| (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, 2009                                                                        |
|                                                                                                             |                                                                                                                 |
|                                                                                                             | OR                                                                                                                   |
|                                                                                                             |                                                                                                                 |
| q                                                                                                                | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 [NO FEE REQUIRED] |
|                                                                                                             |                                                                                                                 |
|                                                                                                             | For      the transition period from _______ to _____                                                                 |
| Commission      file number 1-34240                                                                              |
|                                                                                                             |
|     COLLECTORS      UNIVERSE, INC.(Exact      name of Registrant as specified in 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 o | Non-accelerated      filer o | Smaller      reporting company x |
|--------------------------------|--------------------------|------------------------------|----------------------------------|

|   | Class                             | Outstanding at  October 20,      2009 |
|--------|-----------------------------------|-------------------------------------------------|
|   | Common      Stock $.001 Par Value | 7,661,101                                       |   |
|   |                              |                                            |   |

----

| PART      I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Financial      Information                                                                         | Page                                                                                                             |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               |                                                                                                             |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Item 1.                                                                                            | Financial Statements      (unaudited):                                                                           |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               |                                                                                                             |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               | Condensed Consolidated Balance Sheets as of September 30,      2009 and June 30, 2009                            | 1 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               |                                                                                                             |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               | Condensed      Consolidated Statements of Operations for      the Three Months Ended September 30, 2009 and 2008 | 2 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               |                                                                                                             |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               | Condensed      Consolidated Statements of Cash Flows for      the Three Months Ended September 30, 2009 and 2008 | 3 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               |                                                                                                             |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               | Notes to Condensed Consolidated Financial Statements                                                             | 4 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               |                                                                                                             |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Item 2.                                                                                            | Management's Discussion and Analysis of Financial Condition      and Results of Operations                       | 17 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               | Forward-Looking Information                                                                                      | 17 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               | Our Business                                                                                                     | 17 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               | Recent Developments                                                                                              | 18 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               | Overview of Results of Operations for the Three Months      Ended September 30, 2009 and 2008                    | 18 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               | Factors That Can Affect Our Financial Position and      Operating Results                                        | 19 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               | Trends and Challenges in our Businesses                                                                          | 20 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               | Critical Accounting Policies and Estimates                                                                       | 21 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               | Results of Continuing Operations–For the      Three Months Ended September 30, 2009 and 2008               | 22 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               | Liquidity and Capital Resources                                                                                  | 26 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               | Recent Accounting    Pronouncements                                                                              | 29 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               |                                                                                                             |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Item 4                                                                                             | Controls and Procedures                                                                                          | 30 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               |                                                                                                             |   |
| PART      II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Other      Information                                                                             |                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               |                                                                                                             |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Item 1A.                                                                                           | Risk Factors                                                                                                     | 30 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Item 2A                                                                                            | Unregistered Sales of Equity Securities and Use of      Proceeds                                                 | 30 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Item 5                                                                                             | Other Information                                                                                                | 30 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Item 6.                                                                                            | Exhibits                                                                                                         | 31 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               |                                                                                                             |
| SIGNATURES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                               | S-1                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               |                                                                                                             |
| INDEX TO      EXHIBITS                                                                                                                                                    | E-1                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               |                                                                                                             |
| EXHIBITS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                                               |                                                                                                             |
| Exhibit 10.47                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Employment Agreement of Michael McConnell through      June 2011                                   |                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               |                                                                                                             |
| 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     |                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                               |                                                                                                             |

