| (Mark One)                                                                      |                                                                                                       |
|---------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|
| ý                                                                          | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                    |
|                                                                            |                                                                                                       |
|                                                                            | For the quarter ended December 31, 2010                                                                    |
|                                                                            |                                                                                                       |
|                                                                            | 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 _____                                                            |
| Commission file number 1-34240                                                  |
|                                                                  |
| COLLECTORS UNIVERSE, INC.(Exact name of Registrant as specified in its charter) |

| 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 and zip code)                             |
|                                                                              |
| Registrant's telephone number, including area code: (949) 567-1234                |
|                                                                              |
| Not Applicable                                                                    |
| (Former name, former address and former fiscal year, if changed, since last year) |

| Large accelerated filer                                         o           | Accelerated filer                                                      o |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Non-accelerated filer                                           o | Smaller reporting company                                    x                                                                                                          |

|   | Class                        |   | Outstanding as of February 4, 2011 |
|--------|------------------------------|--------|------------------------------------|
|   | Common Stock $.001 Par Value |   | 7,896,000                          |
|   |                         |   |                               |

----

| PART I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Financial Information                                                                         | Page                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Item 1.                                                                                       | Financial Statements (unaudited):                                                                                                  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                                               |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Condensed Consolidated Balance Sheets as of December 31, 2010 and June 30, 2010                                                    | 1 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                                               |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Condensed Consolidated Statements of Operations for the Three and Six months Ended December 31, 2010 and 2009                      | 2 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                                               |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Condensed Consolidated Statements of Cash Flows for the Six months Ended December 31, 2010 and 2009                           | 3 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                                               |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Notes to Condensed Consolidated Financial Statements                                                                               | 4 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                                               |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Item 2.                                                                                       | Management's Discussion and Analysis of Financial Condition and Results of Operations                                              | 14 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Forward-Looking Statements                                                                                                         | 14 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Our Business                                                                                                                       | 15 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Factors That Can Affect Our Financial Position and Operating Results                                                               | 15 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Critical Accounting Policies and Estimates                                                                                         | 17 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Results of Operations for the Three and Six Months Ended December 31, 2010 Versus the Three and Six Months Ended December 31, 2009 | 19 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Liquidity and Capital Resources                                                                                                    | 24 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Recent Accounting Pronouncements                                                                                                   | 26 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                                               |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Item 4T.                                                                                      | Controls and Procedures                                                                                                            | 26 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                                               |   |
| PART II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Other Information                                                                             |                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                                               |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Item 1A.                                                                                      | Risk Factors                                                                                                                       | 27 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Item 6.                                                                                       | Exhibits                                                                                                                           | 27 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                                               |
| SIGNATURES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                          | S-1                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                                               |
| INDEX TO EXHIBITS                                                                                                                                                    | E-1                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                                               |
| EXHIBITS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                          |                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                                               |
| Exhibit 31.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Certifications of Chief Executive Officer Under Section 302 of the Sarbanes-Oxley Act of 2002 |                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                                               |
| Exhibit 31.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Certifications of Chief Financial Officer Under Section 302 of the Sarbanes-Oxley Act of 2002 |                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                                               |
| Exhibit 32.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Certification of Chief Executive Officer Under Section 906 of the Sarbanes-Oxley Act of 2002  |                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                                               |
| Exhibit 32.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Certification of Chief Financial Officer Under Section 906 of the Sarbanes-Oxley Act of 2002  |                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                                               |

----

PART 1 – FINANCIAL INFORMATION

ITEM 1. 

CONDENSED CONSOLIDATED BALANCE SHEETS

|                                                                                                                                                                                 |   | December 31, |     |   | June 30, |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|----------|--------|----------|--------|
| ASSETS                                                                                                                                                                               |   | 2010         |     |   | 2010     |   |
| Current assets:                                                                                                                                                                      |   |         |     |   |     |   |
| Cash and cash equivalents                                                                                                                                                            |   | $            | 18,955   |   |     | $      | 20,321 |   |
| Accounts receivable, net of allowance of $88 at December 31, 2010 and $75 at June 30, 2010                                                                                           |   |         | 1,491    |   |     |   | 1,246 |   |
| Inventories, net                                                                                                                                                                     |   |         | 1,329    |   |     |   | 708 |   |
| Prepaid expenses and other current assets                                                                                                                                            |   |         | 904      |   |     |   | 919 |   |
| Refundable income taxes                                                                                                                                                              |   |         | 65       |   |     |   | 335 |   |
| Deferred income tax assets                                                                                                                                                           |   |         | 3,036    |   |     |   | 4,365 |   |
| Notes receivable from sale of net assets of discontinued operations                                                                                                                  |   |         | 50       |   |     |   | 96 |   |
| Current assets of discontinued operations                                                                                                                                            |   |         | 33       |   |     |   | 52 |   |
| Total current assets                                                                                                                                                                 |   |         | 25,863   |   |     |   | 28,042 |   |
|                                                                                                                                                                                 |   |         |     |   |     |   |   |   |
| Property and equipment, net                                                                                                                                                          |   |         | 1,268    |   |     |   | 1,145 |   |
| Goodwill                                                                                                                                                                             |   |         | 2,826    |   |     |   | 2,826 |   |
| Intangible assets, net                                                                                                                                                               |   |         | 1,953    |   |     |   | 2,184 |   |
| Deferred income tax assets                                                                                                                                                           |   |         | 3,807    |   |     |   | 3,807 |   |
| Notes receivable from sale of net assets of discontinued operations                                                                                                                  |   |         | 178      |   |     |   | 170 |   |
| Other assets                                                                                                                                                                         |   |         | 250      |   |     |   | 330 |   |
| Non-current assets of discontinued operations                                                                                                                                        |   |         | 182      |   |     |   | 182 |   |
|                                                                                                                                                                                 |   | $            | 36,327   |   |     | $      | 38,686 |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                                           |   |         |     |   |     |   |   |   |
| Current liabilities:                                                                                                                                                                 |   |         |     |   |     |   |   |   |
| Accounts payable                                                                                                                                                                     |   | $            | 1,324    |   |     | $      | 1,434 |   |
| Accrued liabilities                                                                                                                                                                  |   |         | 1,360    |   |     |   | 1,495 |   |
| Accrued compensation and benefits                                                                                                                                                    |   |         | 1,318    |   |     |   | 1,804 |   |
| Income taxes payable                                                                                                                                                                 |   |         | 184      |   |     |   | 197 |   |
| Deferred revenue                                                                                                                                                                     |   |         | 1,981    |   |     |   | 1,926 |   |
| Current liabilities of discontinued operations                                                                                                                                       |   |         | 732      |   |     |   | 923 |   |
| Total current liabilities                                                                                                                                                            |   |         | 6,899    |   |     |   | 7,779 |   |
|                                                                                                                                                                                 |   |         |     |   |     |   |   |   |
| Deferred rent                                                                                                                                                                        |   |         | 364      |   |     |   | 321 |   |
| Non-current liabilities of discontinued operations                                                                                                                                   |   |         | 2,804    |   |     |   | 2,974 |   |
| Commitments and contingencies                                                                                                                                                        |   |         |     |   |     |   |   |   |
|                                                                                                                                                                                 |   |         |     |   |     |   |   |   |
| Stockholders’ equity:                                                                                                                                                          |   |         |     |   |     |   |   |   |
| Preferred stock, $.001 par value; 3,000 shares authorized, none issued or outstanding                                                                                                |   |         | -        |   |     |   | - |   |
| Common stock, $.001 par value; 20,000 shares authorized; 7,896 and 7,693 issued and outstanding at December 31, 2010     and at June 30, 2010, respectively |   |         |   8 |   |     |   |   8 |   |
| Additional paid-in capital                                                                                                                                                           |   |         | 69,585   |   |     |   | 68,134 |   |
| Accumulated deficit                                                                                                                                                                  |   |         | (43,333  | )      |     |   | (40,530 | ) |
| Total stockholders’ equity                                                                                                                                                     |   |         | 26,260   |   |     |   | 27,612 |   |
|                                                                                                                                                                                 |   | $            | 36,327   |   |     | $      | 38,686 |   |

