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

| (Mark One)                                                                            |                                                                                                       |
|---------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|
| ý                                                                                | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                    |
|                                                                                  | For the quarter ended March 31, 2011                                                                       |
|                                                                                  |                                                                                                       |
|                                                                                  | OR                                                                                                         |
|                                                                                  |                                                                                                       |
| q                                                                                     | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] |
|                                                                                  |                                                                                                       |
|                                                                                  | For the transition period from _______ to _____                                                            |
| 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 May 5, 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 March 31, 2011 and June 30, 2010                                                   | 1 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                          |                                                                                                                           |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                          | Condensed Consolidated Statements of Operations for the Three and Nine months Ended March 31, 2011 and 2010                    | 2 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                          |                                                                                                                           |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                          | Condensed Consolidated Statements of Cash Flows for the Nine months Ended March 31, 2011 and 2010                              | 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                                                           | 16 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                          | Critical Accounting Policies and Estimates                                                                                     | 18 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                          | Results of Operations for the Three and Nine Months Ended March 31, 2011 Versus the Three and Nine Months Ended March 31, 2010 | 20 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                          | Liquidity and Capital Resources                                                                                                | 25 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                          | Recent Accounting Pronouncements                                                                                               | 27 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                          |                                                                                                                           |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Item 4T.                                                                                      | Controls and Procedures                                                                                                        | 27 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                          |                                                                                                                           |   |
| PART II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Other Information                                                                             |                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                          |                                                                                                                           |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Item 1A.                                                                                      | Risk Factors                                                                                                                   | 29 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Item 6.                                                                                       | Exhibits                                                                                                                       | 29 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                          |                                                                                                                           |
| 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.

COLLECTORS UNIVERSE, INC. AND SUBSIDIARIES

|                                                                                                                                                                                     |   | March 31, |     |   | June 30, |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|----------|--------|----------|--------|
| ASSETS                                                                                                                                                                                   |   | 2011      |     |   | 2010     |   |
| Current assets:                                                                                                                                                                          |   |      |     |   |     |   |
| Cash and cash equivalents                                                                                                                                                                |   | $         | 21,259   |   |     | $      | 20,321 |   |
| Accounts receivable, net of allowance of $69 at March 31, 2011 and $75 at June 30, 2010                                                                                                  |   |      | 1,852    |   |     |   | 1,246 |   |
| Inventories, net                                                                                                                                                                         |   |      | 1,159    |   |     |   | 708 |   |
| Prepaid expenses and other current assets                                                                                                                                                |   |      | 893      |   |     |   | 919 |   |
| Refundable income taxes                                                                                                                                                                  |   |      | 65       |   |     |   | 335 |   |
| Deferred income tax assets                                                                                                                                                               |   |      | 1,654    |   |     |   | 4,365 |   |
| Notes receivable from sale of net assets of discontinued operations                                                                                                                      |   |      | 50       |   |     |   | 96 |   |
| Current assets of discontinued operations                                                                                                                                                |   |      | 28       |   |     |   | 52 |   |
| Total current assets                                                                                                                                                                     |   |      | 26,960   |   |     |   | 28,042 |   |
|                                                                                                                                                                                     |   |      |     |   |     |   |   |   |
| Property and equipment, net                                                                                                                                                              |   |      | 1,176    |   |     |   | 1,145 |   |
| Goodwill                                                                                                                                                                                 |   |      | 2,826    |   |     |   | 2,826 |   |
| Intangible assets, net                                                                                                                                                                   |   |      | 1,860    |   |     |   | 2,184 |   |
| Deferred income tax assets                                                                                                                                                               |   |      | 3,807    |   |     |   | 3,807 |   |
| Notes receivable from sale of net assets of discontinued operations                                                                                                                      |   |      | 132      |   |     |   | 170 |   |
| Other assets                                                                                                                                                                             |   |      | 225      |   |     |   | 330 |   |
| Non-current assets of discontinued operations                                                                                                                                            |   |      | 182      |   |     |   | 182 |   |
|                                                                                                                                                                                     |   | $         | 37,168   |   |     | $      | 38,686 |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                                               |   |      |     |   |     |   |   |   |
| Current liabilities:                                                                                                                                                                     |   |      |     |   |     |   |   |   |
| Accounts payable                                                                                                                                                                         |   | $         | 1,194    |   |     | $      | 1,434 |   |
| Accrued liabilities                                                                                                                                                                      |   |      | 1,451    |   |     |   | 1,495 |   |
| Accrued compensation and benefits                                                                                                                                                        |   |      | 1,961    |   |     |   | 1,804 |   |
| Income taxes payable                                                                                                                                                                     |   |      | 184      |   |     |   | 197 |   |
| Deferred revenue                                                                                                                                                                         |   |      | 2,538    |   |     |   | 1,926 |   |
| Current liabilities of discontinued operations                                                                                                                                           |   |      | 785      |   |     |   | 923 |   |
| Total current liabilities                                                                                                                                                                |   |      | 8,113    |   |     |   | 7,779 |   |
|                                                                                                                                                                                     |   |      |     |   |     |   |   |   |
| Deferred rent                                                                                                                                                                            |   |      | 381      |   |     |   | 321 |   |
| Non-current liabilities of discontinued operations                                                                                                                                       |   |      | 2,670    |   |     |   | 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 March 31, 2011       and at June 30, 2010, respectively |   |      |   8 |   |     |   |   8 |   |
| Additional paid-in capital                                                                                                                                                               |   |      | 69,861   |   |     |   | 68,134 |   |
| Accumulated deficit                                                                                                                                                                      |   |      | (43,865  | )      |     |   | (40,530 | ) |
| Total stockholders’ equity                                                                                                                                                         |   |      | 26,004   |   |     |   | 27,612 |   |
|                                                                                                                                                                                     |   | $         | 37,168   |   |     | $      | 38,686 |   |

