----

----

| (Mark      One)                                                                                      |                                                                                                                 |
|------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|
| ý                                                                                               | QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934                    |
|                                                                                                 |                                                                                                                 |
|                                                                                                 | For      the quarter ended September 30, 2008                                                                        |
|                                                                                                 |                                                                                                                 |
|                                                                                                 | 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 0-27887                                                                  |
|                                                                                                 |
|   COLLECTORS      UNIVERSE, INC.(Exact      name of Registrant as specified in itscharter) |

| 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 |

| Large      accelerated filer o | Accelerated      filer ý | Non-accelerated      filer o |
|--------------------------------|-------------------------------|------------------------------|

|   | Class                             | Outstanding at  October 31,      2008 |
|--------|-----------------------------------|-------------------------------------------------|
|   | Common      Stock $.001 Par Value | 9,109,467                                       |   |
|   |                              |                                            |   |

----

| PART      I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Financial      Information                                                                                     | Page                                                                                                                              |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Item 1.                                                                                                        | Financial Statements:                                                                                                             |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           |                                                                                                                              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           | Condensed Consolidated Balance Sheets as      of  September 30, 2008 and June 30, 2008 (unaudited)                      | 1 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           |                                                                                                                              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           | Condensed      Consolidated Statements of Operations for      the Three Months Ended September 30, 2008 and 2007      (unaudited) | 2 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           |                                                                                                                              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           | Condensed      Consolidated Statements of Cash Flows for      the Three Months Ended September 30, 2008 and 2007      (unaudited) | 3 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           |                                                                                                                              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           | Notes to Condensed Consolidated Financial Statements      (unaudited)                                                             | 4 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           |                                                                                                                              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Item 2.                                                                                                        | Management's Discussion and Analysis of Financial      Condition and Results of Operations                                        | 14 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           | Forward Looking Information                                                                                                       | 14 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           | Our Business                                                                                                                      | 14 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           | Overview of Results of Operations for the Three      Months Ended September 30, 2008                                              | 15 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           | Factors That Can Affect Our Financial Position and      Operating Results                                                         | 15 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           | Critical Accounting Policies and      Estimates                                                                                   | 17 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           | Results of Operations–For the Three Months      Ended September 30, 2008 and 2007                                           | 17 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           | Liquidity and Capital Resources                                                                                                   | 21 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           | Risks and Uncertainties That Could Affect Our      Future Financial Performance                                                   | 22 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           |                                                                                                                              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Item 2A.                                                                                                       | Quantitative and Qualitative Disclosures About Market      Risk                                                                   | 24 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           |                                                                                                                              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Item 3.                                                                                                        | Controls and Procedures                                                                                                           | 24 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           |                                                                                                                              |   |
| PART      II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Other      Information                                                                                         |                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           |                                                                                                                              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Item 1.                                                                                                        | Legal Proceedings                                                                                                                 | 25 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Item 1A.                                                                                                       | Risk Factors                                                                                                                      | 25 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Item 2.                                                                                                        | Unregistered Sales of Equity Securities and Use of      Proceeds                                                                  | 25 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Item 6.                                                                                                        | Exhibits                                                                                                                          | 25 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           |                                                                                                                              |
| SIGNATURES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                           | S-1                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           |                                                                                                                              |
| INDEX TO      EXHIBITS                                                                                                                                           | E-1                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           |                                                                                                                              |
| EXHIBITS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                           |                                                                                                                              |
| Exhibit 3.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Amended      and Restated Bylaws of Collectors Universe, Inc. as Adopted and Effective      September 26, 2008 |                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           |                                                                                                                              |
| 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Chief      Executive Officer Certification Under Section 906 of the Sarbanes-Oxley      Act of 2002            |                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                           |                                                                                                                              |
| Exhibit 32.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Chief      Financial Officer Certification Under Section 906 of the Sarbanes-Oxley      Act of 2002            |                                                                                                                              |

