|--------|------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                               |   | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Restricted Shares |    |   | Weighted-Average Exercise Price of Outstanding Options, Warrants |   |   | Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (Excluding Securities Reflected in Column A) |   |
| Equity compensation plans approved by stockholders |   |                                                                                                   | 252,000 |   |                                                             | $      | 12.64  |                                                                                                                                      |   | $ | 484,000 |   |

ITEM 13.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDANCE

ITEM 14.    PRINCIPAL ACCOUNTANT FEES AND SERVICES

----

PART IV

ITEM 15.    EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

| (a)(1) | Financial Statements |
|--------|----------------------|

| Report of Independent Registered Public Accounting Firm                                                |
|--------------------------------------------------------------------------------------------------------|
|                                                                                                   |
| Consolidated Balance Sheets as of June 30, 2011 and 2010                                               |
|                                                                                                   |
| Consolidated Statements of Operations for the years ended June 30, 2011, 2010 and 2009                 |
|                                                                                                   |
| Consolidated Statements of Stockholders’ Equity for the years ended June 30, 2011, 2010 and 2009 |
|                                                                                                   |
| Consolidated Statements of Cash Flows for the years ended June 30, 2011, 2010 and 2009                 |
|                                                                                                   |
| Notes to the Consolidated Financial Statements                                                         |
|                                                                                                   |

| (a)(2) | Financial Statement Schedule |
|--------|------------------------------|

|        Schedule II Valuation and Qualifying Accounts                                                                                                                         |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                            |
|        Other schedules are omitted because the required information is either inapplicable or has been disclosed in the consolidated financial statements and notes thereto. |

| (a)(3) | Exhibits |
|--------|----------|

| Please see Index to Exhibits immediately following the Signature Page of this Annual Report for a list of the Exhibits required, pursuant to Item 601 of Regulation S-K, to be filed with this Annual Report. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

SIGNATURES

|                                               | COLLECTORS UNIVERSE, INC                   |
|----------------------------------------------------|--------------------------------------------|
|                                               |                                       |
| Date:     August 26, 2011 | By: /s/  JOSEPH J. WALLACE       |
|                                               | Joseph J. Wallace, Chief Financial Officer |

| Signature                 |   | Title                                        |   | Date            |
|---------------------------|--------|----------------------------------------------|--------|-----------------|
|                      |   |                                         |   |            |
| /s/ A. CLINTON ALLEN      |   | Chairman of the Board and Director           |   | August 26, 2011 |
| A. Clinton Allen          |   |                                         |   |            |
|                      |   |                                         |   |            |
| /s/ MICHAEL J. MCCONNELL  |   | Chief Executive Officer and Director         |   | August 26, 2011 |
| Michael J. McConnell      |   |                                         |   |            |
|                      |   |                                         |   |            |
| /s/ DAVID HALL            |   | President and Director                       |   | August 26, 2011 |
| David G. Hall             |   |                                         |   |            |
|                      |   |                                         |   |            |
| /s/ JOSEPH J. WALLACE     |   | Chief Financial Officer                      |   | August 26, 2011 |
| Joseph J. Wallace         |   | (Principal Financial and Accounting Officer) |   |            |
|                      |   |                                         |   |            |
| /s/ VAN D. SIMMONS        |   | Director                                     |   | August 26, 2011 |
| Van D. Simmons            |   |                                         |   |            |
|                      |   |                                         |   |            |
| /s/ A. J. BERT MOYER      |   | Director                                     |   | August 26, 2011 |
| A. J. Bert Moyer          |   |                                         |   |            |
|                      |   |                                         |   |            |
| /s/ DEBORAH A. FARRINGTON |   | Director                                     |   | August 26, 2011 |
| Deborah A. Farrington     |   |                                         |   |            |
|                      |   |                                         |   |            |
| /s/ BRUCE A. STEVENS      |   | Director                                     |   | August 26, 2011 |
| Bruce A. Stevens          |   |                                         |   |            |