----

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

|                                                                                                                                 |   | Three Months EndedMarch 31, |   |   | Nine Months EndedMarch 31, |   |
|--------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|--------|----------------------------|--------|
|                                                                                                                                 |   | 2011                        |   |   | 2010                       |   |   | 2011 |   |   | 2010 |   |
| Net revenues                                                                                                                         |   | $                           | 12,818 |   |                       | $      | 10,790 |   |   | $ | 32,174 |   |   | $ | 28,971 |   |
| Cost of revenues                                                                                                                     |   |                        | 4,907  |   |                       |   | 4,204 |   |   |   | 12,577 |   |   |   | 11,576 |   |
| Gross profit                                                                                                                         |   |                        | 7,911  |   |                       |   | 6,586 |   |   |   | 19,597 |   |   |   | 17,395 |   |
| Selling and marketing expenses                                                                                                       |   |                        | 1,585  |   |                       |   | 1,449 |   |   |   | 4,426 |   |   |   | 3,785 |   |
| General and administrative expenses                                                                                                  |   |                        | 3,013  |   |                       |   | 2,602 |   |   |   | 8,469 |   |   |   | 7,814 |   |
| Operating income                                                                                                                     |   |                        | 3,313  |   |                       |   | 2,535 |   |   |   | 6,702 |   |   |   | 5,796 |   |
| Interest and other income, net                                                                                                       |   |                        | 36     |   |                       |   | 35 |   |   |   | 88 |   |   |   | 87 |   |
| Income before provision for income taxes                                                                                             |   |                        | 3,349  |   |                       |   | 2,570 |   |   |   | 6,790 |   |   |   | 5,883 |   |
| Provision for income taxes                                                                                                           |   |                        | 1,381  |   |                       |   | 129 |   |   |   | 2,735 |   |   |   | 54 |   |
| Income from continuing operations                                                                                                    |   |                        | 1,968  |   |                       |   | 2,441 |   |   |   | 4,055 |   |   |   | 5,829 |   |
| Net loss from discontinued operations, net of loss on sales of discontinued businesses,      net of income taxes |   |                        | -      |   |                       |   | (68 | ) |   |   | (35 | ) |   |   | (629 | ) |
| Net income                                                                                                                           |   | $                           | 1,968  |   |                       | $      | 2,373 |   |   | $ | 4,020 |   |   |   | 5,200 |   |
|                                                                                                                                 |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Net income per basic share:                                                                                                          |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
|     Income from continuing operations                                                                            |   | $                           | 0.25   |   |                       | $      | 0.33 |   |   | $ | 0.53 |   |   | $ | 0.78 |   |
|     Loss from discontinued operations                                                                            |   |                        | -      |   |                       |   | (0.01 | ) |   |   | (0.01 | ) |   |   | (0.08 | ) |
| Net income per basic shares                                                                                                          |   | $                           | 0.25   |   |                       | $      | 0.32 |   |   | $ | 0.52 |   |   | $ | 0.70 |   |
|                                                                                                                                 |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Net income per diluted share:                                                                                                        |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations                                                                                                    |   | $                           | 0.25   |   |                       | $      | 0.32 |   |   | $ | 0.52 |   |   | $ | 0.76 |   |
| Loss from discontinued operations                                                                                                    |   |                        | -      |   |                       |   | (0.01 | ) |   |   | - |   |   |   | (0.08 | ) |
| Net income per diluted shares                                                                                                        |   | $                           | 0.25   |   |                       | $      | 0.31 |   |   | $ | 0.52 |   |   | $ | 0.68 |   |
|                                                                                                                                 |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding:                                                                                                 |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                                                |   |                        | 7,727  |   |                       |   | 7,420 |   |   |   | 7,672 |   |   |   | 7,459 |   |
| Diluted                                                                                                                              |   |                        | 7,841  |   |                       |   | 7,676 |   |   |   | 7,795 |   |   |   | 7,620 |   |
| Dividends declared per common share                                                                                                  |   | $                           | 0.325  |   |                       | $      | 0.25 |   |   | $ | 0.95 |   |   | $ | 0.50 |   |
|                                                                                                                                 |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |

----

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

|                                                                                                     |   | Nine Months EndedMarch 31, |   |
|----------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|
|                                                                                                     |   | 2011                       |   |   | 2010 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                                    |   |                       |   |   |   |   |
| Net income                                                                                               |   | $                          | 4,020  |   |   | $ | 5,200 |   |
| Discontinued operations                                                                                  |   |                       | 35     |   |   |   | 629 |   |
| Income from continuing operations                                                                        |   |                       | 4,055  |   |   |   | 5,829 |   |
| Adjustments to reconcile income from continuing operations to net cash provided by operating activities: |   |                       |   |   |   |   |   |   |
| Depreciation and amortization expense                                                                    |   |                       | 592    |   |   |   | 797 |   |
| Stock-based compensation expense                                                                         |   |                       | 856    |   |   |   | 733 |   |
| Provision for bad debts                                                                                  |   |                       | 14     |   |   |   | (17 | ) |
| Provision for inventory write-down                                                                       |   |                       | 1      |   |   |   | 39 |   |
| Provision for warranty                                                                                   |   |                       | 549    |   |   |   | 466 |   |
| Gain on sale of property and equipment                                                                   |   |                       | (11    | ) |   |   | (8 | ) |
| Interest on notes receivable                                                                             |   |                       | (12    | ) |   |   | (9 | ) |
| Provision for deferred income taxes                                                                      |   |                       | 2,711  |   |   |   | - |   |
| Change in operating assets and liabilities:                                                              |   |                       |   |   |   |   |   |   |
| Accounts receivable                                                                                      |   |                       | (585   | ) |   |   | (473 | ) |
| Inventories                                                                                              |   |                       | (451   | ) |   |   | (76 | ) |
| Prepaid expenses and other                                                                               |   |                       | 77     |   |   |   | 46 |   |
| Refundable income taxes                                                                                  |   |                       | 270    |   |   |   | (248 | ) |
| Other assets                                                                                             |   |                       | 55     |   |   |   | (160 | ) |
| Accounts payable and accrued liabilities                                                                 |   |                       | (750   | ) |   |   | (211 | ) |
| Accrued compensation and benefits                                                                        |   |                       | 157    |   |   |   | 207 |   |
| Income taxes payable                                                                                     |   |                       | (13    | ) |   |   | 7 |   |
| Deferred revenue                                                                                         |   |                       | 612    |   |   |   | 395 |   |
| Deferred rent                                                                                            |   |                       | 60     |   |   |   | 80 |   |
| Net cash provided by operating activities of continuing operations                                       |   |                       | 8,187  |   |   |   | 7,397 |   |
| Net cash used in operating activities of discontinued businesses                                         |   |                       | (487   | ) |   |   | (959 | ) |
| Net cash provided by operating activities                                                                |   |                       | 7,700  |   |   |   | 6,438 |   |
|                                                                                                     |   |                       |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                                    |   |                       |   |   |   |   |   |   |
| Proceeds from sale of property and equipment                                                             |   |                       | 89     |   |   |   | - |   |
| Capital expenditures                                                                                     |   |                       | (369   | ) |   |   | (260 | ) |
| Proceeds from collection of customer notes receivable                                                    |   |                       | -      |   |   |   | 2,355 |   |
| Expos purchase price adjustment                                                                          |   |                       | -      |   |   |   | (200 | ) |
| Capitalized software                                                                                     |   |                       | (9     | ) |   |   | - |   |
| Cash received from sale of net assets of discontinued operations                                         |   |                       | 96     |   |   |   | 192 |   |
| Net cash (used in) provided by investing activities                                                      |   |                       | (193   | ) |   |   | 2,087 |   |
|                                                                                                     |   |                       |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                                    |   |                       |   |   |   |   |   |   |
| Proceeds from exercise of stock options                                                                  |   |                       | 871    |   |   |   | - |   |
| Dividends paid to common stockholders                                                                    |   |                       | (7,440 | ) |   |   | (3,712 | ) |
| Repurchase of common stock under “Dutch Auction” tender                                      |   |                       | -      |   |   |   | (8,911 | ) |
| Net cash used in financing activities                                                                    |   |                       | (6,569 | ) |   |   | (12,623 | ) |
|                                                                                                     |   |                       |   |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                                     |   |                       | 938    |   |   |   | (4,098 | ) |
| Cash and cash equivalents at beginning of period                                                         |   |                       | 20,321 |   |   |   | 23,870 |   |
| Cash and cash equivalents at end of period                                                               |   | $                          | 21,259 |   |   | $ | 19,772 |   |
|                                                                                                     |   |                       |   |   |   |   |   |   |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:                                                       |   |                       |   |   |   |   |   |   |
| Interest paid                                                                                            |   | $                          | -      |   |   | $ | - |   |
| Income taxes paid                                                                                        |   | $                          | 13     |   |   | $ | 294 |   |