----

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

|                                                                                                                           |   | Three Months EndedDecember 31, |   |   | Six Months EndedDecember 31, |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|--------|------------------------------|--------|
|                                                                                                                           |   | 2010                           |   |   | 2009                         |   |   | 2010 |   |   | 2009 |   |
| Net revenues                                                                                                                   |   | $                              | 9,600  |   |                         | $      | 8,883 |   |   | $ | 19,355 |   |   | $ | 18,181 |   |
| Cost of revenues                                                                                                               |   |                           | 3,895  |   |                         |   | 3,633 |   |   |   | 7,669 |   |   |   | 7,372 |   |
| Gross profit                                                                                                                   |   |                           | 5,705  |   |                         |   | 5,250 |   |   |   | 11,686 |   |   |   | 10,809 |   |
| Selling and marketing expenses                                                                                                 |   |                           | 1,317  |   |                         |   | 1,141 |   |   |   | 2,841 |   |   |   | 2,336 |   |
| General and administrative expenses                                                                                            |   |                           | 2,837  |   |                         |   | 2,644 |   |   |   | 5,456 |   |   |   | 5,212 |   |
| Operating income                                                                                                               |   |                           | 1,551  |   |                         |   | 1,465 |   |   |   | 3,389 |   |   |   | 3,261 |   |
| Interest and other income, net                                                                                                 |   |                           | 28     |   |                         |   | 12 |   |   |   | 52 |   |   |   | 52 |   |
| Income before provision (benefit) for income taxes                                                                             |   |                           | 1,579  |   |                         |   | 1,477 |   |   |   | 3,441 |   |   |   | 3,313 |   |
| Provision (benefit) for income taxes                                                                                           |   |                           | 609    |   |                         |   | (202 | ) |   |   | 1,354 |   |   |   | (75 | ) |
| Income from continuing operations                                                                                              |   |                           | 970    |   |                         |   | 1,679 |   |   |   | 2,087 |   |   |   | 3,388 |   |
| Loss from discontinued operations, net of loss on sales of discontinued usinesses,     net of income taxes |   |                           | (22    | )      |                         |   | (508 | ) |   |   | (35 | ) |   |   | (561 | ) |
| Net income                                                                                                                     |   | $                              | 948    |   |                         | $      | 1,171 |   |   | $ | 2,052 |   |   | $ | 2,827 |   |
|                                                                                                                           |   |                           |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Net income per basic share:                                                                                                    |   |                           |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |
|     Income from continuing operations                                                                      |   | $                              | 0.13   |   |                         | $      | 0.23 |   |   | $ | 0.27 |   |   | $ | 0.45 |   |
|     Loss from discontinued operations                                                                      |   |                           | (0.01  | )      |                         |   | (0.07 | ) |   |   | - |   |   |   | (0.07 | ) |
| Net income per basic shares                                                                                                    |   | $                              | 0.12   |   |                         | $      | 0.16 |   |   | $ | 0.27 |   |   | $ | 0.38 |   |
|                                                                                                                           |   |                           |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Net income per diluted share:                                                                                                  |   |                           |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations                                                                                              |   | $                              | 0.12   |   |                         | $      | 0.22 |   |   | $ | 0.27 |   |   | $ | 0.45 |   |
| Loss from discontinued operations                                                                                              |   |                           | -      |   |                         |   | (0.07 | ) |   |   | (0.01 | ) |   |   | (0.08 | ) |
| Net income per diluted shares                                                                                                  |   | $                              | 0.12   |   |                         | $      | 0.15 |   |   | $ | 0.26 |   |   | $ | 0.37 |   |
|                                                                                                                           |   |                           |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding:                                                                                           |   |                           |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                                          |   |                           | 7,732  |   |                         |   | 7,404 |   |   |   | 7,650 |   |   |   | 7,478 |   |
| Diluted                                                                                                                        |   |                           | 7,820  |   |                         |   | 7,555 |   |   |   | 7,772 |   |   |   | 7,592 |   |
| Dividends declared per common share                                                                                            |   | $                              | 0.325  |   |                         | $      | 0.25 |   |   | $ | 0.625 |   |   | $ | 0.25 |   |