----

PART I - FINANCIAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS

|                                                                                                                                                                                         |   | September      30, |    |   | June      30, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|---------------|--------|
| ASSETS                                                                                                                                                                                       |   | 2008               |    |   | 2008          |   |
| Current      assets:                                                                                                                                                                         |   |               |    |   |          |   |
| Cash and cash      equivalents                                                                                                                                                               |   | $                  | 22,952  |   |          | $      | 23,345 |   |
| Accounts receivable, net of      allowance of $­­­­88 at September 30, 2008 and $79 at      June 30, 2008                                                           |   |               | 1,309   |   |          |   | 1,414 |   |
| Refundable income      taxes                                                                                                                                                                 |   |               | 575     |   |          |   | 575 |   |
| Inventories, net                                                                                                                                                                             |   |               | 1,074   |   |          |   | 983 |   |
| Prepaid expenses and other current      assets                                                                                                                                               |   |               | 1,041   |   |          |   | 1,029 |   |
| Customer notes receivable, net of      allowance of $­­­­31 at September 30, 2008 and June      30, 2008                                                            |   |               | 1,749   |   |          |   | 2,062 |   |
| Net deferred income tax      asset                                                                                                                                                           |   |               | 486     |   |          |   | 486 |   |
| Customer notes receivables held      for sale                                                                                                                                                |   |               | 599     |   |          |   | 3,579 |   |
| Receivables from sale of net      assets of discontinued operations                                                                                                                          |   |               | 92      |   |          |   | 92 |   |
| Total current    assets                                                                                                                                                                      |   |               | 29,877  |   |          |   | 33,565 |   |
|                                                                                                                                                                                         |   |               |    |   |          |   |   |   |
| Property and equipment,      net                                                                                                                                                             |   |               | 4,551   |   |          |   | 4,482 |   |
| Goodwill                                                                                                                                                                                     |   |               | 3,974   |   |          |   | 3,974 |   |
| Intangible assets,    net                                                                                                                                                                    |   |               | 8,417   |   |          |   | 8,494 |   |
| Net deferred income tax      asset                                                                                                                                                           |   |               | 909     |   |          |   | 909 |   |
| Note receivable from sale of      discontinued operations                                                                                                                                    |   |               | 115     |   |          |   | 138 |   |
| Other assets                                                                                                                                                                                 |   |               | 463     |   |          |   | 456 |   |
|                                                                                                                                                                                         |   | $                  | 48,306  |   |          | $      | 52,018 |   |
| LIABILITIES      AND STOCKHOLDERS’ EQUITY                                                                                                                                              |   |               |    |   |          |   |   |   |
| Current      liabilities:                                                                                                                                                                    |   |               |    |   |          |   |   |   |
| Accounts payable                                                                                                                                                                             |   | $                  | 2,032   |   |          | $      | 1,870 |   |
| Accruedliabilities                                                                                                                                                                           |   |               | 1,508   |   |          |   | 1,766 |   |
| Accrued compensation and      benefits                                                                                                                                                       |   |               | 1,254   |   |          |   | 1,471 |   |
| Income taxes    payable                                                                                                                                                                      |   |               | 360     |   |          |   | 368 |   |
| Deferred revenue                                                                                                                                                                             |   |               | 1,750   |   |          |   | 2,084 |   |
| Current liabilities of      discontinued operations                                                                                                                                          |   |               | 9       |   |          |   | 9 |   |
| Total current      liabilities                                                                                                                                                               |   |               | 6,913   |   |          |   | 7,568 |   |
|                                                                                                                                                                                         |   |               |    |   |          |   |   |   |
| Deferred      rent and other long-term liabilities                                                                                                                                           |   |               | 673     |   |          |   | 620 |   |
| Commitments      and contingencies                                                                                                                                                           |   |               | -       |   |          |   | - |   |
|                                                                                                                                                                                         |   |               |    |   |          |   |   |   |
| Stockholders’      equity:                                                                                                                                                             |   |               |    |   |          |   |   |   |
| Preferred stock, $.001 par value;      5,000 shares authorized;                                                                                                                              |   |               |    |   |          |   |   |   |
| No shares issued or      outstanding                                                                                                                                                         |   |               | -       |   |          |   | - |   |
| Common stock, $.001 par value;      45,000 shares authorized;                                                                                                                                |   |               |    |   |          |   |   |   |
| shares outstanding: 9,189 at      September 30, 2008 (including 828 shares issued on November      3, 2008 as a stock dividend)     and      8,361 at June 30, 2008 |   |               | 9       |   |          |   | 8 |   |
| Additional paid-in      capital                                                                                                                                                              |   |               | 76,273  |   |          |   | 75,996 |   |
| Accumulateddeficit                                                                                                                                                                           |   |               | (35,562 | )      |          |   | (32,174 | ) |
| Total stockholders’      equity                                                                                                                                                        |   |               | 40,720  |   |          |   | 43,830 |   |
|                                                                                                                                                                                         |   | $                  | 48,306  |   |          | $      | 52,018 |   |

----

CONDENSED CONSOLIDATED STATEMENTS OFOPERATIONS

|                                                                            |   | Three      Months Ended |   |
|---------------------------------------------------------------------------------|--------|-------------------------|--------|
|                                                                            |   | September      30,      |   |
|                                                                            |   | 2008                    |   |   | 2007 |   |
| Net      revenues                                                               |   | $                       | 9,692  |   |   | $ | 10,825 |   |
| Cost      of revenues                                                           |   |                    | 5,182  |   |   |   | 5,200 |   |
| Gross profit                                                                    |   |                    | 4,510  |   |   |   | 5,625 |   |
| Selling      and marketing expenses                                             |   |                    | 1,730  |   |   |   | 2,018 |   |
| General      and administrative expenses                                        |   |                    | 3,901  |   |   |   | 3,948 |   |
| Amortization      of intangible assets                                          |   |                    | 310    |   |   |   | 270 |   |
| Total operating      expenses                                                   |   |                    | 5,941  |   |   |   | 6,236 |   |
| Operating      loss                                                             |   |                    | (1,431 | ) |   |   | (611 | ) |
| Interest      income, net                                                       |   |                    | 125    |   |   |   | 444 |   |
| Other      income                                                               |   |                    | 10     |   |   |   | 1 |   |
| Loss      before benefit for income taxes                                       |   |                    | (1,296 | ) |   |   | (166 | ) |
| Income      tax benefit                                                         |   |                    | -      |   |   |   | (66 | ) |
| Loss      from continuing operations                                            |   |                    | (1,296 | ) |   |   | (100 | ) |
| Loss      from discontinued operations (net of income taxes)                    |   |                    | (1     | ) |   |   | (10 | ) |
| Net      loss                                                                   |   | $                       | (1,297 | ) |   | $ | (110 | ) |
|                                                                            |   |                    |   |   |   |   |   |   |
| Net      loss per basic share:                                                  |   |                    |   |   |   |   |   |   |
|     Loss      from continuing operations                    |   | $                       | (0.14  | ) |   | $ | (0.01 | ) |
|          loss from discontinued operations (net of income taxes) |   |                    | -      |   |   |   | - |   |
| Net loss                                                                        |   | $                       | (0.14  | ) |   | $ | (0.01 | ) |
|                                                                            |   |                    |   |   |   |   |   |   |
| Net      loss per diluted share:                                                |   |                    |   |   |   |   |   |   |
|          loss from continuing operations                         |   | $                       | (0.14  | ) |   | $ | (0.01 | ) |
|          loss from discontinued operations (net of income taxes) |   |                    | -      |   |   |   | - |   |
| Net loss                                                                        |   | $                       | (0.14  | ) |   | $ | (0.01 | ) |
|                                                                            |   |                    |   |   |   |   |   |   |
| Weighted      average shares outstanding:                                       |   |                    |   |   |   |   |   |   |
| Basic                                                                           |   |                    | 9,150  |   |   |   | 9,310 |   |
| Diluted                                                                         |   |                    | 9,150  |   |   |   | 9,310 |   |
| Dividends declared per common      share                                        |   | $                       | 0.25   |   |   | $ | 0.25 |   |