----

FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

|                                                                                                  |   | September      30, |    |   | June      30, |   |
|-------------------------------------------------------------------------------------------------------|--------|--------------------|---------|--------|---------------|--------|
| ASSETS                                                                                                |   | 2009               |    |   | 2009          |   |
| Current      assets:                                                                                  |   |               |    |   |          |   |
| Cash and cash      equivalents                                                                        |   | $                  | 16,372  |   |          | $      | 23,870 |   |
| Accounts receivable, net of      allowance of $76 at September 30, 2009 and $63 at June 30,      2009 |   |               | 1,379   |   |          |   | 1,252 |   |
| Inventories, net                                                                                      |   |               | 564     |   |          |   | 497 |   |
| Prepaid expenses and other current      assets                                                        |   |               | 699     |   |          |   | 868 |   |
| Customer notes receivable,      net                                                                   |   |               | 2,321   |   |          |   | 2,340 |   |
| Notes receivable from sale of      net assets of discontinued operations                              |   |               | 212     |   |          |   | 212 |   |
| Current assets of discontinued      operations                                                        |   |               | 79      |   |          |   | 102 |   |
| Total current    assets                                                                               |   |               | 21,626  |   |          |   | 29,141 |   |
|                                                                                                  |   |               |    |   |          |   |   |   |
| Property and equipment,      net                                                                      |   |               | 1,235   |   |          |   | 1,174 |   |
| Goodwill                                                                                              |   |               | 2,826   |   |          |   | 2,626 |   |
| Intangible assets,    net                                                                             |   |               | 2,594   |   |          |   | 2,776 |   |
| Note receivable from sale of net      of assts of discontinued operations, less current portion       |   |               | 230     |   |          |   | 300 |   |
| Other assets                                                                                          |   |               | 125     |   |          |   | 74 |   |
| Non-current assets of discontinued      operations                                                    |   |               | 182     |   |          |   | 182 |   |
|                                                                                                  |   | $                  | 28,818  |   |          | $      | 36,273 |   |
| LIABILITIES      AND STOCKHOLDERS’ EQUITY                                                       |   |               |    |   |          |   |   |   |
| Current      liabilities:                                                                             |   |               |    |   |          |   |   |   |
| Accounts payable                                                                                      |   | $                  | 1,152   |   |          | $      | 1,051 |   |
| Accruedliabilities                                                                                    |   |               | 1,672   |   |          |   | 1,344 |   |
| Accrued compensation and      benefits                                                                |   |               | 1,110   |   |          |   | 1,341 |   |
| Income taxes    payable                                                                               |   |               | 324     |   |          |   | 252 |   |
| Net deferred income tax      liability                                                                |   |               | 71      |   |          |   | 60 |   |
| Deferred revenue                                                                                      |   |               | 1,588   |   |          |   | 1,883 |   |
| Current liabilities of      discontinued operations                                                   |   |               | 1,632   |   |          |   | 1,827 |   |
| Total current      liabilities                                                                        |   |               | 7,549   |   |          |   | 7,758 |   |
|                                                                                                  |   |               |    |   |          |   |   |   |
| Deferred      rent                                                                                    |   |               | 248     |   |          |   | 220 |   |
| Net      deferred income tax liability                                                                |   |               | 197     |   |          |   | 208 |   |
| Non-current      liabilities of discontinued operations                                               |   |               | 3,135   |   |          |   | 3,308 |   |
| Commitments      and contingencies                                                                    |   |               |    |   |          |   |   |   |
|                                                                                                  |   |               |    |   |          |   |   |   |
| Stockholders’      equity:                                                                      |   |               |    |   |          |   |   |   |
| Preferred stock, $.001 par value;      3,000 shares authorized, none issued or outstanding            |   |               |    |   |          |   |   |   |
| Common stock, $.001 par value;      20,000 shares authorized;                                         |   |               |    |   |          |   |   |   |
| shares outstanding: 7,661 at      September 30, 2009 and 9,158 at June 30, 2009                       |   |               | 8       |   |          |   | 9 |   |
| Additional paid-in      capital                                                                       |   |               | 67,212  |   |          |   | 75,957 |   |
| Accumulateddeficit                                                                                    |   |               | (49,531 | )      |          |   | (51,187 | ) |
| Total stockholders’      equity                                                                 |   |               | 17,689  |   |          |   | 24,779 |   |
|                                                                                                  |   | $                  | 28,818  |   |          | $      | 36,273 |   |