----

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

|                                                                                                     |   | Six Months EndedDecember 31, |   |
|----------------------------------------------------------------------------------------------------------|--------|------------------------------|--------|
|                                                                                                     |   | 2010                         |   |   | 2009 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                                    |   |                         |   |   |   |   |
| Net income                                                                                               |   | $                            | 2,052  |   |   | $ | 2,827 |   |
| Discontinued operations                                                                                  |   |                         | 35     |   |   |   | 561 |   |
| Income from continuing operations                                                                        |   |                         | 2,087  |   |   |   | 3,388 |   |
| Adjustments to reconcile income from continuing operations to net cash provided by operating activities: |   |                         |   |   |   |   |   |   |
| Depreciation and amortization expense                                                                    |   |                         | 409    |   |   |   | 580 |   |
| Stock-based compensation expense                                                                         |   |                         | 580    |   |   |   | 495 |   |
| Provision for bad debts                                                                                  |   |                         | 13     |   |   |   | 14 |   |
| Provision for inventory write-down                                                                       |   |                         | 1      |   |   |   | 7 |   |
| Provision for warranty                                                                                   |   |                         | 337    |   |   |   | 288 |   |
| Loss on sale of property and equipment                                                                   |   |                         | (2     | ) |   |   | - |   |
| Interest on notes receivable                                                                             |   |                         | (8     | ) |   |   | (9 | ) |
| Provision for deferred income taxes                                                                      |   |                         | 1,329  |   |   |   | - |   |
| Change in operating assets and liabilities:                                                              |   |                         |   |   |   |   |   |   |
| Accounts receivable                                                                                      |   |                         | (258   | ) |   |   | (7 | ) |
| Inventories                                                                                              |   |                         | (621   | ) |   |   | (50 | ) |
| Prepaid expenses and other                                                                               |   |                         | 66     |   |   |   | (40 | ) |
| Refundable income taxes                                                                                  |   |                         | 270    |   |   |   | (248 | ) |
| Other assets                                                                                             |   |                         | 9      |   |   |   | (143 | ) |
| Accounts payable and accrued liabilities                                                                 |   |                         | (526   | ) |   |   | (533 | ) |
| Accrued compensation and benefits                                                                        |   |                         | (486   | ) |   |   | (140 | ) |
| Income taxes payable                                                                                     |   |                         | (13    | ) |   |   | (80 | ) |
| Deferred revenue                                                                                         |   |                         | 55     |   |   |   | 313 |   |
| Deferred rent                                                                                            |   |                         | 43     |   |   |   | 56 |   |
| Net cash provided by operating activities of continuing operations                                       |   |                         | 3,285  |   |   |   | 3,891 |   |
| Net cash used in operating activities of discontinued businesses                                         |   |                         | (376   | ) |   |   | (629 | ) |
| Net cash provided by operating activities                                                                |   |                         | 2,909  |   |   |   | 3,262 |   |
|                                                                                                     |   |                         |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                                    |   |                         |   |   |   |   |   |   |
| Proceeds from sale of property and equipment                                                             |   |                         | 44     |   |   |   | - |   |
| Capital expenditures                                                                                     |   |                         | (285   | ) |   |   | (137 | ) |
| Proceeds from collection of customer notes receivable                                                    |   |                         | -      |   |   |   | 2,348 |   |
| Capitalized software                                                                                     |   |                         | (9     | ) |   |   | - |   |
| Cash received from sale of net assets of discontinued operations                                         |   |                         | 46     |   |   |   | 117 |   |
| Net cash (used in) provided by investing activities                                                      |   |                         | (204   | ) |   |   | 2,328 |   |
|                                                                                                     |   |                         |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                                    |   |                         |   |   |   |   |   |   |
| Proceeds from exercise of stock options                                                                  |   |                         | 871    |   |   |   | - |   |
| Dividends paid to common stockholders                                                                    |   |                         | (4,942 | ) |   |   | (1,853 | ) |
| Repurchase of common stock under “Dutch Auction” tender                                      |   |                         | -      |   |   |   | (8,911 | ) |
| Net cash used in financing activities                                                                    |   |                         | (4,071 | ) |   |   | (10,764 | ) |
|                                                                                                     |   |                         |   |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                                                |   |                         | (1,366 | ) |   |   | (5,174 | ) |
| Cash and cash equivalents at beginning of period                                                         |   |                         | 20,321 |   |   |   | 23,870 |   |
| Cash and cash equivalents at end of period                                                               |   | $                            | 18,955 |   |   | $ | 18,696 |   |
|                                                                                                     |   |                         |   |   |   |   |   |   |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:                                                       |   |                         |   |   |   |   |   |   |
| Interest paid                                                                                            |   | $                            | -      |   |   | $ | 5 |   |
| Income taxes paid                                                                                        |   | $                            | 13     |   |   | $ | 252 |   |

----

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

----

----

|                                |   | Three Months EndedDecember 31, |   |   | Six Months EndedDecember 31, |   |
|-------------------------------------|--------|--------------------------------|--------|--------|------------------------------|--------|
| Included in:                        |   | 2010                           |   |   | 2009                         |   |   | 2010 |   |   | 2009 |   |
| General and administrative expenses |   | $                              | 385    |   |                         | $      | 330 |   |   | $ | 580 |   |   | $ | 495 |   |

|                                           |   |    Shares |   |   | Weighted Average Exercise Price |   |   | Weighted Average Remaining Contractual Term |   |   |  AggregateIntrinsicValue |   |
|------------------------------------------------|--------|--------------------------|--------|--------|---------------------------------|--------|--------|---------------------------------------------|--------|--------|-------------------------------|--------|
| Options:                                       |   | (In Thousands)           |   |   |                            |   |   | (yrs.)                                      |   |   | (In Thousands)                |   |
| Outstanding at June 30, 2010                   |   |                     | 434    |   |                            | $      | 10.72  |                                        |   |   | 3.67                          |   |   | $ | 1,535 |   |
| Forfeited or cancelled                         |   |                     | (24    | )      |                            |   | 12.37  |                                        |   |   | -                             |   |   |   | - |   |
| Exercised                                      |   |                     | (106   | )      |                            |   | 8.19   |                                        |   |   | -                             |   |   |   | - |   |
| Outstanding at December 31, 2010               |   |                     | 304    |   |                            | $      | 11.48  |                                        |   |   | 3.39                          |   |   | $ | 1,060 |   |
| Exercisable at December 31, 2010               |   |                     | 301    |   |                            | $      | 11.47  |                                        |   |   | 3.36                          |   |   | $ | 1,058 |   |
| Unvested at December 31, 2010                  |   |                     | 3      |   |                            | $      | 13.18  |                                        |   |   | 6.92                          |   |   | $ | 2 |   |
| Unvested expected to vest at December 31, 2010 |   |                     | 3      |   |                            | $      | 13.18  |                                        |   |   | 6.92                          |   |   | $ | 2 |   |