----

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

----

----

|                                |   | Three Months EndedMarch 31, |   |   | Nine Months EndedMarch 31, |   |
|-------------------------------------|--------|-----------------------------|--------|--------|----------------------------|--------|
| Included in:                        |   | 2011                        |   |   | 2010                       |   |   | 2011 |   |   | 2010 |   |
| General and administrative expenses |   | $                           | 276    |   |                       | $      | 238 |   |   | $ | 856 |   |   | $ | 733 |   |

|                                        |   |    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    | )      |                            |   | 12.32  |                                        |   |                           | -                             |   |   |   | - |   |
| Exercised                                   |   |                     | (106   | )      |                            |   | 8.19   |                                        |   |                           | -                             |   |   |   | - |   |
| Outstanding at March 31, 2011               |   |                     | 304    |   |                            | $      | 11.49  |                                        |   |                           | 3.14                          |   |   | $ | 1,111 |   |
| Exercisable at March 31, 2011               |   |                     | 301    |   |                            | $      | 11.47  |                                        |   |                           | 3.11                          |   |   | $ | 1,108 |   |
| Unvested at March 31, 2011                  |   |                     | 3      |   |                            | $      | 13.18  |                                        |   |                           | 6.67                          |   |   | $ | 3 |   |
| Unvested expected to vest at March 31, 2011 |   |                     | 3      |   |                            | $      | 13.18  |                                        |   |                           | 6.67                          |   |   | $ | 3 |   |

----

|    Non-Vested Restricted Shares: |   |  Shares(In Thousands) |   |   | WeightedAverageGrant-DateFair Values |   |
|-------------------------------------------------|--------|----------------------------|--------|--------|--------------------------------------|--------|
| Non-vested at June 30, 2010                     |   |                       | 254    |   |                                 | $      | 4.43 |   |
| Granted                                         |   |                       | 97     |   |                                 |   | 12.83 |   |
| Vested                                          |   |                       | (131   | )      |                                 |   | 4.99 |   |
| Non-vested at March 31, 2011                    |   |                       | 220    |   |                                 | $      | 7.79 |   |

----

|  Fiscal Year Ending June 30, |   | Amount(In Thousands) |   |
|-----------------------------------|--------|----------------------|--------|
| 2011 (remaining 3 months)         |   | $                    | 276    |   |
| 2012                              |   |                 | 542    |   |
| 2013                              |   |                 | 41     |   |
|                              |   | $                    | 859    |   |

----

----

| Inventories consist of the following (in thousands):                                                                                                                                                                                                                                                                                                                                                                   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | March 31, |   |   | June 30, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 2011 |   |   | 2010 |   |
| Coins                                                                                  |   | $ | 672 |   |   | $ | 493 |   |
| Other collectibles                                                                     |   |   | 122 |   |   |   | 32 |   |
| Grading raw materials consumable inventory                                                                                                                                                                                                                                                                                                                                                                             |   |   | 493 |   |   |   | 327 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   | 1,287 |   |   |   | 852 |   |
| Less inventory reserve                                                                 |   |   | (128 | ) |   |   | (144 | ) |
| Inventories, net                                                                                                                                                                                                                                                                                                                                                                                                       |   | $ | 1,159 |   |   | $ | 708 |   |