----

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

|                                                                                                                   |   | Three      Months Ended |   |
|------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|--------|
|                                                                                                                   |   | September      30,      |   |
|                                                                                                                   |   | 2009                    |   |   | 2008 |   |
| Net      revenues                                                                                                      |   | $                       | 9,298  |   |   | $ | 9,043 |   |
| Cost      of revenues                                                                                                  |   |                    | 3,739  |   |   |   | 4,126 |   |
| Gross profit                                                                                                           |   |                    | 5,559  |   |   |   | 4,917 |   |
| Selling      and marketing expenses                                                                                    |   |                    | 1,195  |   |   |   | 1,248 |   |
| General      and administrative expenses                                                                               |   |                    | 2,568  |   |   |   | 3,336 |   |
| Total operating      income                                                                                            |   |                    | 1,796  |   |   |   | 333 |   |
| Interest      and other income, net                                                                                    |   |                    | 40     |   |   |   | 136 |   |
| Income      before provision for income taxes                                                                          |   |                    | 1,836  |   |   |   | 469 |   |
| Provision      for income taxes                                                                                        |   |                    | 127    |   |   |   | - |   |
| Income      from continuing operations                                                                                 |   |                    | 1,709  |   |   |   | 469 |   |
| Loss      from discontinued operations, net of loss on sales of discontinued      businesses, net      of income taxes |   |                    | (53    | ) |   |   | (1,766 | ) |
| Net      income (loss)                                                                                                 |   | $                       | 1,656  |   |   | $ | (1,297 | ) |
|                                                                                                                   |   |                    |   |   |   |   |   |   |
| Net      income (loss) per basic share:                                                                                |   |                    |   |   |   |   |   |   |
|     Income      from continuing operations                                                         |   | $                       | 0.23   |   |   | $ | 0.05 |   |
|     Loss      from discontinued operations                                                         |   |                    | (0.01  | ) |   |   | (0.19 | ) |
| Net income    (loss)                                                                                                   |   | $                       | 0.22   |   |   | $ | (0.14 | ) |
|                                                                                                                   |   |                    |   |   |   |   |   |   |
| Net      income (loss) per diluted share:                                                                              |   |                    |   |   |   |   |   |   |
| Income from continuing      operations                                                                                 |   | $                       | 0.22   |   |   | $ | 0.05 |   |
| Loss from discontinued      operations                                                                                 |   |                    | -      |   |   |   | (0.19 | ) |
| Net income(loss)                                                                                                       |   | $                       | 0.22   |   |   | $ | (0.14 | ) |
|                                                                                                                   |   |                    |   |   |   |   |   |   |
| Weighted      average shares outstanding:                                                                              |   |                    |   |   |   |   |   |   |
| Basic                                                                                                                  |   |                    | 7,551  |   |   |   | 9,146 |   |
| Diluted                                                                                                                |   |                    | 7,629  |   |   |   | 9,186 |   |
| Dividends declared per common      share                                                                               |   | $                       | -      |   |   | $ | 0.23 |   |