----

INDEX TO EXHIBITS

| Exhibit No. |   |  Description                                                                                                                                                                                                                                                                                                    |
|-------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.2         |   | Amended and Restated Cert7ificate of Incorporation of Collectors Universe.  Incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form S-3 (File No. 333-122129), filed on January 19, 2005.                                                                           |
| 3.2.1       |   | Certificate of Amendment to Amended and Restated Certificate of Incorporation of Collectors Universe.  Incorporated by reference to Exhibit 3.2.1 to the Company’s Registration Statement on Form S-3 (File No. 333-122129), filed on January 19, 2005.                                              |
| 3.3         |   | Certificate of Amendment to Section 2 of Article III of the Company’s Bylaws, effective as of September 26, 2008, establishing a Majority-Vote requirement for Directors.  Incorporated by reference to Exhibit 3.4 to the Company’s Current Report on Form 8-K dated September 26, 2008. |
| 3.3.1       |   | Amended and Restated Bylaws of Collectors Universe, Inc. as adopted and effective September 26, 2008.  Incorporated by reference to Exhibit 3.3 to Quarterly Report on Form 10-Q for the Quarter ended September 30, 2008.                                                                            |
| 10.1        |   | Collectors Universe 1999 Stock Incentive Plan.*                                                                                                                                                                                                                                                                      |
| 10.2        |   | Form of Stock Option Agreement for the Collectors Universe 1999 Plan.*                                                                                                                                                                                                                                               |
| 10.4        |   | PCGS 1999 Stock Incentive Plan.*                                                                                                                                                                                                                                                                                     |
| 10.5        |   | Form of Stock Option Agreement for the PCGS 1999 Plan.*                                                                                                                                                                                                                                                              |
| 10.6        |   | Form of Indemnification Agreement.*                                                                                                                                                                                                                                                                                  |
| 10.9        |   | Collectors Universe/eBay Mutual Services Term Sheet dated February 10, 1999, between the Company and eBay, Inc.*                                                                                                                                                                                                     |
| 10.27       |   | Collectors Universe 2003 Stock Incentive Plan.  Incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form S-8 (File No. 333-121035), filed on December 6, 2004.                                                                                                      |
| 10.28       |   | Form of Stock Option Agreement for 2003 Stock Incentive Plan.  Incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement on Form S-8 (File No. 333-121035), filed on December 6, 2004.                                                                                       |
| 10.29       |   | Form of Restricted Stock Purchase Agreement for 2003 Stock Incentive Plan.  Incorporated by reference to Exhibit 10.3 to the Company’s Registration Statement on Form S-8 (File No. 333-121035), filed on December 6, 2004.                                                                          |
| 10.43       |   | Collectors Universe, Inc. Fiscal 2010 Management Incentive Plan adopted as of July 1, 2009.**                                                                                                                                                                                                                        |
| 10.44       |   | Restricted Stock Agreement dated as of July 31, 2009 between Michael J. McConnell and the Company providing for the grant of restricted shares pursuant to the 2010 Management Incentive Plan.**                                                                                                                     |
| 10.45       |   | Restricted Stock Agreement dated as of July 31, 2009 between David G. Hall and the Company providing for the grantof restricted shares pursuant to the 2010 Management Incentive Plan.**                                                                                                                             |
| 10.46       |   | Restricted Stock Agreement dated as of July 31, 2009 between Joseph J. Wallace and the Company providing forthe grant of restricted shares pursuant to the 2010 Management Incentive Plan.**                                                                                                                         |
| 10.47       |   | Collectors Universe 2006 Equity Incentive Plan.  Incorporated by reference from Appendix A to the Company’s 2006 Proxy Statement filed with the Commission on October 27, 2006                                                                                                                  |
| 10.48       |   | Form of Restricted Stock Agreement for Restricted Stock Awards granted to the Company’s CEO and CFO on July 16, 2010.  Incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K dated July 16, 2010.                                                         |
| 10.49       |   | Amended & Restated Employment Agreement dated May 9, 2011 between the Company and Michael J. McConnell, CEO.  Incorporated by reference to Exhibit 10.49 to the Company’s Current Report on Form 8-K dated May 9, 2011.                                                                          |
| 21.1        |   | Subsidiaries of Registrant                                                                                                                                                                                                                                                                                           |
| 23.1        |   | Consent of Independent Registered Public Accounting Firm                                                                                                                                                                                                                                                             |
| 31.1        |   | Certifications of CEO Under Section 302 Of The Sarbanes-Oxley Act                                                                                                                                                                                                                                                    |
| 31.2        |   | Certifications of CFO Under Section 302 Of The Sarbanes-Oxley Act                                                                                                                                                                                                                                                    |
| 32.1        |   | CEO Certification of Periodic Report Under Section 906 of the Sarbanes-Oxley Act                                                                                                                                                                                                                                     |
| 32.2        |   | CFO Certification of Periodic Report Under Section 906 of the Sarbanes-Oxley Act                                                                                                                                                                                                                                     |

----

| * | Incorporated by reference to the same numbered exhibit to the Company’s Registration Statement (No. 333-86449) on Form S-1 filed with the Commission on September 2, 1999. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ** | Incorporated by reference to the same numbered exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2009, filed with the Commission on September 4, 2009. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----