| Property and equipment consist of the following (in thousands):                                                                                                                                                                                                                                                                                                                             |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                        |   | March 31, |   |   | June 30, |   |
|                                                                                                                                                                                                                                                                                                                                                                                        |   | 2011 |   |   | 2010 |   |
| Coins and stamp grading reference sets                                                                                                                                                                                                                                                                                                                                                      |   | $ | 385 |   |   | $ | 461 |   |
| Computer hardware and equipment                                                           |   |   | 1,491 |   |   |   | 1,419 |   |
| Computer software                                                                         |   |   | 1,007 |   |   |   | 999 |   |
| Equipment                                                                                 |   |   | 2,347 |   |   |   | 2,090 |   |
| Furniture and office equipment                                                            |   |   | 902 |   |   |   | 907 |   |
| Leasehold improvements                                                                    |   |   | 702 |   |   |   | 695 |   |
| Trading card reference library                                                            |   |   | 52 |   |   |   | 52 |   |
|                                                                                                                                                                                                                                                                                                                                                                                        |   |   | 6,886 |   |   |   | 6,623 |   |
| Less accumulated depreciation and amortization                                                                                                                                                                                                                                                                                                                                              |   |   | (5,710 | ) |   |   | (5,478 | ) |
| Property and equipment, net                                                                                                                                                                                                                                                                                                                                                                 |   | $ | 1,176 |   |   | $ | 1,145 |   |

| Accrued liabilities consist of the following (in thousands):                                                                                                                                                                                                                                                                                                                                                      |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                              |   | March 31, |   |   | June 30, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                              |   | 2011 |   |   | 2010 |   |
| Warranty reserves                                                                 |   | $ | 679 |   |   | $ | 669 |   |
| Professional fees                                                                 |   |   | 120 |   |   |   | 82 |   |
| Other                                                                             |   |   | 652 |   |   |   | 744 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                              |   | $ | 1,451 |   |   | $ | 1,495 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Nine MonthsEndedMarch 31, |   |   | Nine MonthsEndedMarch 31, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------|--------|--------|---------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2011                      |   |   | 2010                      |   |
| Warranty reserve, beginning of period                                                                 |   | $                         | 669    |   |                      | $      | 708 |   |
| Charged to cost of revenue                                                                            |   |                      | 549    |   |                      |   | 466 |   |
| Payments                                                                                              |   |                      | (539   | )      |                      |   | (333 | ) |
| Warranty reserve, end of period                                                                       |   | $                         | 679    |   |                      | $      | 841 |   |

----

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

|                                                                                                                                                                                                                                                                                                                                                                                                                        |   | Three Months EndedMarch 31, |   |   | Nine Months EndedMarch 31, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|--------|----------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 2011                        |   |   | 2010                       |   |   | 2011 |   |   | 2010 |   |
| Revenues, net                                                                                    |   | $                           | 1      |   |                       | $      | 9 |   |   | $ | 15 |   |   | $ | 12 |   |
| Income from operations of discontinued businesses                                                                                                                                                                                                                                                                                                                                                                           |   |                        | -      |   |                       |   | 6 |   |   |   | - |   |   |   | 7 |   |
| Net loss on sale of discontinued businesses                                                                                                                                                                                                                                                                                                                                                                                 |   |                        | -      |   |                       |   | (74 | ) |   |   | (59 | ) |   |   | (636 | ) |
| Income tax benefit                                                                               |   |                        | -      |   |                       |   | - |   |   |   | 24 |   |   |   | - |   |
| Loss from discontinued operations                                                                |   | $                           | -      |   |                       | $      | (68 | ) |   | $ | (35 | ) |   | $ | (629 | ) |

|                        |   | March 31,2011 |   |   | June 30,2010 |   |
|-----------------------------|--------|---------------|--------|--------|--------------|--------|
| Current Assets:             |   |          |   |   |         |   |
| Accounts receivable, net    |   | $             | 1      |   |         | $      | 25 |   |
| Assets held for sale        |   |          | 27     |   |         |   | 27 |   |
|                        |   | $             | 28     |   |         | $      | 52 |   |
| Non-Current Assets:         |   |          |   |   |         |   |   |   |
| Other assets                |   | $             | 182    |   |         | $      | 182 |   |
|                        |   |          |   |   |         |   |   |   |
| Current Liabilities:        |   |          |   |   |         |   |   |   |
| Accounts payable            |   | $             | 7      |   |         | $      | 27 |   |
| Lease obligations           |   |          | 551    |   |         |   | 532 |   |
| Other accrued expenses      |   |          | 200    |   |         |   | 342 |   |
| Deferred revenue            |   |          | 27     |   |         |   | 22 |   |
|                        |   | $             | 785    |   |         | $      | 923 |   |
|                        |   |          |   |   |         |   |   |   |
| Non-Current Liabilities:    |   |          |   |   |         |   |   |   |
| Lease obligations           |   | $             | 2,670  |   |         | $      | 2,938 |   |
| Other long-term liabilities |   |          | -      |   |         |   | 36 |   |
|                        |   | $             | 2,670  |   |         | $      | 2,974 |   |

----

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

----

|                                       |   | Three Months EndedMarch 31, |   |   | Nine Months EndedMarch 31, |   |
|--------------------------------------------|--------|-----------------------------|--------|--------|----------------------------|--------|
| Net revenues from external customers:      |   | 2011                        |   |   | 2010                       |   |   | 2011 |   |   | 2010 |   |
| Coins (including product sales)            |   | $                           | 9,060  |   |                       | $      | 7,279 |   |   | $ | 21,591 |   |   | $ | 18,686 |   |
| Trading cards and autographs               |   |                        | 2,614  |   |                       |   | 2,392 |   |   |   | 7,590 |   |   |   | 7,262 |   |
| Other                                      |   |                        | 1,144  |   |                       |   | 1,119 |   |   |   | 2,993 |   |   |   | 3,023 |   |
| Total revenue                              |   | $                           | 12,818 |   |                       | $      | 10,790 |   |   | $ | 32,174 |   |   | $ | 28,971 |   |
|                                       |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Amortization and depreciation:             |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Coins                                      |   | $                           | 64     |   |                       | $      | 39 |   |   | $ | 169 |   |   | $ | 189 |   |
| Trading cards and autographs               |   |                        | 38     |   |                       |   | 51 |   |   |   | 142 |   |   |   | 153 |   |
| Other                                      |   |                        | 57     |   |                       |   | 98 |   |   |   | 201 |   |   |   | 297 |   |
| Total                                      |   |                        | 159    |   |                       |   | 188 |   |   |   | 512 |   |   |   | 639 |   |
| Unallocated amortization and depreciation  |   |                        | 25     |   |                       |   | 30 |   |   |   | 80 |   |   |   | 158 |   |
| Consolidated amortization and depreciation |   | $                           | 184    |   |                       | $      | 218 |   |   | $ | 592 |   |   | $ | 797 |   |
|                                       |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Stock-based compensation:                  |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Coins                                      |   | $                           | 56     |   |                       | $      | - |   |   | $ | 140 |   |   | $ | - |   |
| Trading cards and autographs               |   |                        | 8      |   |                       |   | - |   |   |   | 23 |   |   |   | - |   |
| Other                                      |   |                        | 11     |   |                       |   | - |   |   |   | 34 |   |   |   | - |   |
| Total                                      |   |                        | 75     |   |                       |   | - |   |   |   | 197 |   |   |   | - |   |
| Unallocated stock-based compensation       |   |                        | 201    |   |                       |   | 238 |   |   |   | 659 |   |   |   | 733 |   |
| Consolidated stock-based compensation      |   | $                           | 276    |   |                       | $      | 238 |   |   | $ | 856 |   |   | $ | 733 |   |
|                                       |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Operating income:                          |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Coins                                      |   | $                           | 3,627  |   |                       | $      | 2,951 |   |   | $ | 7,980 |   |   | $ | 7,458 |   |
| Trading cards and autographs               |   |                        | 409    |   |                       |   | 231 |   |   |   | 930 |   |   |   | 831 |   |
| Other                                      |   |                        | 265    |   |                       |   | 239 |   |   |   | 682 |   |   |   | 464 |   |
| Total                                      |   |                        | 4,301  |   |                       |   | 3,421 |   |   |   | 9,592 |   |   |   | 8,753 |   |
| Unallocated operating expenses             |   |                        | (988   | )      |                       |   | (886 | ) |   |   | (2,890 | ) |   |   | (2,957 | ) |
|                                       |   | $                           | 3,313  |   |                       | $      | 2,535 |   |   | $ | 6,702 |   |   | $ | 5,796 |   |