----

|    Non-Vested Restricted Shares: |   |  Shares(In Thousands) |   |   | WeightedAverageGrant-DateFair Values |   |
|-------------------------------------------------|--------|----------------------------|--------|--------|--------------------------------------|--------|
| Non-vested at June 30, 2010                     |   |                       | 254    |   |                                 | $      | 4.43 |   |
| Granted                                         |   |                       | 97     |   |                                 |   | 12.83 |   |
| Vested                                          |   |                       | (126   | )      |                                 |   | 4.67 |   |
| Non-vested at December 31, 2010                 |   |                       | 225    |   |                                 | $      | 7.92 |   |

----

|  Fiscal Year Ending June 30, |   | Amount(In Thousands) |   |
|-----------------------------------|--------|----------------------|--------|
| 2011 (remaining 6 months)         |   | $                    | 551    |   |
| 2012                              |   |                 | 542    |   |
| 2013                              |   |                 | 41     |   |
|                              |   | $                    | 1,134  |   |

----

----

| Inventories consist of the following (in thousands):                                                                                                                                                                                                                                                                                                                                                                   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | December 31, |   |   | June 30, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 2010 |   |   | 2010 |   |
| Coins                                                                                  |   | $ | 838 |   |   | $ | 493 |   |
| Other collectibles                                                                     |   |   | 48 |   |   |   | 32 |   |
| Grading raw materials consumable inventory                                                                                                                                                                                                                                                                                                                                                                             |   |   | 574 |   |   |   | 327 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   | 1,460 |   |   |   | 852 |   |
| Less inventory reserve                                                                 |   |   | (131 | ) |   |   | (144 | ) |
| Inventories, net                                                                                                                                                                                                                                                                                                                                                                                                       |   | $ | 1,329 |   |   | $ | 708 |   |

| Property and equipment consist of the following (in thousands):                                                                                                                                                                                                                                                                                                                             |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                        |   | December 31, |   |   | June 30, |   |
|                                                                                                                                                                                                                                                                                                                                                                                        |   | 2010 |   |   | 2010 |   |
| Coins and stamp grading reference sets                                                                                                                                                                                                                                                                                                                                                      |   | $ | 421 |   |   | $ | 461 |   |
| Computer hardware and equipment                                                           |   |   | 1,482 |   |   |   | 1,419 |   |
| Computer software                                                                         |   |   | 999 |   |   |   | 999 |   |
| Equipment                                                                                 |   |   | 2,334 |   |   |   | 2,090 |   |
| Furniture and office equipment                                                            |   |   | 901 |   |   |   | 907 |   |
| Leasehold improvements                                                                    |   |   | 702 |   |   |   | 695 |   |
| Trading card reference library                                                            |   |   | 52 |   |   |   | 52 |   |
|                                                                                                                                                                                                                                                                                                                                                                                        |   |   | 6,891 |   |   |   | 6,623 |   |
| Less accumulated depreciation and amortization                                                                                                                                                                                                                                                                                                                                              |   |   | (5,623 | ) |   |   | (5,478 | ) |
| Property and equipment, net                                                                                                                                                                                                                                                                                                                                                                 |   | $ | 1,268 |   |   | $ | 1,145 |   |

| Accrued liabilities consist of the following (in thousands):                                                                                                                                                                                                                                                                                                                                                      |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                              |   | December 31, |   |   | June 30, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                              |   | 2010 |   |   | 2010 |   |
| Warranty reserves                                                                 |   | $ | 634 |   |   | $ | 669 |   |
| Professional fees                                                                 |   |   | 98 |   |   |   | 82 |   |
| Other                                                                             |   |   | 628 |   |   |   | 744 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                              |   | $ | 1,360 |   |   | $ | 1,495 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Six MonthsEndedDecember 31, |   |   | Six MonthsEndedDecember 31, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|--------|-----------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2010                        |   |   | 2009                        |   |
| Warranty reserve, beginning of period                                                                 |   | $                           | 669    |   |                        | $      | 708 |   |
| Charged to cost of revenue                                                                            |   |                        | 337    |   |                        |   | 288 |   |
| Payments                                                                                              |   |                        | (372   | )      |                        |   | (245 | ) |
| Warranty reserve, end of period                                                                       |   | $                           | 634    |   |                        | $      | 751 |   |

----

| 5.             | DISCONTINUED OPERATIONS |
|----------------------------------------------------------------------------|-------------------------|

|                              |   | Three Months EndedDecember 31, |   |   | Six Months EndedDecember 31, |   |
|-----------------------------------|--------|--------------------------------|--------|--------|------------------------------|--------|
|                              |   | 2010                           |   |   | 2009                         |   |   | 2010 |   |   | 2009 |   |
| Net revenues                      |   | $                              | 9      |   |                         | $      | - |   |   | $ | 14 |   |   | $ | 3 |   |
| Loss before income tax benefit    |   | $                              | (37    | )      |                         | $      | (508 | ) |   | $ | (59 | ) |   | $ | (561 | ) |
| Income tax benefit                |   |                           | 15     |   |                         |   | - |   |   |   | 24 |   |   |   | - |   |
| Loss from discontinued operations |   | $                              | (22    | )      |                         | $      | (508 | ) |   | $ | (35 | ) |   | $ | (561 | ) |

|                        |   | December 31,2010 |   |   | June 30,2010 |   |
|-----------------------------|--------|------------------|--------|--------|--------------|--------|
| Current Assets:             |   |             |   |   |         |   |
| Accounts receivable, net    |   | $                | 6      |   |         | $      | 25 |   |
| Assets held for sale        |   |             | 27     |   |         |   | 27 |   |
|                        |   | $                | 33     |   |         | $      | 52 |   |
| Non-Current Assets:         |   |             |   |   |         |   |   |   |
| Other assets                |   | $                | 182    |   |         | $      | 182 |   |
|                        |   |             |   |   |         |   |   |   |
| Current Liabilities:        |   |             |   |   |         |   |   |   |
| Accounts payable            |   | $                | 6      |   |         | $      | 27 |   |
| Lease obligations           |   |             | 536    |   |         |   | 532 |   |
| Other accrued expenses      |   |             | 166    |   |         |   | 342 |   |
| Deferred revenue            |   |             | 24     |   |         |   | 22 |   |
|                        |   | $                | 732    |   |         | $      | 923 |   |
|                        |   |             |   |   |         |   |   |   |
| Non-Current Liabilities:    |   |             |   |   |         |   |   |   |
| Lease obligations           |   | $                | 2,768  |   |         | $      | 2,938 |   |
| Other long-term liabilities |   |             | 36     |   |         |   | 36 |   |
|                        |   | $                | 2,804  |   |         | $      | 2,974 |   |