----

CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS

|                                                                                     |   | Three      Months EndedSeptember      30, |   |
|------------------------------------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                                                     |   | 2008                                      |   |   | 2007 |   |
| CASH      FLOWS FROM OPERATING ACTIVITIES:                                               |   |                                      |   |   |   |   |
| Net      loss                                                                            |   | $                                         | (1,297 | ) |   | $ | (110 | ) |
| Adjustments      to reconcile net loss to net cash used in operating      activities:    |   |                                      |   |   |   |   |   |   |
| Depreciation and      amortization                                                       |   |                                      | 650    |   |   |   | 574 |   |
| Impairment of fixed      assets                                                          |   |                                      | -      |   |   |   | 1 |   |
| Stock-based compensation      expense                                                    |   |                                      | 278    |   |   |   | 246 |   |
| Interest on note      receivable                                                         |   |                                      | -      |   |   |   | (3 | ) |
| Provision for inventory write      down                                                  |   |                                      | 12     |   |   |   | 10 |   |
| Discontinued      operations                                                             |   |                                      | 1      |   |   |   | 10 |   |
| Deferred income      taxes                                                               |   |                                      | -      |   |   |   | 19 |   |
| Gain on sale of notes      receivable                                                    |   |                                      | (10    | ) |   |   | - |   |
| Changes      in operating assets and liabilities:                                        |   |                                      |   |   |   |   |   |   |
| Accounts    receivable                                                                   |   |                                      | (96    | ) |   |   | (395 | ) |
| Inventories                                                                              |   |                                      | (103   | ) |   |   | 5 |   |
| Prepaid expenses and other      current assets                                           |   |                                      | 189    |   |   |   | (11 | ) |
| Other assets                                                                             |   |                                      | (11    | ) |   |   | (8 | ) |
| Income taxes      payable                                                                |   |                                      | (8     | ) |   |   | 10 |   |
| Accountspayable                                                                          |   |                                      | 163    |   |   |   | (329 | ) |
| Accrued    liabilities                                                                   |   |                                      | (258   | ) |   |   | (30 | ) |
| Deferred rent and other      long-term liabilities                                       |   |                                      | 52     |   |   |   | (13 | ) |
| Accrued compensation and      benefits                                                   |   |                                      | (217   | ) |   |   | (540 | ) |
| Deferredrevenue                                                                          |   |                                      | (335   | ) |   |   | (344 | ) |
| Net cash used in operating      activities                                               |   | $                                         | (990   | ) |   | $ | (908 | ) |
| Net      cash (used in) provided by operating activities of discontinued      businesses |   |                                      | (1     | ) |   |   | 13 |   |
|                                                                                     |   |                                      |   |   |   |   |   |   |
| CASH      FLOWS FROM INVESTING ACTIVITIES:                                               |   |                                      |   |   |   |   |   |   |
| Capital      expenditures                                                                |   |                                      | (406   | ) |   |   | (361 | ) |
| Collection      of receivables from sales of discontinued businesses                     |   |                                      | 23     |   |   |   | 22 |   |
| Advances      on customer notes receivables                                              |   |                                      | (333   | ) |   |   | (1,926 | ) |
| Proceeds      from customer notes receivables                                            |   |                                      | 3,636  |   |   |   | 769 |   |
| Capitalized      software                                                                |   |                                      | (232   | ) |   |   | (361 | ) |
| Net cash provided by (used in)      investing activities                                 |   |                                      | 2,688  |   |   |   | (1,857 | ) |
|                                                                                     |   |                                      |   |   |   |   |   |   |
| CASH      FLOWS FROM FINANCING ACTIVITIES:                                               |   |                                      |   |   |   |   |   |   |
| Proceeds      from exercise of stock options                                             |   |                                      | -      |   |   |   | 72 |   |
| Dividends      paid to common stockholders                                               |   |                                      | (2,090 | ) |   |   | (2,129 | ) |
| Net cash used in financing      activities                                               |   |                                      | (2,090 | ) |   |   | (2,057 | ) |
|                                                                                     |   |                                      |   |   |   |   |   |   |
| Net      decrease in cash and cash equivalents                                           |   |                                      | (393   | ) |   |   | (4,809 | ) |
| Cash      and cash equivalents at beginning of period                                    |   |                                      | 23,345 |   |   |   | 42,386 |   |
| Cash      and cash equivalents at end of period                                          |   | $                                         | 22,952 |   |   | $ | 37,577 |   |
|                                                                                     |   |                                      |   |   |   |   |   |   |
| SUPPLEMENTAL      DISCLOSURES OF CASH FLOW INFORMATION:                                  |   |                                      |   |   |   |   |   |   |
| Interest      paid                                                                       |   | $                                         | 2      |   |   | $ | - |   |
| Income      taxes paid                                                                   |   | $                                         | 8      |   |   | $ | - |   |

----

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED)

----

----

|                                          |   | Three      Months EndedSeptember      30,(in      thousands) |   |
|-----------------------------------------------|--------|--------------------------------------------------------------|--------|
|                                          |   | 2008                                                         |   |   | 2007 |   |
| Included      in:                             |   |                                                         |   |   |   |   |
| Cost      of revenues                         |   | $                                                            | 82     |   |   | $ | 61 |   |
| Selling      and marketing expenses           |   |                                                         | -      |   |   |   | (7 | ) |
| General      and administrative expenses(1)   |   |                                                         | 196    |   |   |   | 192 |   |
| Pre-tax      stock-based compensation expense |   | $                                                            | 278    |   |   | $ | 246 |   |

----

|   | (1) | Includes      $91,000 and $82,000 in the three months ended September 30, 2008 and 2007,      respectively, for amortization of compensation expense related to issuance      of restricted stock. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                  |   |    Shares |    |   | WeightedAverageExercisePrice |   | WeightedAverageRemainingContractualTerm |   |  Aggregate      IntrinsicValue |
|-----------------------------------------------------------------------|--------|--------------------------|---------|--------|------------------------------|--------|-----------------------------------------|--------|-------------------------------------|
| Options:                                                              |   |                     |    |   |                         |   |                                    |   |                                |
|     Outstanding      at June 30, 2008             |   |                     | 927,200 |   |                         | $      | 12.54                                   |   | 5.5      yrs.                       |   | $ | 314,000 |
|        Granted                     |   |                     | -       |   |                         |   | -                                       |   |                                |   |   |   |
|        Exercised                   |   |                     | (100    | )      |                         |   | 2.80                                    |   |                                |   |   |   |
|        Forfeited      or cancelled |   |                     | (35,800 | )      |                         |   | 11.58                                   |   |                                |   |   |   |
|    Outstanding      at September 30, 2008              |   |                     | 891,300 |   |                         | $      | 12.57                                   |   |  5.3      yrs.                 |   | $ | 483,000 |
|    Exercisable      at September 30, 2008              |   |                     | 710,600 |   |                         | $      | 12.43                                   |   |  4.8      yrs.                 |   | $ | 483,000 |
|    Unvested      at September 30, 2008                 |   |                     | 180,700 |   |                         | $      | 13.13                                   |   |  7.0      yrs.                 |   | $ | - |
|    Expect      to vest at September 30, 2008           |   |                     | 170,900 |   |                         | $      | 13.15                                   |   |  6.9      yrs.                 |   | $ | - |