|                                                                                                                                                                                                                                                                                                                         |   | March 31,      |   |   | June 30, |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|--------|----------|--------|
|  Identifiable Assets:                                                                                                                                                                                                                                                                                                   |   | 2011           |   |   | 2010     |   |
|                                                                                                                                                                                                                                                                                                                         |   | (In Thousands) |   |
| Coins                                                                        |   | $              | 4,301  |   |     | $      | 3,509 |   |
| Trading cards and autographs                                                 |   |           | 725    |   |     |   | 810 |   |
| Other                                                                        |   |           | 4,330  |   |     |   | 4,460 |   |
| Total                                                                        |   |           | 9,356  |   |     |   | 8,779 |   |
| Unallocated assets                                                           |   |           | 27,812 |   |     |   | 29,907 |   |
| Consolidated assets                                                          |   | $              | 37,168 |   |     | $      | 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

|                                                               |   | Three Months EndedMarch 31, |   |   |   |   |   | Nine Months EndedMarch 31, |   |
|--------------------------------------------------------------------|--------|-----------------------------|--------|--------|--------|--------|--------|----------------------------|--------|
|                                                               |   | 2011                        |   |   | 2010   |   |   | Variance                   |   |   | 2011 |   |   | 2010 |   |   | Variance |   |
| Net sales                                                          |   | $                           | 12,818 |   |   | $      | 10,790 |                       |   |   | 18.8 | % |   | $ | 32,174 |   |   | $ | 28,971 |   |   |   | 11.1 | % |
| Gross profit                                                       |   | $                           | 7,911  |   |   | $      | 6,586  |                       |   |   | 20.1 | % |   | $ | 19,597 |   |   | $ | 17,395 |   |   |   | 12.7 | % |
| Gross margin percentage                                            |   |                        | 61.7   | %      |   |   | 61.0   | %                          |   |   | - |   |   |   | 60.9 | % |   |   | 60.0 | % |   |   | - |   |
| Operating expenses                                                 |   | $                           | 4,598  |   |   | $      | 4,051  |                       |   |   | 13.5 | % |   | $ | 12,895 |   |   | $ | 11,599 |   |   |   | 11.1 | % |
| Operating expenses as a percentage of revenue                      |   |                        | 35.9   | %      |   |   | 37.5   | %                          |   |   | - |   |   |   | 40.1 | % |   |   | 40.0 | % |   |   | - |   |
| Operating income                                                   |   | $                           | 3,313  |   |   | $      | 2,535  |                       |   |   | 30.7 | % |   | $ | 6,702 |   |   | $ | 5,796 |   |   |   | 15.6 | % |
| Operating margin as a percentage of revenues                       |   |                        | 25.8   | %      |   |   | 23.5   | %                          |   |   | - |   |   |   | 20.8 | % |   |   | 20.0 | % |   |   | - |   |
| Pre-tax income                                                     |   | $                           | 3,349  |   |   | $      | 2,570  |                       |   |   | 30.3 | % |   | $ | 6,790 |   |   | $ | 5,883 |   |   |   | 15.4 | % |
| Pre-tax income as a percentage of revenues                         |   |                        | 26.1   | %      |   |   | 23.8   | %                          |   |   | - |   |   |   | 21.1 | % |   |   | 20.3 | % |   |   | - |   |
| Income from continuing operations                                  |   | $                           | 1,968  |   |   | $      | 2,441  |                       |   |   | (19.4 | )% |   | $ | 4,055 |   |   | $ | 5,829 |   |   |   | (30.4 | )% |
| Income from continuing operations as a percentage of revenues |   |                        | 15.4   | %      |   |   | 22.6   | %                          |   |   | - |   |   |   | 12.6 | % |   |   | 20.1 | % |   |   | - |   |
| Diluted income per share-continuing                                |   | $                           | 0.25   |   |   | $      | 0.32   |                       |   |   | - |   |   | $ | 0.52 |   |   | $ | 0.76 |   |   |   | - |   |