----

| 6.             | INCOME TAXES |
|----------------------------------------------------------------------------|--------------|

----

|                                         |   | Three Months Ended |   |   | Six Months Ended |   |
|----------------------------------------------|--------|--------------------|--------|--------|------------------|--------|
|                                         |   | December 31,       |   |   | December 31,     |   |
|                                         |   | 2010               |   |   | 2009             |   |   | 2010 |   |   | 2009 |   |
| Net revenues from external customers         |   |               |   |   |             |   |   |   |   |   |   |   |
| Coins                                        |   | $                  | 6,487  |   |             | $      | 5,851 |   |   | $ | 12,531 |   |   | $ | 11,408 |   |
| Trading cards and autographs                 |   |               | 2,384  |   |             |   | 2,304 |   |   |   | 4,976 |   |   |   | 4,870 |   |
| Other                                        |   |               | 729    |   |             |   | 728 |   |   |   | 1,848 |   |   |   | 1,903 |   |
| Total revenue                                |   | $                  | 9,600  |   |             | $      | 8,883 |   |   |   | 19,355 |   |   |   | 18,181 |   |
| Amortization and depreciation                |   |               |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Coins                                        |   | $                  | 53     |   |             | $      | 78 |   |   | $ | 105 |   |   | $ | 150 |   |
| Trading cards and autographs                 |   |               | 52     |   |             |   | 57 |   |   |   | 104 |   |   |   | 102 |   |
| Other                                        |   |               | 72     |   |             |   | 92 |   |   |   | 144 |   |   |   | 200 |   |
| Total                                        |   |               | 177    |   |             |   | 227 |   |   |   | 353 |   |   |   | 452 |   |
| Unallocated amortization and depreciation    |   |               | 27     |   |             |   | 59 |   |   |   | 56 |   |   |   | 128 |   |
| Consolidated amortization and depreciation   |   | $                  | 204    |   |             | $      | 286 |   |   | $ | 409 |   |   | $ | 580 |   |
| Stock-based compensation                     |   |               |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Coins                                        |   | $                  | 68     |   |             | $      | - |   |   | $ | 84 |   |   | $ | - |   |
| Trading cards and autographs                 |   |               | 12     |   |             |   | - |   |   |   | 15 |   |   |   | - |   |
| Other                                        |   |               | 18     |   |             |   | - |   |   |   | 23 |   |   |   | - |   |
| Total                                        |   |               | 98     |   |             |   | - |   |   |   | 122 |   |   |   | - |   |
| Unallocated stock-based compensation         |   |               | 287    |   |             |   | 330 |   |   |   | 458 |   |   |   | 495 |   |
| Consolidated stock-based compensation        |   | $                  | 385    |   |             | $      | 330 |   |   | $ | 580 |   |   | $ | 495 |   |
| Operating income before unallocated expenses |   |               |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Coins                                        |   | $                  | 2,289  |   |             | $      | 2,318 |   |   | $ | 4,353 |   |   | $ | 4,507 |   |
| Trading cards and autographs                 |   |               | 176    |   |             |   | 221 |   |   |   | 521 |   |   |   | 600 |   |
| Other                                        |   |               | 53     |   |             |   | 25 |   |   |   | 417 |   |   |   | 226 |   |
| Total                                        |   |               | 2,518  |   |             |   | 2,564 |   |   |   | 5,291 |   |   |   | 5,333 |   |
| Unallocated operating expenses               |   |               | (967   | )      |             |   | (1,099 | ) |   |   | (1,902 | ) |   |   | (2,072 | ) |
| Consolidated operating income                |   | $                  | 1,551  |   |             | $      | 1,465 |   |   | $ | 3,389 |   |   | $ | 3,261 |   |

|                                                                                                                                                                                                                                                                                                            |   | At December 30, |   |   | At June 30, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------|--------|--------|-------------|--------|
|                                                                                                                                                                                                                                                                                                            |   | 2010            |   |   | 2010        |   |
| Identifiable Assets:                                                                                                                                                                                                                                                                                            |   |            |   |   |        |   |
| Coins                                                                |   | $               | 4,338  |   |        | $      | 3,509 |   |
| Trading cards and autographs                                                                                                                                                                                                                                                                                    |   |            | 664    |   |        |   | 810 |   |
| Other                                                                |   |            | 4,367  |   |        |   | 4,460 |   |
| Total                                                                |   |            | 9,369  |   |        |   | 8,779 |   |
| Unallocated assets                                                   |   |            | 26,958 |   |        |   | 29,907 |   |
| Consolidated assets                                                  |   | $               | 36,327 |   |        | $      | 38,686 |   |
| Goodwill:                                                                                                                                                                                                                                                                                                       |   |            |   |   |        |   |   |   |
| Coins                                                                |   | $               | 515    |   |        | $      | 515 |   |
| Other                                                                |   |            | 2,311  |   |        |   | 2,311 |   |
| Consolidated goodwill                                                |   | $               | 2,826  |   |        | $      | 2,826 |   |

----

| 9.             | RELATED-PARTY TRANSACTIONS |
|-----------------------------------------------------------------------|----------------------------|

| 10.           | CONTINGENCIES |
|-----------------------------------------------------------------|---------------|

| 11.           | SUBSEQUENT EVENTS |
|-----------------------------------------------------------------|-------------------|

| ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
|---------|---------------------------------------------------------------------------------------------|