----

|  Non-Vested      Shares:         |   |   Shares |    |   | WeightedAverageGrant-Date Fair      Value |
|---------------------------------------|--------|--------------------|---------|--------|------------------------------------------------|
| Non-vested      at June 30, 2008      |   |               | 50,359  |   |                                           | $ | 12.60 |
| Granted                               |   |               | -       |   |                                           |   | - |
| Vested                                |   |               | (11,333 | )      |                                           |   | 12.58 |
| Forfeited or      Cancelled           |   |               | -       |   |                                           |   | - |
| Non-vested      at September 30, 2008 |   |               | 39,026  |   |                                           | $ | 12.60 |

| Fiscal      Year Ending June 30, |   | Amount |
|----------------------------------|--------|--------|
| 2009                             |   |   | 394,000 |
| 2010                             |   |   | 271,000 |
| 2011                             |   |   | 125,000 |
| 2012                             |   |   | 16,000 |
|                             |   | $      | 806,000 |

|   | Concentrations |
|--------|----------------|

----

| 3.       | FAIR      VALUE MEASUREMENTS |
|----------------------------------------|------------------------------|

|   |                     In September 2006, the Financial Accounting Standards Board (“FASB”)      issued Statement of Financial Accounting Standards (“SFAS”) No. 157, Fair Value      Measurements.  SFAS 157 defines fair value, establishes a      framework for measuring fair value in accordance with U.S. GAAP, and      expands disclosures about fair value measurements, SFAS 157 is effective      for financial statements issued for fiscal years beginning after November      15, 2007, and interim periods within those fiscal years.  In      February 2008, the FASB issued SFAS No. 157-2, Effective Date of FASB      Statement No. 157, which delays the effective date of SFAS 157 to      fiscal years beginning after November 15, 2008 for all nonfinancial assets      and nonfinancial liabilities, except for those that are recognized or      disclosed at fair value in the financial statements on a recurring      basis.  The Company has adopted the provisions of SFAS 157 as of      July 1, 2008 for financial assets, including cash and cash equivalents,      and SFAS 157-2 will be adopted as of July 1, 2009 for nonfinancial assets      and nonfinancial liabilities. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                           |   | (in      thousands)                                |   |
|--------------------------------|--------|----------------------------------------------------|--------|
|                           |   |   TotalAs      ofSeptember      30, 2008 |   |   | QuotedPrices      inActiveMarketsor      IdenticalAssets(Level      1) |   |   |  SignificantOtherObservableInputs(Level      2) |   |   |   SignificantUnobservableInputs(Level      3) |   |
| Cash      and cash equivalents |   | $                                                  | 22,952 |   |   | $ | 22,952 |   |   | $ | - |   |   | $ | - |   |
| Total                          |   | $                                                  | 22,952 |   |   | $ | 22,952 |   |   | $ | - |   |   | $ | - |   |

| 4.                  | INVENTORIES |
|----------------------------------------------------------------------------|-------------|

| Inventories      consist of the following:                                                                                                                                                                                                                                                                                                                                                                                       |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                             |   | (in      thousands) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                             |   | September      30, |   |   | June      30, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 2008 |   |   | 2008 |   |
| Coins                                                                                            |   | $ | 813 |   |   | $ | 751 |   |
| Other      collectibles                                                                          |   |   | 28 |   |   |   | 28 |   |
| Grading      raw materials consumable inventory                                                                                                                                                                                                                                                                                                                                                                                  |   |   | 336 |   |   |   | 295 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | 1,177 |   |   |   | 1,074 |   |
| Less      inventory      reserve                                                                 |   |   | (103 | ) |   |   | (91 | ) |
| Inventories,      net                                                                                                                                                                                                                                                                                                                                                                                                            |   | $ | 1,074 |   |   | $ | 983 |   |

----

| Property      and equipment consist of the following:                                                                                                                                                                                                                                                                                                                                                |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                 |   | (in      thousands) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                 |   | September      30, |   |   | June      30, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                 |   | 2008 |   |   | 2008 |   |
| Coins      and stamp grading reference sets                                                                                                                                                                                                                                                                                                                                                          |   | $ | 614 |   |   | $ | 610 |   |
| Computer      hardware and equipment                                                                                                                                                                                                                                                                                                                                                                 |   |   | 1,554 |   |   |   | 1,876 |   |
| Computer      software                                                                             |   |   | 1,035 |   |   |   | 1,035 |   |
| Equipment                                                                                          |   |   | 4,216 |   |   |   | 4,206 |   |
| Furniture      and office      equipment                                                           |   |   | 1,124 |   |   |   | 1,117 |   |
| Leasehold      improvements                                                                        |   |   | 1,964 |   |   |   | 1,598 |   |
| Trading      card reference      library                                                           |   |   | 52 |   |   |   | 52 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | 10,559 |   |   |   | 10,494 |   |
| Less      accumulated depreciation and amortization                                                                                                                                                                                                                                                                                                                                                  |   |   | (6,008 | ) |   |   | (6,012 | ) |
| Property      and equipment, net                                                                                                                                                                                                                                                                                                                                                                     |   | $ | 4,551 |   |   | $ | 4,482 |   |

| Accrued      liabilities consist of the following:                                                                                                                                                                                                                                                                                                                                                                     |   | (in      thousands) |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | September      30,  |   |   | June      30, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 2008                |   |   | 2008 |   |
| Warranty      costs                                                                    |   | $                   | 658    |   |   | $ | 687 |   |
| Professional      fees                                                                 |   |                | 258    |   |   |   | 125 |   |
| Other                                                                                  |   |                | 592    |   |   |   | 954 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | $                   | 1,508  |   |   | $ | 1,766 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (in      thousands)                      |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | Three      MonthsEndedSeptember      30, |   |   | Three      MonthsEndedSeptember      30, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 2007                                     |   |   | 2008 |   |
| Warranty      reserve, beginning of      period                                                                 |   | $                                        | 687    |   |   | $ | 735 |   |
| Charged      to cost of      revenue                                                                            |   |                                     | 133    |   |   |   | 107 |   |
| Payments                                                                                                        |   |                                     | (162   | ) |   |   | (79 | ) |
| Warranty      reserve, end of      period                                                                       |   | $                                        | 658    |   |   | $ | 763 |   |

| 7.             | DISCONTINUED      OPERATIONS |
|----------------------------------------------------------------------------|------------------------------|