----

Factors That Can Affect our Operating Results and Financial Position

----

|                            |   | Units ProcessedThree Months Ended March 31, |    |   | Declared Value (000)Three Months Ended March 31, |   |
|---------------------------------|--------|---------------------------------------------|---------|--------|--------------------------------------------------|--------|
|                            |   | 2011                                        |    |   | 2010                                             |   |   | 2011 |   |   | 2010 |   |
| Coins                           |   |                                        | 576,100 |   |                                             |   | 62.7 | % |   |   | 480,300 |   |   |   | 59.8 | % |   | $ | 359,708 |   |   |   | 92.8 | % |   | $ | 458,096 |   |   |   | 94.3 | % |
| Trading cards and autographs(1) |   |                                        | 340,200 |   |                                             |   | 37.0 | % |   |   | 317,500 |   |   |   | 39.6 | % |   |   | 25,930 |   |   |   | 6.7 | % |   |   | 24,764 |   |   |   | 5.1 | % |
| Stamps                          |   |                                        | 2,800   |   |                                             |   | 0.3 | % |   |   | 4,800 |   |   |   | 0.6 | % |   |   | 1,882 |   |   |   | 0.5 | % |   |   | 3,027 |   |   |   | 0.6 | % |
| Total                           |   |                                        | 919,100 |   |                                             |   | 100.0 | % |   |   | 802,600 |   |   |   | 100.0 | % |   | $ | 387,520 |   |   |   | 100.0 | % |   | $ | 485,887 |   |   |   | 100.0 | % |

|                            |   | Units ProcessedNine Months Ended March 31, |      |   | Declared Value (000)Nine Months Ended March 31, |   |
|---------------------------------|--------|--------------------------------------------|-----------|--------|-------------------------------------------------|--------|
|                            |   | 2011                                       |      |   | 2010                                            |   |   | 2011 |   |   | 2010 |   |
| Coins                           |   |                                       | 1,427,600 |   |                                            |   | 58.9 | % |   |   | 1,239,200 |   |   |   | 56.2 | % |   | $ | 975,840 |   |   |   | 92.1 | % |   | $ | 1,027,720 |   |   |   | 92.8 | % |
| Trading cards and autographs(1) |   |                                       | 986,600   |   |                                            |   | 40.7 | % |   |   | 952,300 |   |   |   | 43.1 | % |   |   | 77,644 |   |   |   | 7.3 | % |   |   | 69,602 |   |   |   | 6.3 | % |
| Stamps                          |   |                                       | 10,600    |   |                                            |   | 0.4 | % |   |   | 14,900 |   |   |   | 0.7 | % |   |   | 6,612 |   |   |   | 0.6 | % |   |   | 10,367 |   |   |   | 0.9 | % |
| Total                           |   |                                       | 2,424,800 |   |                                            |   | 100.0 | % |   |   | 2,206,400 |   |   |   | 100.0 | % |   | $ | 1,060,096 |   |   |   | 100.0 | % |   | $ | 1,107,689 |   |   |   | 100.0 | % |

----

|   | 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 Nine Months Ended March 31, 2011 Versus the Three and Nine Months Ended March 31, 2010.

|                                                                                                                                 |   | Three Months EndedMarch 31, |   |   | Nine Months EndedMarch 31, |   |
|--------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|--------|----------------------------|--------|
|                                                                                                                                 |   | 2011                        |   |   | 2010                       |   |   | 2011 |   |   | 2010 |   |
| Net revenues                                                                                                                         |   |                        | 100.0  | %      |                       |   | 100.0 | % |   |   | 100.0 | % |   |   | 100.0 | % |
| Cost of revenues                                                                                                                     |   |                        | 38.3   | %      |                       |   | 39.0 | % |   |   | 39.1 | % |   |   | 40.0 | % |
| Gross profit                                                                                                                         |   |                        | 61.7   | %      |                       |   | 61.0 | % |   |   | 60.9 | % |   |   | 60.0 | % |
| Operating expenses:                                                                                                                  |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Selling and marketing expenses                                                                                                       |   |                        | 12.4   | %      |                       |   | 13.4 | % |   |   | 13.8 | % |   |   | 13.1 | % |
| General and administrative expenses                                                                                                  |   |                        | 23.5   | %      |                       |   | 24.1 | % |   |   | 26.3 | % |   |   | 26.9 | % |
| Total operating expenses                                                                                                             |   |                        | 35.9   | %      |                       |   | 37.5 | % |   |   | 40.1 | % |   |   | 40.0 | % |
| Operating income                                                                                                                     |   |                        | 25.8   | %      |                       |   | 23.5 | % |   |   | 20.8 | % |   |   | 20.0 | % |
| Interest and other income, net                                                                                                       |   |                        | 0.3    | %      |                       |   | 0.3 | % |   |   | 0.3 | % |   |   | 0.3 | % |
| Income before provision for income taxes                                                                                             |   |                        | 26.1   | %      |                       |   | 23.8 | % |   |   | 21.1 | % |   |   | 20.3 | % |
| Provision for income taxes                                                                                                           |   |                        | 10.7   | %      |                       |   | 1.2 | % |   |   | 8.5 | % |   |   | 0.2 | % |
| Income from continuing operations                                                                                                    |   |                        | 15.4   | %      |                       |   | 22.6 | % |   |   | 12.6 | % |   |   | 20.1 | % |
| Net loss from discontinued operations, net of gain on sales of discontinued businesses,      net of income taxes |   |                        | -      |   |                       |   | (0.6 | )% |   |   | (0.1 | )% |   |   | (2.2 | )% |
| Net income                                                                                                                           |   |                        | 15.4   | %      |                       |   | 22.0 | % |   |   | 12.5 | % |   |   | 17.9 | % |

|                            |   | Three Months Ended March 31, |   |
|---------------------------------|--------|------------------------------|--------|
|                            |   | 2011                         |   |   | 2010 |   |   | Increase (Decrease) |   |
|                            |   | Amount                       |   |   | % of NetRevenues |   |   | Amount |   |   | % of NetRevenues |   |   | Amount |   |   | Percent |   |
|                            |   | (Dollars in thousands)       |   |
| Grading and authentication fees |   | $                            | 10,389 |   |   |   | 81.0 | % |   | $ | 8,853 |   |   |   | 82.0 | % |   | $ | 1,536 |   |   |   | 17.4 | % |
| Other related services          |   |                         | 2,166  |   |   |   | 16.9 | % |   |   | 1,908 |   |   |   | 17.7 | % |   |   | 258 |   |   |   | 13.5 | % |
| Total service revenues          |   |                         | 12,555 |   |   |   | 97.9 | % |   |   | 10,761 |   |   |   | 99.7 | % |   |   | 1,794 |   |   |   | 16.7 | % |
| Product  revenues     |   |                         | 263    |   |   |   | 2.1 | % |   |   | 29 |   |   |   | 0.3 | % |   |   | 234 |   |   |   | 806.9 | % |
| Total net revenues              |   | $                            | 12,818 |   |   |   | 100.0 | % |   | $ | 10,790 |   |   |   | 100.0 | % |   | $ | 2,028 |   |   |   | 18.8 | % |