----

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

|                                                                                                               |   | Three      Months EndedSeptember      30, |   |
|--------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                                                                               |   | 2009                                      |   |   | 2008 |   |
| CASH      FLOWS FROM OPERATING ACTIVITIES:                                                                         |   |                                      |   |   |   |   |
| Net      income (loss)                                                                                             |   | $                                         | 1,656  |   |   | $ | (1,297 | ) |
| Discontinued      operations                                                                                       |   |                                      | 53     |   |   |   | 1,766 |   |
| Income      from continuing operations                                                                             |   |                                      | 1,709  |   |   |   | 469 |   |
| Adjustments      to reconcile income from continuing operations to net cash provided      by operating activities: |   |                                      |   |   |   |   |   |   |
| Depreciation and amortization      expense                                                                         |   |                                      | 293    |   |   |   | 317 |   |
| Stock-based compensation      expense                                                                              |   |                                      | 165    |   |   |   | 264 |   |
| Provision for bad      debts                                                                                       |   |                                      | 13     |   |   |   | - |   |
| Provision for inventory      write-down                                                                            |   |                                      | 3      |   |   |   | 12 |   |
| Provision for      warranty                                                                                        |   |                                      | 166    |   |   |   | 129 |   |
| Interest on notes      receivable                                                                                  |   |                                      | 5      |   |   |   | - |   |
|            Gain on sale of customer notes                                                 |   |                                      | -      |   |   |   | (10 | ) |
| Change      in operating assets and liabilities:                                                                   |   |                                      |   |   |   |   |   |   |
| Accounts    receivable                                                                                             |   |                                      | (140   | ) |   |   | 140 |   |
| Inventories                                                                                                        |   |                                      | (70    | ) |   |   | (66 | ) |
| Prepaid expenses and      other                                                                                    |   |                                      | 167    |   |   |   | 76 |   |
| Other assets                                                                                                       |   |                                      | (9     | ) |   |   | 2 |   |
| Accounts payable and accrued      liabilities                                                                      |   |                                      | 63     |   |   |   | (313 | ) |
| Accrued compensation and      benefits                                                                             |   |                                      | (231   | ) |   |   | (244 | ) |
| Income taxes      payable                                                                                          |   |                                      | 72     |   |   |   | (8 | ) |
| Deferredrevenue                                                                                                    |   |                                      | (295   | ) |   |   | (363 | ) |
| Deferred rent                                                                                                      |   |                                      | 28     |   |   |   | (29 | ) |
| Net cash provided by operating      activities of continuing operations                                            |   |                                      | 1,939  |   |   |   | 376 |   |
| Net cash used in operating      activities of discontinued businesses                                              |   |                                      | (396   | ) |   |   | (1,762 | ) |
| Net cash provided by (used in)      operating activities                                                           |   |                                      | 1,543  |   |   |   | (1,386 | )  |
|                                                                                                               |   |                                      |   |   |   |   |   |   |
| CASH      FLOWS FROM INVESTING ACTIVITIES:                                                                         |   |                                      |   |   |   |   |   |   |
| Capital      expenditures                                                                                          |   |                                      | (173   | ) |   |   | (30 | ) |
| Advances      on customer notes receivable                                                                         |   |                                      | -      |   |   |   | (446 | ) |
| Proceeds      from collection of customer notes receivable                                                         |   |                                      | 20     |   |   |   | 3,749 |   |
| Capitalized      software                                                                                          |   |                                      | -      |   |   |   | (214 | ) |
| Cash      received from sale of net assets of discontinuedoperations                                               |   |                                      | 23     |   |   |   | 23 |   |
| Net cash provided by (used in)      investing activities                                                           |   |                                      | (130   | ) |   |   | 3,082 |   |
|                                                                                                               |   |                                      |   |   |   |   |   |   |
| CASH      FLOWS FROM FINANCING ACTIVITIES:                                                                         |   |                                      |   |   |   |   |   |   |
| Proceeds      from exercise of stock options                                                                       |   |                                      | -      |   |   |   | 1 |   |
| Repurchase      of common stock under “Dutch Auction” tender                                           |   |                                      | (8,911 | ) |   |   | - |   |
| Dividends      paid to common stockholders                                                                         |   |                                      | -      |   |   |   | (2,090 | ) |
| Net cash used in financing      activities                                                                         |   |                                      | (8,911 | ) |   |   | (2,089 | ) |
|                                                                                                               |   |                                      |   |   |   |   |   |   |
| Net      decrease in cash and cash equivalents                                                                     |   |                                      | (7,498 | ) |   |   | (393 | ) |
| Cash      and cash equivalents at beginning of period                                                              |   |                                      | 23,870 |   |   |   | 23,345 |   |
| Cash      and cash equivalents at end of period                                                                    |   | $                                         | 16,372 |   |   | $ | 22,952 |   |
|                                                                                                               |   |                                      |   |   |   |   |   |   |
| SUPPLEMENTAL      DISCLOSURES OF CASH FLOW INFORMATION:                                                            |   |                                      |   |   |   |   |   |   |
| Interest      paid                                                                                                 |   | $                                         | 5      |   |   | $ | 2 |   |
| Income      taxes paid                                                                                             |   | $                                         | 54     |   |   | $ | 8 |   |