Forward-Looking Statements

----

Our Business

Factors That Can Affect our Financial Position and Operating Results

----

|                            |   | Units ProcessedThree Months Ended December 31, |    |   | Declared Value (000)Three Months Ended December 31, |   |
|---------------------------------|--------|------------------------------------------------|---------|--------|-----------------------------------------------------|--------|
|                            |   | 2010                                           |    |   | 2009                                                |   |   | 2010 |   |   | 2009 |   |
| Coins                           |   |                                           | 403,600 |   |                                                |   | 56.9 | % |   |   | 400,200 |   |   |   | 56.7 | % |   |   | 287,155 |   |   |   | 91.6 | % |   | $ | 293,317 |   |   |   | 92.3 | % |
| Trading cards and autographs(1) |   |                                           | 301,900 |   |                                                |   | 42.6 | % |   |   | 300,700 |   |   |   | 42.6 | % |   |   | 24,120 |   |   |   | 7.7 | % |   |   | 20,895 |   |   |   | 6.6 | % |
| Stamps                          |   |                                           | 3,900   |   |                                                |   | 0.5 | % |   |   | 4,700 |   |   |   | 0.7 | % |   |   | 2,163 |   |   |   | 0.7 | % |   |   | 3,623 |   |   |   | 1.1 | % |
| Total                           |   |                                           | 709,400 |   |                                                |   | 100.0 | % |   |   | 705,600 |   |   |   | 100.0 | % |   |   | 313,438 |   |   |   | 100.0 | % |   | $ | 317,835 |   |   |   | 100.0 | % |

|                            |   | Units ProcessedSix Months Ended December 31, |      |   | Declared Value (000)Six Months Ended December 31, |   |
|---------------------------------|--------|----------------------------------------------|-----------|--------|---------------------------------------------------|--------|
|                            |   | 2010                                         |      |   | 2009                                              |   |   | 2010 |   |   | 2009 |   |
| Coins                           |   |                                         | 851,500   |   |                                              |   | 56.6 | % |   |   | 758,900 |   |   |   | 54.1 | % |   | $ | 616,132 |   |   |   | 91.6 | % |   | $ | 569,624 |   |   |   | 91.6 | % |
| Trading cards and autographs(1) |   |                                         | 646,400   |   |                                              |   | 42.9 | % |   |   | 634,800 |   |   |   | 45.2 | % |   |   | 51,714 |   |   |   | 7.7 | % |   |   | 44,838 |   |   |   | 7.2 | % |
| Stamps                          |   |                                         | 7,800     |   |                                              |   | 0.5 | % |   |   | 10,100 |   |   |   | 0.7 | % |   |   | 4,730 |   |   |   | 0.7 | % |   |   | 7,340 |   |   |   | 1.2 | % |
| Total                           |   |                                         | 1,505,700 |   |                                              |   | 100.0 | % |   |   | 1,403,800 |   |   |   | 100.0 | % |   | $ | 672,576 |   |   |   | 100.0 | % |   | $ | 621,802 |   |   |   | 100.0 | % |

----

| (1)   | Consists of trading cards units graded by our PSA trading card authentication and grading business and autographs certified by our PSA/DNA autograph authentication and grading business. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Critical Accounting Policies and Estimates

----

----

Results of Operations for the Three and Six Months Ended December 31, 2010 Versus the Three and 
Six Months Ended December 31, 2009

|                                                              |   | Three Months Ended |   |   | Six Months Ended |   |
|-------------------------------------------------------------------|--------|--------------------|--------|--------|------------------|--------|
|                                                              |   | December 31,       |   |   | December 31,     |   |
|                                                              |   | 2010               |   |   | 2009             |   |   | 2010 |   |   | 2009 |   |
| Net revenues                                                      |   |               | 100.0  | %      |             |   | 100.0 | % |   |   | 100.0 | % |   |   | 100.0 | % |
| Cost of revenues                                                  |   |               | 40.6   | %      |             |   | 40.9 | % |   |   | 39.6 | % |   |   | 40.5 | % |
| Gross profit                                                      |   |               | 59.4   | %      |             |   | 59.1 | % |   |   | 60.4 | % |   |   | 59.5 | % |
| Operating expenses:                                               |   |               |   |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Selling and marketing expenses                                    |   |               | 13.7   | %      |             |   | 12.8 | % |   |   | 14.7 | % |   |   | 12.9 | % |
| General and administrative expenses                               |   |               | 29.6   | %      |             |   | 29.8 | % |   |   | 28.2 | % |   |   | 28.7 | % |
| Total operating expenses                                          |   |               | 43.3   | %      |             |   | 42.6 | % |   |   | 42.9 | % |   |   | 41.6 | % |
| Operating income                                                  |   |               | 16.1   | %      |             |   | 16.5 | % |   |   | 17.5 | % |   |   | 17.9 | % |
| Interest and other income, net                                    |   |               | 0.3    | %      |             |   | 0.1 | % |   |   | 0.3 | % |   |   | 0.3 | % |
| Income before provision (benefit) for income taxes                |   |               | 16.4   | %      |             |   | 16.6 | % |   |   | 17.8 | % |   |   | 18.2 | % |
| Provision (benefit) for income taxes                              |   |               | 6.3    | %      |             |   | (2.3 | )% |   |   | 7.0 | % |   |   | (0.4 | )% |
| Income from continuing operations                                 |   |               | 10.1   | %      |             |   | 18.9 | % |   |   | 10.8 | % |   |   | 18.6 | % |
| Loss from discontinued operations,  net of income taxes |   |               | (0.2   | )%     |             |   | (5.7 | )% |   |   | (0.2 | )% |   |   | (3.1 | )% |
| Net income                                                        |   |               | 9.9    | %      |             |   | 13.2 | % |   |   | 10.6 | % |   |   | 15.5 | % |

|                                     |   | Three Months Ended December 31, |   |
|------------------------------------------|--------|---------------------------------|--------|
|                                     |   | 2010                            |   |   | 2009 |   |   |   |   |
|                                     |   | Amount                          |   |   | % of NetRevenues |   |   | Amount |   |   | % of NetRevenues |   |   | Increase |   |
|                                     | Amount |                            |   | % |   |
|                                     |   | (Dollars In Thousands)          |   |
| Grading and authentication fees          |   | $                               | 7,808  |   |   |   | 81.3 | % |   | $ | 7,514 |   |   |   | 84.6 | % |   | $ | 294 |   |   |   | 3.9 | % |
| Other related services and roducts sales |   |                            | 1,792  |   |   |   | 18.7 | % |   |   | 1,369 |   |   |   | 15.4 | % |   |   | 423 |   |   |   | 30.9 | % |
| Total Net Revenues                       |   | $                               | 9,600  |   |   |   | 100.0 | % |   | $ | 8,883 |   |   |   | 100.0 | % |   | $ | 717 |   |   |   | 8.1 | % |