----

| 8.             | INCOME      TAXES |
|----------------------------------------------------------------------------|-------------------|

| 9.                  | NET      LOSS PER SHARE |
|----------------------------------------------------------------------------|-------------------------|

|                                                         |   | (In      thousands,except      per share data) |   |
|--------------------------------------------------------------|--------|------------------------------------------------|--------|
|                                                         |   | Three      Months EndedSeptember      30,      |   |
|                                                         |   | 2008                                           |   |   | 2007 |   |
| Loss      from continuing operations                         |   | $                                              | (1,296 | ) |   | $ | (100 | ) |
| Loss      from discontinued operations (net of income taxes) |   |                                           | (1     | ) |   |   | (10 | ) |
| Net      loss                                                |   | $                                              | (1,297 | ) |   | $ | (110 | ) |
|                                                         |   |                                           |   |   |   |   |   |   |
| NET      LOSS PER SHARE – BASIC:                       |   |                                           |   |   |   |   |   |   |
| Loss from continuing      operations                         |   | $                                              | (0.14  | ) |   | $ | (0.01 | ) |
| Loss from discontinued      operations (net of income taxes) |   |                                           | -      |   |   |   | - |   |
| Total                                                        |   | $                                              | (0.14  | ) |   | $ | (0.01 | ) |
|                                                         |   |                                           |   |   |   |   |   |   |
| NET      LOSS PER SHARE – DILUTED:                     |   |                                           |   |   |   |   |   |   |
| Loss from continuing      operations                         |   | $                                              | (0.14  | ) |   | $ | (0.01 | ) |
| Loss from discontinued      operations (net of income taxes) |   |                                           | -      |   |   |   | - |   |
| Total                                                        |   | $                                              | (0.14  | ) |   | $ | (0.01 | ) |
|                                                         |   |                                           |   |   |   |   |   |   |
| WEIGHTED      AVERAGE SHARES OUTSTANDING:                    |   |                                           |   |   |   |   |   |   |
| Basic                                                        |   |                                           | 9,150  |   |   |   | 9,310 |   |
| Effect of dilutive      shares                               |   |                                           | -      |   |   |   | - |   |
| Diluted                                                      |   |                                           | 9,150  |   |   |   | 9,310 |   |

| 10. | BUSINESS      SEGMENTS |
|-----|------------------------|

----

|                                            |   | (in      thousands)                   |   |
|-------------------------------------------------|--------|---------------------------------------|--------|
|                                            |   | Three      Months Ended September 30, |   |
|                                            |   | 2008                                  |   |   | 2007 |   |
| Net      revenues from external customers       |   |                                  |   |   |   |   |
| Coins                                           |   | $                                     | 4,995  |   |   | $ | 6,038 |   |
| Sportscards                                     |   |                                  | 2,189  |   |   |   | 2,292 |   |
| Jewelry                                         |   |                                  | 435    |   |   |   | 380 |   |
| Other                                           |   |                                  | 2,073  |   |   |   | 2,115 |   |
| Total revenue                                   |   | $                                     | 9,692  |   |   | $ | 10,825 |   |
| Amortization      and depreciation              |   |                                  |   |   |   |   |   |   |
| Coins                                           |   | $                                     | 75     |   |   | $ | 56 |   |
| Sportscards                                     |   |                                  | 49     |   |   |   | 23 |   |
| Jewelry                                         |   |                                  | 318    |   |   |   | 314 |   |
| Other                                           |   |                                  | 120    |   |   |   | 98 |   |
| Total                                           |   |                                  | 562    |   |   |   | 491 |   |
| Unallocated amortization and      depreciation  |   |                                  | 88     |   |   |   | 83 |   |
| Consolidated amortization and      depreciation |   | $                                     | 650    |   |   | $ | 574 |   |
| Stock-based      compensation                   |   |                                  |   |   |   |   |   |   |
| Coins                                           |   | $                                     | 33     |   |   | $ | 34 |   |
| Sportscards                                     |   |                                  | -      |   |   |   | 5 |   |
| Jewelry                                         |   |                                  | 3      |   |   |   | 3 |   |
| Other                                           |   |                                  | 53     |   |   |   | 28 |   |
| Total                                           |   |                                  | 89     |   |   |   | 70 |   |
| Unallocated stock-based      compensation       |   |                                  | 189    |   |   |   | 176 |   |
| Consolidated stock-based      compensation      |   | $                                     | 278    |   |   | $ | 246 |   |
| Operating      loss before unallocated expenses |   |                                  |   |   |   |   |   |   |
| Coins                                           |   | $                                     | 1,801  |   |   | $ | 2,484 |   |
| Sportscards                                     |   |                                  | 345    |   |   |   | 518 |   |
| Jewelry                                         |   |                                  | (1,630 | ) |   |   | (1,810 | ) |
| Other                                           |   |                                  | 19     |   |   |   | 310 |   |
| Total                                           |   |                                  | 535    |   |   |   | 1,502 |   |
| Unallocated operating      expenses             |   |                                  | (1,966 | ) |   |   | (2,113 | ) |
| Consolidated operating      loss                |   | $                                     | (1,431 | ) |   | $ | (611 | ) |

----

|                                                                                                                                                                                                                                             |   | (in      thousands)   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------|
|                                                                                                                                                                                                                                             |   | At      September 30, |   |   | At      June 30, |   |
| Identifiable      Assets                                                                                                                                                                                                                         |   | 2008                  |   |   | 2008 |   |
| Coins                                                        |   | $                     | 3,212  |   |   | $ | 3,346 |   |
| Sportscards                                                  |   |                  | 996    |   |   |   | 1,035 |   |
| Jewelry                                                      |   |                  | 9,240  |   |   |   | 9,061 |   |
| Other                                                        |   |                  | 7,654  |   |   |   | 11,055 |   |
| Total                                                        |   |                  | 21,102 |   |   |   | 24,497 |   |
| Unallocated      assets                                      |   |                  | 27,204 |   |   |   | 27,521 |   |
| Consolidated      assets                                     |   | $                     | 48,306 |   |   | $ | 52,018 |   |

|                   |   | (in      thousands) |   |
|------------------------|--------|---------------------|--------|
|                   |   | September      30,  |   |   | June      30, |   |
| Goodwill:              |   | 2008                |   |   | 2008 |   |
| Coins                  |   | $                   | 515    |   |   | $ | 515 |   |
| Jewelry                |   |                | 1,348  |   |   |   | 1,348 |   |
| Other                  |   |                | 2,111  |   |   |   | 2,111 |   |
| Consolidated    assets |   | $                   | 3,974  |   |   | $ | 3,974 |   |

| 11.                | LEGAL      MATTERS |
|-----------------------------------------------------------------|--------------------|

| 12.                | SUBSEQUENT      EVENTS |
|-----------------------------------------------------------------|------------------------|