----

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED)

----

----

|                                     |   | Three      Months EndedSeptember      30,(In      thousands) |   |
|------------------------------------------|--------|--------------------------------------------------------------|--------|
|                                     |   | 2009                                                         |   |   | 2008 |   |
| Included in:                             |   |                                                         |   |   |   |   |
| Cost      of revenues                    |   | $                                                            | -      |   |   | $ | 69 |   |
| General      and administrative expenses |   |                                                         | 165    |   |   |   | 195 |   |
| Continuing      operations               |   |                                                         | 165    |   |   |   | 264 |   |
| Discontinued      operations             |   |                                                         | -      |   |   |   | 14 |   |
|                                     |   | $                                                            | 165    |   |   | $ | 278 |   |

|                                      |   |    Shares |   |   | Weighted      Average Exercise Price |   |   | Weighted      Average Remaining Contractual Term |   |   |  Aggregate      IntrinsicValue |   |
|-------------------------------------------|--------|--------------------------|--------|--------|--------------------------------------|--------|--------|--------------------------------------------------|--------|--------|-------------------------------------|--------|
| Options:                                  |   | (In      thousands)      |   |   |                                 |   |   | (yrs.)                                           |   |   | (In      thousands)                 |   |
| Outstanding at June 30,      2009         |   |                     | 585    |   |                                 | $      | 11.61  |                                             |   |   | 4.6                                 |   |   | $ | 115 |   |
| Forfeited or      cancelled               |   |                     | (47    | )      |                                 |   | 17.56  |                                             |   |   | -                                   |   |   |   | - |   |
| Outstanding at September 30,      2009    |   |                     | 538    |   |                                 | $      | 11.09  |                                             |   |   | 4.5                                 |   |   | $ | 163 |   |
| Exercisable at September 30,      2009    |   |                     | 524    |   |                                 | $      | 11.04  |                                             |   |   | 4.4                                 |   |   | $ | 163 |   |
| Unvested at September 30,      2009       |   |                     | 14     |   |                                 | $      | 13.02  |                                             |   |   | 7.7                                 |   |   | $ | - |   |
| Expect to vest at September      30, 2009 |   |                     | 13     |   |                                 | $      | 13.01  |                                             |   |   | 7.7                                 |   |   | $ | - |   |

----

|    Non-Vested Shares:  |   |  (In      Thousands)Shares |   |   | WeightedAverageGrant-DateFair      Values |   |
|---------------------------------------|--------|---------------------------------|--------|--------|-------------------------------------------|--------|
| Non-vested      at June 30, 2009      |   |                            | 43     |   |                                      | $      | 3.80 |   |
| Granted                               |   |                            | 253    |   |                                      |   | 4.07 |   |
| Vested                                |   |                            | (32    | )      |                                      |   | 3.24 |   |
| Non-vested      at September 30, 2009 |   |                            | 264    |   |                                      | $      | 4.13 |   |

----

| Fiscal      Year Ending June 30, |   | Amount |      |
|----------------------------------|--------|--------|-----------|
| 2010      (9 months)             |   |   | 690,000   |   |
| 2011                             |   |   | 260,000   |   |
| 2012                             |   |   | 96,000    |   |
|                             |   | $      | 1,046,000 |   |