----

|                            |   | Nine Months Ended March 31, |   |
|---------------------------------|--------|-----------------------------|--------|
|                            |   | 2011                        |   |   | 2010 |   |   | Increase (Decrease) |   |
|                            |   | Amount                      |   |   | % of NetRevenues |   |   | Amount |   |   | % of NetRevenues |   |   | Amount |   |   | Percent |   |
|                            |   | (Dollars in thousands)      |   |
| Grading and authentication fees |   | $                           | 25,969 |   |   |   | 80.7 | % |   | $ | 23,848 |   |   |   | 82.3 | % |   | $ | 2,121 |   |   |   | 8.9 | % |
| Other related services          |   |                        | 5,661  |   |   |   | 17.6 | % |   |   | 5,072 |   |   |   | 17.5 | % |   |   | 589 |   |   |   | 11.6 | % |
| Total service revenues          |   |                        | 31,630 |   |   |   | 98.3 | % |   |   | 28,920 |   |   |   | 99.8 | % |   |   | 2,710 |   |   |   | 9.4 | % |
| Product revenues                |   |                        | 544    |   |   |   | 1.7 | % |   |   | 51 |   |   |   | 0.2 | % |   |   | 493 |   |   |   | 966.7 | % |
| Total net revenues              |   | $                           | 32,174 |   |   |   | 100.0 | % |   | $ | 28,971 |   |   |   | 100.0 | % |   | $ | 3,203 |   |   |   | 11.1 | % |

|          |   | Three Months Ended March 31, |   |
|---------------|--------|------------------------------|--------|
|          |   | 2011                         |   |   | 2010 |   |   | 2011 vs. 2010 |   |
|          |   |                         |   |   |   |   |   |   |   |   |   |   |   | Increase (Decrease) |   |
|          |   |                         |   |   | % of Net |   |   |   |   |   | % of Net |   |   | Revenues |   |   | Units Processed |   |
|          |   | Amount                       |   |   | Revenues |   |   | Amount |   |   | Revenues |   |   | Amount |   |   | Percent |   |   | Number |   |   | Percent |   |
|          |   | (Dollars in thousands)       |   |   |   |   |   |   |   |
| Coins         |   |                         | 8,798  |   |   |   | 68.6 | % |   |   | 7,252 |   |   |   | 67.2 | % |   |   | 1,546 |   |   |   | 21.3 | % |   |   | 95,800 |   |   |   | 19.9 | % |
| Trading cards |   |                         | 2,614  |   |   |   | 20.4 | % |   |   | 2,392 |   |   |   | 22.2 | % |   |   | 222 |   |   |   | 9.3 | % |   |   | 22,700 |   |   |   | 7.1 | % |
| Other (1)     |   |                         | 1,406  |   |   |   | 11.0 | % |   |   | 1,146 |   |   |   | 10.6 | % |   |   | 260 |   |   |   | 22.7 | % |   |   | (2,000 | ) |   |   | (41.7 | )% |
| Net Revenues  |   | $                            | 12,818 |   |   |   | 100.0 | % |   | $ | 10,790 |   |   |   | 100.0 | % |   | $ | 2,028 |   |   |   | 18.8 | % |   |   | 116,500 |   |   |   | 14.5 | % |

|          |   | Nine Months Ended March 31, |   |
|---------------|--------|-----------------------------|--------|
|          |   | 2011                        |   |   | 2010 |   |   | 2011 vs. 2010 |   |
|          |   |                        |   |   |   |   |   |   |   |   |   |   |   | Increase (Decrease) |   |
|          |   |                        |   |   | % of Net |   |   |   |   |   | % of Net |   |   | Revenues |   |   | Units Processed |   |
|          |   | Amount                      |   |   | Revenues |   |   | Amount |   |   | Revenues |   |   | Amount |   |   | Percent |   |   | Number |   |   | Percent |   |
|          |   | (Dollars in thousands)      |   |   |   |   |   |   |   |
| Coins         |   |                        | 21,050 |   |   |   | 65.4 | % |   |   | 18,638 |   |   |   | 64.3 | % |   |   | 2,412 |   |   |   | 12.9 | % |   |   | 188,400 |   |   |   | 15.2 | % |
| Trading cards |   |                        | 7,589  |   |   |   | 23.6 | % |   |   | 7,262 |   |   |   | 25.1 | % |   |   | 327 |   |   |   | 4.5 | % |   |   | 34,300 |   |   |   | 3.6 | % |
| Other (1)     |   |                        | 3,535  |   |   |   | 11.0 | % |   |   | 3,071 |   |   |   | 10.6 | % |   |   | 464 |   |   |   | 15.1 | % |   |   | (4,300 | ) |   |   | (28.9 | )% |
| Net Revenues  |   | $                           | 32,174 |   |   |   | 100.0 | % |   | $ | 28,971 |   |   |   | 100.0 | % |   | $ | 3,203 |   |   |   | 11.1 | % |   |   | 218,400 |   |   |   | 9.9 | % |

----

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

----

|         |   | Three Months Ended March 31, |   |   | Nine Months Ended December 31, |   |
|--------------|--------|------------------------------|--------|--------|--------------------------------|--------|
|         |   | 2011                         |   |   | 2010                           |   |   | 2011 |   |   | 2010 |   |
|         |   |                         |   |   | GrossProfit                    |   |   |   |   |   | Gross Profit |   |   |   |   |   | Gross Profit |   |   |   |   |   | Gross Profit |   |
|         |   | Amount                       |   |   | Margin                         |   |   | Amount |   |   | Margin |   |   | Amounts |   |   | Margin |   |   | Amount |   |   | Margin |   |
| Gross profit |   | $                            | 7,911  |   |                           |   | 61.7 | % |   | $ | 6,586 |   |   |   | 61.0 | % |   | $ | 19,597 |   |   |   | 60.9 | % |   | $ | 17,395 |   |   |   | 60.0 | % |