----

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

Forward-Looking Statements

Our Business

----

Overview of Results of Operations for the Three MonthsEnded September 30, 2008

|                                                         |   | Three      Months Ended September 30, |   |
|--------------------------------------------------------------|--------|---------------------------------------|--------|
|                                                         |   | 2008                                  |   |   | 2007 |   |
| Net      revenues                                            |   |                                  | 100.0  | % |   |   | 100.0 | % |
| Cost      of revenues                                        |   |                                  | 53.5   | % |   |   | 48.0 | % |
| Gross      profit                                            |   |                                  | 46.5   | % |   |   | 52.0 | % |
| Operating      expenses:                                     |   |                                  |   |   |   |   |   |   |
| Selling and marketing      expenses                          |   |                                  | 17.9   | % |   |   | 18.7 | % |
| General and administrative      expenses                     |   |                                  | 40.2   | % |   |   | 36.4 | % |
| Amortization of      intangibles                             |   |                                  | 3.2    | % |   |   | 2.5 | % |
| Total operating      expenses                                |   |                                  | 61.3   | % |   |   | 57.6 | % |
| Operating      loss                                          |   |                                  | (14.8  | )% |   |   | (5.6 | )% |
| Interest      income, net                                    |   |                                  | 1.3    | % |   |   | 4.1 | % |
| Other      income                                            |   |                                  | 0.1    | % |   |   | - |   |
| Loss      before income tax benefit                          |   |                                  | (13.4  | )% |   |   | (1.5 | )% |
| Income      tax benefit                                      |   |                                  | -      |   |   |   | (0.6 | )% |
| Loss      from continuing operations                         |   |                                  | (13.4  | )% |   |   | (0.9 | )% |
| Loss      from discontinued operations (net of income taxes) |   |                                  | -      |   |   |   | (0.1 | )% |
| Net      loss                                                |   |                                  | (13.4  | )% |   |   | (1.0 | )% |

Factors That Can Affect our Financial Position and OperatingResults

----

----

|                   |   | Units      ProcessedThree      Months Ended September 30, |    |   | Declared      Value (000)Three      Months Ended September 30, |   |
|------------------------|--------|-----------------------------------------------------------|---------|--------|----------------------------------------------------------------|--------|
|                   |   | 2008                                                      |    |   | 2007                                                           |   |   | 2008 |   |   | 2007 |   |
| Coins                  |   |                                                      | 328,100 |   |                                                           |   | 46.4 | % |   |   | 367,100 |   |   |   | 47.0 | % |   | $ | 302,722 |   |   |   | 73.6 | % |   | $ | 333,351 |   |   |   | 80.0 | % |
| Sportscards            |   |                                                      | 301,600 |   |                                                           |   | 42.7 | % |   |   | 338,500 |   |   |   | 43.0 | % |   |   | 26,562 |   |   |   | 6.5 | % |   |   | 20,534 |   |   |   | 5.0 | % |
| Autographs             |   |                                                      | 41,600  |   |                                                           |   | 5.9 | % |   |   | 44,800 |   |   |   | 6.0 | % |   |   | 4,854 |   |   |   | 1.2 | % |   |   | 5,811 |   |   |   | 1.0 | % |
| Stamps                 |   |                                                      | 7,300   |   |                                                           |   | 1.0 | % |   |   | 19,700 |   |   |   | 2.0 | % |   |   | 5,071 |   |   |   | 1.2 | % |   |   | 4,351 |   |   |   | 1.0 | % |
| Currency               |   |                                                      | 16,800  |   |                                                           |   | 2.4 | % |   |   | 11,000 |   |   |   | 1.0 | % |   |   | 8,092 |   |   |   | 2.0 | % |   |   | 9,349 |   |   |   | 2.0 | % |
| Diamonds               |   |                                                      | 9,800   |   |                                                           |   | 1.4 | % |   |   | 7,700 |   |   |   | 1.0 | % |   |   | 35,065 |   |   |   | 8.5 | % |   |   | 31,963 |   |   |   | 8.0 | % |
| Colored      Gemstones |   |                                                      | 1,400   |   |                                                           |   | 0.2 | % |   |   | 900 |   |   |   | - |   |   |   | 28,804 |   |   |   | 7.0 | % |   |   | 10,986 |   |   |   | 3.0 | % |
| Total                  |   |                                                      | 706,600 |   |                                                           |   | 100.0 | % |   |   | 789,700 |   |   |   | 100.0 | % |   | $ | 411,170 |   |   |   | 100.0 | % |   | $ | 416,345 |   |   |   | 100.0 | % |

Critical Accounting Policies andEstimates

Results of Operations – Three Months Ended September30, 2008 and 2007

|                                 |   | Three      Months Ended September 30, |   |
|--------------------------------------|--------|---------------------------------------|--------|
|                                 |   | 2008                                  |   |   | 2007 |   |   | Increase      (Decrease) |   |
|                                 |   | Amount                                |   |   | %      of NetRevenues |   |   | Amount |   |   | %      of NetRevenues |   |   | Amount |   |   | %      of NetRevenues |   |
|                                 |   | (Dollars      in thousands)           |   |
| Grading      and authentication fees |   | $                                     | 7,960  |   |   |   | 82.1 | % |   | $ | 8,971 |   |   |   | 82.9 | % |   | $ | (1,011 | ) |   |   | (11.3) | % |
| Other      related services          |   |                                  | 1,732  |   |   |   | 17.9 | % |   |   | 1,854 |   |   |   | 17.1 | % |   |   | (122 | ) |   |   | (6.6) | % |
| Total      net revenues              |   | $                                     | 9,692  |   |   |   | 100.0 | % |   | $ | 10,825 |   |   |   | 100.0 | % |   | $ | (1,133 | ) |   |   | (10.5 | )% |