----

|                                    |   | Six Months Ended December 31, |   |
|-----------------------------------------|--------|-------------------------------|--------|
|                                    |   | 2010                          |   |   | 2009 |   |   |   |   |
|                                    |   | Amount                        |   |   | % of NetRevenues |   |   | Amount |   |   | % of NetRevenues |   |   | Increase |   |
|                                    | Amount |                          |   | % |   |
|                                    |   | (Dollars In Thousands)        |   |
| Grading and authentication fees         |   | $                             | 15,580 |   |   |   | 80.5 | % |   | $ | 14,995 |   |   |   | 82.5 | % |   | $ | 585 |   |   |   | 3.9 | % |
| Other related services and roduct sales |   |                          | 3,775  |   |   |   | 19.5 | % |   |   | 3,186 |   |   |   | 17.5 | % |   |   | 589 |   |   |   | 18.5 | % |
| Total Net Revenues                      |   | $                             | 19,355 |   |   |   | 100.0 | % |   | $ | 18,181 |   |   |   | 100.0 | % |   | $ | 1,174 |   |   |   | 6.5 | % |

|                 |   | Three Months Ended December 31, |   |
|----------------------|--------|---------------------------------|--------|
|                 |   |                            |   |   |   |   |   | 2010 vs. 2009 |   |
|                 |   | 2010                            |   |   | 2009 |   |   | Increase (Decrease) |   |
|                 |   |                            |   |   | % of Net |   |   |   |   |   | % of Net |   |   | Revenues |   |   | Units Processed |   |
|                 |   | Amount                          |   |   | Revenues |   |   | Amount |   |   | Revenues |   |   | Amounts |   |   | % |   |   | Number |   |   | % |   |
| Coins                |   | $                               | 6,276  |   |   |   | 65.4 | % |   | $ | 5,851 |   |   |   | 65.9 | % |   | $ | 425 |   |   |   | 7.3 | % |   |   | 3,400 |   |   |   | 0.8 | % |
| Cards and autographs |   |                            | 2,384  |   |   |   | 24.8 | % |   |   | 2,304 |   |   |   | 25.9 | % |   |   | 80 |   |   |   | 3.5 | % |   |   | 1,200 |   |   |   | 0.4 | % |
| Other (1)            |   |                            | 940    |   |   |   | 9.8 | % |   |   | 728 |   |   |   | 8.2 | % |   |   | 212 |   |   |   | 29.1 | % |   |   | (800 | ) |   |   | (17.0 | )% |
|  Net Revenues   |   | $                               | 9,600  |   |   |   | 100.0 | % |   | $ | 8,883 |   |   |   | 100.0 | % |   | $ | 717 |   |   |   | 8.1 | % |   |   | 3,800 |   |   |   | 0.5 | % |

|                 |   | Six Months Ended December 31, |   |
|----------------------|--------|-------------------------------|--------|
|                 |   |                          |   |   |   |   |   | 2010 vs. 2009 |   |
|                 |   | 2010                          |   |   | 2009 |   |   | Increase (Decrease) |   |
|                 |   |                          |   |   | % of Net |   |   |   |   |   | % of Net |   |   | Revenues |   |   | Units Processed |   |
|                 |   | Amount                        |   |   | Revenues |   |   | Amount |   |   | Revenues |   |   | Amounts |   |   | % |   |   | Number |   |   | % |   |
| Coins                |   | $                             | 12,252 |   |   |   | 63.3 | % |   | $ | 11,386 |   |   |   | 62.6 | % |   | $ | 866 |   |   |   | 7.6 | % |   |   | 92,600 |   |   |   | 12.2 | % |
| Cards and autographs |   |                          | 4,976  |   |   |   | 25.7 | % |   |   | 4,870 |   |   |   | 26.8 | % |   |   | 106 |   |   |   | 2.2 | % |   |   | 11,600 |   |   |   | 1.8 | % |
| Other (1)            |   |                          | 2,127  |   |   |   | 11.0 | % |   |   | 1,925 |   |   |   | 10.6 | % |   |   | 202 |   |   |   | 10.5 | % |   |   | (2,300 | ) |   |   | (22.8 | )% |
|  Net Revenues   |   | $                             | 19,355 |   |   |   | 100.0 | % |   | $ | 18,181 |   |   |   | 100.0 | % |   | $ | 1,174 |   |   |   | 6.5 | % |   |   | 101,900 |   |   |   | 7.3 | % |

----

| (1)   | Consists of stamps, CCE subscription business, CFC interest income our Expos convention revenues and coin product sales. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------|

----

|         |   | Three Months Ended December 31, |   |   | Six Months Ended December 31, |   |
|--------------|--------|---------------------------------|--------|--------|-------------------------------|--------|
|         |   | 2010                            |   |   | 2009                          |   |   | 2010 |   |   | 2009 |   |
|         |   |                            |   |   | GrossProfit                   |   |   |   |   |   | GrossProfit |   |   |   |   |   | GrossProfit |   |   |   |   |   | GrossProfit |   |
|         |   | Amount                          |   |   | Margin                        |   |   | Amount |   |   | Margin |   |   | Amounts |   |   | Margin |   |   | Amount |   |   | Margin |   |
| Gross profit |   | $                               | 5,705  |   |                          |   | 59.4 | % |   | $ | 5,250 |   |   |   | 59.1 | % |   | $ | 11,686 |   |   |   | 60.4 | % |   | $ | 10,809 |   |   |   | 59.5 | % |

|                           | Three Months Ended                   |   | Six Months Ended                                                          |
|--------------------------------|--------------------------------------|--------|---------------------------------------------------------------------------|
|                           | December 31,                         |   | December 31,                                                              |
|                           | 2010                                 |   | 2009                                                                      |   | 2010 |   | 2009 |
| Selling and marketing expenses | $     1,317 |   | $            1,141 |   |  $   2,841 |   |  $           2,336 |
| Percent of net revenue         | 13.7%                                |   |        12.8%                           |   |   14.7% |   |    12.9% |