----

|                           |   | Three Months EndedMarch 31, |   |   | Nine Months EndedMarch 31, |   |
|--------------------------------|--------|-----------------------------|--------|--------|----------------------------|--------|
|                           |   | 2011                        |   |   | 2010                       |   |   | 2011 |   |   | 2010 |   |
| Selling and marketing expenses |   | $                           | 1,585  |   |                       | $      | 1,449 |   |   | $ | 4,426 |   |   | $ | 3,785 |   |
| Percent of net revenue         |   |                        | 12.4   | %      |                       |   | 13.4 | % |   |   | 13.8 | % |   |   | 13.1 | % |

|                                |   | Three Months EndedMarch 31, |   |   | Nine Months EndedMarch 31, |   |
|-------------------------------------|--------|-----------------------------|--------|--------|----------------------------|--------|
|                                |   | 2011                        |   |   | 2010                       |   |   | 2011 |   |   | 2010 |   |
| General and administrative expenses |   | $                           | 3,013  |   |                       | $      | 2,602 |   |   | $ | 8,469 |   |   | $ | 7,814 |   |
| Percent of net revenues             |   |                        | 23.5   | %      |                       |   | 24.1 | % |   |   | 26.3 | % |   |   | 26.9 | % |

----

|                                |   | Three Months EndedMarch 31, |   |   | Nine Months EndedMarch 31, |   |
|-------------------------------------|--------|-----------------------------|--------|--------|----------------------------|--------|
| Included in:                        |   | 2011                        |   |   | 2010                       |   |   | 2011 |   |   | 2010 |   |
| General and administrative expenses |   | $                           | 276    |   |                       | $      | 238 |   |   | $ | 856 |   |   | $ | 733 |   |

| Fiscal Year Ending June 30, |   | Amount |   |
|-----------------------------|--------|--------|--------|
| 2011 (remaining 3 months)   |   | $      | 276    |   |
| 2012                        |   |   | 542    |   |
| 2013                        |   |   | 41     |   |
|                        |   | $      | 859    |   |

|                           |   | Three Months Ended |   |   | Nine Months Ended |   |
|--------------------------------|--------|--------------------|--------|--------|-------------------|--------|
|                           |   | March 31,          |   |   | March 31,         |   |
|                           |   | 2011               |   |   | 2010              |   |   | 2011 |   |   | 2010 |   |
|                           |   | (In Thousands)     |   |
| Interest and Other Income, net |   | $                  | 36     |   |              | $      | 35 |   |   | $ | 88 |   |   | $ | 87 |   |

|                     |   | Three Months Ended |   |   | Nine Months Ended |   |
|--------------------------|--------|--------------------|--------|--------|-------------------|--------|
|                     |   | March 31,          |   |   | March 31,         |   |
|                     |   | 2011               |   |   | 2010              |   |   | 2011 |   |   | 2010 |   |
|                     |   | (In Thousands)     |   |
| Provision for income tax |   | $                  | 1,381  |   |              | $      | 129 |   |   | $ | 2,735 |   |   | $ | 54 |   |

----

|                                                   |   | Three Months Ended |   |   | Nine Months Ended |   |
|--------------------------------------------------------|--------|--------------------|--------|--------|-------------------|--------|
|                                                   |   | March 31,          |   |   | March 31,         |   |
|                                                   |   | 2011               |   |   | 2010              |   |   | 2011 |   |   | 2010 |   |
|                                                   |   | (In Thousands)     |   |
| Loss from discontinued operations, net of income taxes |   | $                  | -      |   |              | $      | 68 |   |   | $ | 35 |   |   | $ | 629 |   |

Liquidity and Capital Resources

----

|  Fiscal Year            |   | GrossAmount |   |   | SubleaseIncome |   |   | Net    |   |
|------------------------------|--------|-------------|--------|--------|----------------|--------|--------|--------|--------|
| 2011(remaining three months) |   | $           | 271    |   |           | $      | 11     |   |   | $ | 260 |   |
| 2012                         |   |        | 1,264  |   |           |   | 43     |   |   |   | 1,221 |   |
| 2013                         |   |        | 1,273  |   |           |   | 45     |   |   |   | 1,228 |   |
| 2014                         |   |        | 1,194  |   |           |   | 46     |   |   |   | 1,148 |   |
| 2015                         |   |        | 1,158  |   |           |   | 47     |   |   |   | 1,111 |   |
| Thereafter                   |   |        | 4,280  |   |           |   | 191    |   |   |   | 4,089 |   |
|                         |   | $           | 9,440  |   |           | $      | 383    |   |   | $ | 9,057 |   |

|  Fiscal Year                          |   | GrossAmount |   |   | SubleaseIncome |   |   | Net    |   |
|--------------------------------------------|--------|-------------|--------|--------|----------------|--------|--------|--------|--------|
| 2011(remaining three months)               |   | $           | 166    |   |           | $      | 43     |   |   | $ | 123 |   |
| 2012                                       |   |        | 675    |   |           |   | 174    |   |   |   | 501 |   |
| 2013                                       |   |        | 721    |   |           |   | 181    |   |   |   | 540 |   |
| 2014                                       |   |        | 758    |   |           |   | 192    |   |   |   | 566 |   |
| 2015                                       |   |        | 794    |   |           |   | 195    |   |   |   | 599 |   |
| Thereafter                                 |   |        | 1,350  |   |           |   | 99     |   |   |   | 1,251 |   |
|                                       |   | $           | 4,464  |   |           | $      | 884    |   |   | $ | 3,580 |   |
| Less:  Accrual at March 31, 2011 |   |        |   |   |           |   |   |   |   |   | 3,100 |   |
|                                       |   |        |   |   |           |   |   |   |   | $ | 480 |   |

----

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:           May 9, 2011 | By:    | /s/ MICHAEL J. MCCONNELL  |
|                                                                               |   | Michael J. McConnell      |
|                                                                               |   | Chief Executive Officer   |

|                                                                               |   | COLLECTORS UNIVERSE, INC. |
|------------------------------------------------------------------------------------|--------|---------------------------|
|                                                                               |   |                      |
| Date:           May 9, 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 |
|   |                                                                                                    |

----