----

|           |   | Three      Months Ended September 30, |   |
|----------------|--------|---------------------------------------|--------|
|           |   | 2008                                  |   |   | 2007 |   |   | 2008      vs. 2007 |   |
|           |   |                                  |   |   |   |   |   |   |   |   |   |   |   | Increase      (Decrease) |   |
|           |   |                                  |   |   | %      of Net |   |   |   |   |   | %      of Net |   |   | Revenues |   |   | Units      Processed |   |
|           |   | Amount                                |   |   | Revenues |   |   | Amount |   |   | Revenues |   |   | Amounts |   |   | Percent |   |   | Number |   |   | Percent |   |
|           |   | (Dollars      in thousands)           |   |   |   |   |   |   |   |
| Coins          |   | $                                     | 4,995  |   |   |   | 51.5 | % |   | $ | 6,038 |   |   |   | 55.8 | % |   | $ | (1,043 | ) |   |   | (17.3) | % |   |   | (39,000 | ) |   |   | (10.6 | )% |
| Sportscards    |   |                                  | 2,189  |   |   |   | 22.6 | % |   |   | 2,292 |   |   |   | 21.2 | % |   |   | (103 | ) |   |   | (4.5) | % |   |   | (36,900 | ) |   |   | (10.9 | )% |
| Other      (1) |   |                                  | 2,508  |   |   |   | 25.9 | % |   |   | 2,495 |   |   |   | 23.0 | % |   |   | 13 |   |   |   | 0.5 | % |   |   | (7,200 | ) |   |   | (8.6 | )% |
|           |   | $                                     | 9,692  |   |   |   | 100.0 | % |   | $ | 10,825 |   |   |   | 100.0 | % |   | $ | (1,133 | ) |   |   | (10.5 | )% |   |   | (83,100 | ) |   |   | (10.5 | )% |

----

| (1) | Consists      of autographs, stamps, currency, diamonds and colored gemstones, CCE      subscription business, our CFC dealer financing business, and our      collectibles convention business. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|         |   | Three      Months Ended September 30, |      |
|--------------|--------|---------------------------------------|-----------|
|         |   | 2008                                  |      |   | 2007 |   |
|         |   | Amount                                |      |   | %      of Revenues |   |   | Amount |   |   | %      of Revenues |   |
| Gross profit |   | $                                     | 4,510,000 |   |   |   | 46.5 | % |   | $ | 5,625,000 |   |   |   | 52.0 | % |

|                       |   | Three      Months Ended September 30, |      |
|----------------------------|--------|---------------------------------------|-----------|
|                       |   | 2008                                  |      |   | 2007 |   |
|                       |   | Amount                                |      |   | %      of Revenues |   |   | Amount |   |   | %      of Revenues |   |
| Selling and      Marketing |   | $                                     | 1,730,000 |   |   |   | 17.9 | % |   | $ | 2,018,000 |   |   |   | 18.7 | % |

|                            |   | Three      Months Ended September 30, |      |
|---------------------------------|--------|---------------------------------------|-----------|
|                            |   | 2008                                  |      |   | 2007 |   |
|                            |   | Amount                                |      |   | %      of Revenues |   |   | Amount |   |   | %      of Revenues |   |
| General and      Administrative |   | $                                     | 3,901,000 |   |   |   | 40.2 | % |   | $ | 3,948,000 |   |   |   | 36.4 | % |

----

|                             |   | Three      Months Ended September 30, |    |
|----------------------------------|--------|---------------------------------------|---------|
|                             |   | 2008                                  |    |   | 2007 |   |
|                             |   | Amount                                |    |   | %      of Revenues |   |   | Amount |   |   | %      of Revenues |   |
| Amortization of      Intangibles |   | $                                     | 310,000 |   |   |   | 3.2 | % |   | $ | 270,000 |   |   |   | 2.5 | % |

|                                     |   | Three      Months Ended September 30, |    |
|------------------------------------------|--------|---------------------------------------|---------|
|                                     |   | 2008                                  |    |   | 2007 |   |
| Included      in:                        |   |                                  |    |   |   |   |
| Cost      of revenues                    |   | $                                     | 82,000  |   |   | $ | 61,000 |   |
| Selling      and marketing expenses      |   |                                  | -       |   |   |   | (7,000 | ) |
| General      and administrative expenses |   |                                  | 196,000 |   |   |   | 192,000 |   |
|                                     |   | $                                     | 278,000 |   |   | $ | 246,000 |   |

| Fiscal Year Ending      June 30, |   | Amount |    |
|----------------------------------|--------|--------|---------|
| 2009                             |   |   | 394,000 |   |
| 2010                             |   |   | 271,000 |   |
| 2011                             |   |   | 125,000 |   |
| 2012                             |   |   | 16,000  |   |
|                             |   | $      | 806,000 |   |

----

|                      |   | Three      Months Ended September 30, |    |
|---------------------------|--------|---------------------------------------|---------|
|                      |   | 2008                                  |    |   | 2007 |   |
|                      |   | Amount                                |    |   | %      of Revenues |   |   | Amount |   |   | %      ofRevenues |   |
| Interest income,      net |   | $                                     | 125,000 |   |   |   | 1.3 | % |   | $ | 444,000 |   |   |   | 4.1 | % |

|                              |   | Three      Months Ended September 30, |   |
|-----------------------------------|--------|---------------------------------------|--------|
|                              |   | 2008                                  |   |   | 2007 |   |
| Income      tax expense (benefit) |   | $                                     | -      |   |   | $ | (66,000 | ) |

|                                                          |   | Three      Months Ended September 30, |   |
|---------------------------------------------------------------|--------|---------------------------------------|--------|
|                                                          |   | 2008                                  |   |   | 2007 |   |
| Loss      from discontinued operations (net of income taxes). |   | $                                     | (1,000 | ) |   | $ | (10,000 | ) |

Liquidity and Capital Resources

----

| Fiscal      Year               |   | Amount |       |
|--------------------------------|--------|--------|------------|
| 2009      (remaining 9 months) |   |   | 1,708,000  |   |
| 2010                           |   |   | 1,415,000  |   |
| 2011                           |   |   | 994,000    |   |
| 2012                           |   |   | 1,022,000  |   |
| 2013                           |   |   | 1,018,000  |   |
| Thereafter                     |   |   | 4,087,000  |   |
|                           |   | $      | 10,244,000 |   |