----

|                                |   | Three Months Ended |   |   | Six Months Ended |   |
|-------------------------------------|--------|--------------------|--------|--------|------------------|--------|
|                                |   | December 31,       |   |   | December 31,     |   |
|                                |   | 2010               |   |   | 2009             |   |   | 2010 |   |   | 2009 |   |
| General and administrative expenses |   | $                  | 2,837  |   |             | $      | 2,644 |   |   | $ | 5,456 |   |   | $ | 5,212 |   |
| Percent of net revenue              |   |               | 29.6   | %      |             |   | 29.8 | % |   |   | 28.2 | % |   |   | 28.7 | % |

|                               |   | Three Months Ended |   |   | Six Months Ended |   |
|------------------------------------|--------|--------------------|--------|--------|------------------|--------|
|                               |   | December 31,       |   |   | December 31,     |   |
| Included In:                       |   | 2010               |   |   | 2009             |   |   | 2010 |   |   | 2009 |   |
| General and administrative expense |   | $                  | 385    |   |             | $      | 330 |   |   | $ | 580 |   |   | $ | 495 |   |

| Fiscal Year Ending June 30, |   | Amount |   |
|-----------------------------|--------|--------|--------|
| 2011 (remaining 6 months)   |   | $      | 551    |   |
| 2012                        |   |   | 542    |   |
| 2013                        |   |   | 41     |   |
|                        |   | $      | 1,134  |   |

----

|                           |   | Three Months Ended |   |   | Six Months Ended |   |
|--------------------------------|--------|--------------------|--------|--------|------------------|--------|
|                           |   | December 31,       |   |   | December 31,     |   |
|                           |   | 2010               |   |   | 2009             |   |   | 2010 |   |   | 2009 |   |
|                           |   | (In Thousands)     |   |
| Interest and Other Income, net |   | $                  | 28     |   |             | $      | 12 |   |   | $ | 52 |   |   | $ | 52 |   |

|                               |   | Three Months Ended |   |   | Six Months Ended |   |
|------------------------------------|--------|--------------------|--------|--------|------------------|--------|
|                               |   | December 31,       |   |   | December 31,     |   |
|                               |   | 2010               |   |   | 2009             |   |   | 2010 |   |   | 2009 |   |
|                               |   | (In Thousands)     |   |
| Provision (benefit) for income tax |   | $                  | 609    |   |             | $      | (202 | ) |   | $ | 1,354 |   |   | $ | (75 | ) |

|                                                   |   | Three Months Ended |   |   | Six Months Ended |   |
|--------------------------------------------------------|--------|--------------------|--------|--------|------------------|--------|
|                                                   |   | December 31,       |   |   | December 31,     |   |
|                                                   |   | 2010               |   |   | 2009             |   |   | 2010 |   |   | 2009 |   |
|                                                   |   | (In Thousands)     |   |
| Loss from discontinued operations, net of income taxes |   | $                  | (22    | )      |             | $      | (508 | ) |   | $ | (35 | ) |   | $ | (561 | ) |

----

Liquidity and Capital Resources

----

|  Fiscal Year          |   | GrossAmount |   |   | SubleaseIncome |   |   | Net    |   |
|----------------------------|--------|-------------|--------|--------|----------------|--------|--------|--------|--------|
| 2011(remaining six months) |   | $           | 605    |   |           | $      | 22     |   |   | $ | 583 |   |
| 2012                       |   |        | 1,261  |   |           |   | 43     |   |   |   | 1,218 |   |
| 2013                       |   |        | 1,271  |   |           |   | 45     |   |   |   | 1,226 |   |
| 2014                       |   |        | 1,191  |   |           |   | 46     |   |   |   | 1,145 |   |
| 2015                       |   |        | 1,155  |   |           |   | 47     |   |   |   | 1,108 |   |
| Thereafter                 |   |        | 4,271  |   |           |   | 191    |   |   |   | 4,080 |   |
|                       |   | $           | 9,754  |   |           | $      | 394    |   |   | $ | 9,360 |   |

|  Fiscal Year                             |   | GrossAmount |   |   | SubleaseIncome |   |   | Net    |   |
|-----------------------------------------------|--------|-------------|--------|--------|----------------|--------|--------|--------|--------|
| 2011(remaining six months)                    |   | $           | 328    |   |           | $      | 86     |   |   | $ | 242 |   |
| 2012                                          |   |        | 675    |   |           |   | 174    |   |   |   | 501 |   |
| 2013                                          |   |        | 721    |   |           |   | 181    |   |   |   | 540 |   |
| 2014                                          |   |        | 759    |   |           |   | 192    |   |   |   | 567 |   |
| 2015                                          |   |        | 794    |   |           |   | 195    |   |   |   | 599 |   |
| Thereafter                                    |   |        | 1,350  |   |           |   | 99     |   |   |   | 1,251 |   |
|                                          |   | $           | 4,627  |   |           | $      | 927    |   |   | $ | 3,700 |   |
| Less:  Accrual at December 31, 2010 |   |        |   |   |           |   |   |   |   |   | (3,184 | ) |
|                                          |   |        |   |   |           |   |   |   |   | $ | 516 |   |

----

Recent Accounting Pronouncements

ITEM 4T.      CONTROLS AND PROCEDURES

----

PART II – OTHER INFORMATION

Item 1A.  Risk Factors

| ITEM 6. | EXHIBITS |
|---------|----------|

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

----

SIGNATURES

|                                                                                    |   | COLLECTORS UNIVERSE, INC. |
|-----------------------------------------------------------------------------------------|--------|---------------------------|
|                                                                                    |   |                      |
| Date:           February 8, 2011 | By:    | /s/ MICHAEL J. MCCONNELL  |
|                                                                                    |   | Michael J. McConnell      |
|                                                                                    |   | Chief Executive Officer   |

|                                                                                    |   | COLLECTORS UNIVERSE, INC. |
|-----------------------------------------------------------------------------------------|--------|---------------------------|
|                                                                                    |   |                      |
| Date:           February 8, 2011 | By:    | /s/ JOSEPH J. WALLACE     |
|                                                                                    |   | Joseph J. Wallace         |
|                                                                                    |   | Chief Financial Officer   |

----

| INDEX TO EXHIBITS |
|-------------------|

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

----