Risks and Uncertainties That Could Affect Our FutureFinancial Performance

| ·         | changes      in general economic conditions generally, including the current liquidity      crisis in the United States, or changes in conditions in the collectibles      or high-value assets markets in which we operate, including a possible      decline in the popularity of some high-value collectibles or assets, any      of which could reduce the volume of authentication and grading submissions      to us and, therefore, the grading fees we  generate; |
|--------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·         | a      lack of diversity in our sources of revenues and, more particularly, our      dependence on collectible coin authentication and grading for a      significant percentage of our total revenues, which makes us more      vulnerable to adverse changes in economic conditions, including volatility      in the prices of gold and other precious metals or recessionary or other      conditions that could lead to reduced coin and other collectibles      submissions or trade show activities that would, in turn, result in      reductions in our revenues andincome; |
|--------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·         | our      dependence on certain key executives and collectibles experts, the loss of      the services of any of which could adversely affect our ability to obtain      authentication and grading submissions and, therefore, could harm our      operating results; |
|--------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·         | the      fact that for the fiscal year ended June 30, 2008 and the three months      ended September 30, 2008, our six largest coin authentication and grading      customers accounted, in the aggregate, for approximately 10% and 12% of      our net revenues, respectively, which means that the loss of any of those      customers, or a significant reduction in their grading submissions to us,      could result in a decline in our revenues and a reduction in our operating      income; |
|--------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·         | increased      competition from other collectibles’ authentication and grading companies      that could result in reductions in collectibles submissions to us or could      require us to reduce the prices we charge for our services, either of      which could result in reductions in our revenue and  income; |
|--------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·         | the      risk that we will incur unanticipated liabilities under our authentication      and grading warranties that would increase our operating      expenses; |
|--------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·         | the      risk that warranty claims will increase to a higher level than in the past      such that we will have to recognize additional warranty accruals in      anticipation of these claims and our ongoing warranty accrual rate will      need to be increased to cover potential higher claims in the      future; |
|--------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·         | the      risk that new collectibles service offerings and business initiatives,      such as autograph, stamp and paper currency, and diamond and colored      gemstone grading services, will not gain market acceptance or will be      unsuccessful and will, as a result, increase our operating expenses and      reduce our overall profitability or cause us to incur losses and the risk      that these businesses will not make a material contribution to our net      revenues or achieve profitability; |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·         | the      risks involved in acquiring existing or commencing new authentication and      grading businesses, including the risks that we will be unable to      successfully integrate new businesses into our operations; that our new      businesses (in particular our diamond and colored gemstones businesses)      may not gain market acceptance; that business expansion may result in a      costly diversion of management time and resources from our existing      businesses and increase our operating expenses; that acquisition-related      goodwill and intangible assets may become impaired, which could adversely      impact our results of operations; and that we will not achieve adequate      returns on the investments we may make in acquiring other or establishing      new businesses, any of which would harm our profitability or cause us to      incur losses; |
|--------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·         | the      risks that we will encounter problems with or failures of our computer      systems that would interrupt our services or result in loss of data that      we need for our business; and |
|--------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·         | the      potential of increased government regulation of our businesses that could      cause operating costs to increase. |
|--------------------------|----------------------------------------------------------------------------------------------------------------------------|

----

ITEM 2A.

ITEM 3. 

----

| ITEM 1. | LEGAL      PROCEEDINGS |
|---------|------------------------|

| ITEM 1A. | RISK      FACTORS |
|----------|-------------------|

ITEM 2.

|   | None |
|--------|------|

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

| (a)    | Exhibits:         |                                                                                                            |
|--------|-------------------|-----------------------------------------------------------------------------------------------------------------|
|   | Exhibit      3.3  | Amended      and Restated Bylaws of Collectors Universe, Inc., as Adopted and Effective      September 28, 2008 |
|   |              |                                                                                                            |
|   | Exhibit      31.1 | Certification      of Chief Executive Officer Under Section 302 of the Sarbanes-Oxley Act of      2002          |
|   |              |                                                                                                            |
|   | Exhibit      31.2 | Certification      of Chief Financial Officer Under Section 302 of the Sarbanes-Oxley Act of      2002          |
|   |              |                                                                                                            |
|   | Exhibit      32.1 | Chief      Executive Officer Certification Under Section 906 of the Sarbanes-Oxley      Act of 2002             |
|   |              |                                                                                                            |
|   | Exhibit      32.2 | Chief      Financial Officer Certification Under Section 906 of the Sarbanes-Oxley      Act of 2002             |

----

SIGNATURES

|                                                                                          |   | COLLECTORS      UNIVERSE, INC. |
|-----------------------------------------------------------------------------------------------|--------|--------------------------------|
|                                                                                          |   |                           |
| Date:           November      10, 2008 |   | /s/      MICHAEL R. HAYNES     |
|                                                                                          |   | Michael      R. Haynes         |
|                                                                                          |   | Chief      Executive Officer   |

|                                                                                          |   | COLLECTORS      UNIVERSE, INC. |
|-----------------------------------------------------------------------------------------------|--------|--------------------------------|
|                                                                                          |   |                           |
| Date:           November      10, 2008 |   | /s/      JOSEPH J. WALLACE     |
|                                                                                          |   | Joseph      J. Wallace         |
|                                                                                          |   | Chief      Financial Officer   |

----

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

| Number            | Description                                                                                                     |
|-------------------|-----------------------------------------------------------------------------------------------------------------|
| Exhibit      3.3  | Amended      and Restated Bylaws of Collectors Universe, Inc., as Adopted and Effective      September 28, 2008 |
|              |                                                                                                            |
| Exhibit      31.1 | Certification      of Chief Executive Officer Under Section 302 of the Sarbanes-Oxley Act of      2002          |
|              |                                                                                                            |
| Exhibit      31.2 | Certification      of Chief Financial Officer Under Section 302 of the Sarbanes-Oxley Act of      2002          |
|              |                                                                                                            |
| Exhibit      32.1 | Chief      Executive Officer Certification Under Section 906 of the Sarbanes-Oxley      Act of 2002             |
|              |                                                                                                            |
| Exhibit      32.2 | Chief      Financial Officer Certification Under Section 906 of the Sarbanes-Oxley      Act of 2002             |
|              |                                                                                                            |

----