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

----

----

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

|   |             GAAP establishes a three-tier fair value hierarchy, which prioritizes the      inputs used in measuring fair value for financial and non-financial assets      and liabilities.  These tiersinclude: |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                   |   | At      Sept. 30, |   |   | Fair      Value Measurements Using |   |
|----------------------------------------|--------|-------------------|--------|--------|------------------------------------|--------|
| (In Thousands)                         |   | 2009              |   |   | (Level      1)                     |   |   | (Level      2) |   |   | (Level      3) |   |
| Assets:                                |   |              |   |   |                               |   |   |   |   |   |   |   |
| Investments in money market      funds |   | $                 | 12,737 |   |                               | $      | 12,737 |   |   | $ | - |   |   | $ | - |   |
| Liabilities:                           |   |              |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Operating lease      obligations       |   | $                 | 4,309  |   |                               | $      | - |   |   | $ | - |   |   | $ | 4,309 |   |

|                                   |   | At      June 30, |   |   | Fair      Value Measurements Using |   |
|----------------------------------------|--------|------------------|--------|--------|------------------------------------|--------|
| (In      Thousands)                    |   | 2009             |   |   | (Level      1)                     |   |   | (Level      2) |   |   | (Level      3) |   |
| Assets:                                |   |             |   |   |                               |   |   |   |   |   |   |   |
| Investments in money market      funds |   | $                | 20,200 |   |                               | $      | 20,200 |   |   | $ | - |   |   | $ | - |   |
| Liabilities:                           |   |             |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Operating lease      obligations       |   | $                | 4,454  |   |                               | $      | - |   |   | $ | - |   |   | $ | 4,454 |   |

|                             |   | Beginning |        |   |      |   |       | Loss             |   |   | Ending    |   |
|----------------------------------|--------|-----------|-------------|--------|-----------|--------|------------|------------------|--------|--------|-----------|--------|
|                             |   | Balance   |        |   | Principal |   |       | Included      in |   |   | Balance   |   |
| (In      thousands)              |   | 6/30/09   |        |   | Paydowns  |   |       | Net      Income  |   |   | 9/30/2009 |   |
| Liabilities:                     |   |      |        |   |      |   |       |             |   |   |      |   |   |   |   |   |
| Operating lease      obligations |   | $         |  4,454 |   |      |   |  (206 | )                |   | $      |  61  |   |   | $ |  4,309 |   |

----

| Inventories      consist of the following:                                                                                                                                                                                                                                                                                                                                                                                       |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                             |   | (In      thousands) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                             |   | September      30, |   |   | June      30, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 2009 |   |   | 2009 |   |
| Coins                                                                                            |   | $ | 381 |   |   | $ | 336 |   |
| Other      collectibles                                                                          |   |   | 28 |   |   |   | 31 |   |
| Grading      raw materials consumable inventory                                                                                                                                                                                                                                                                                                                                                                                  |   |   | 258 |   |   |   | 232 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   | 667 |   |   |   | 599 |   |
| Less      inventory      reserve                                                                 |   |   | (103 | ) |   |   | (102 | ) |
| Inventories,      net                                                                                                                                                                                                                                                                                                                                                                                                            |   | $ | 564 |   |   | $ | 497 |   |

| Property      and equipment consist of the following:                                                                                                                                                                                                                                                                                                                                                 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                  |   | (In      thousands) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                  |   | September      30, |   |   | June      30, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2009 |   |   | 2009 |   |
| Coins      and stamp grading reference sets                                                                                                                                                                                                                                                                                                                                                           |   | $ | 516 |   |   | $ | 515 |   |
| Computer      hardware and      equipment                                                           |   |   | 1,373 |   |   |   | 1,345 |   |
| Computer      software                                                                              |   |   | 994 |   |   |   | 990 |   |
| Equipment                                                                                           |   |   | 1,962 |   |   |   | 1,823 |   |
| Furniture      and office      equipment                                                            |   |   | 890 |   |   |   | 897 |   |
| Leasehold      improvements                                                                         |   |   | 665 |   |   |   | 665 |   |
| Trading      card reference      library                                                            |   |   | 52 |   |   |   | 52 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | 6,452 |   |   |   | 6,287 |   |
| Less      accumulated depreciation and amortization                                                                                                                                                                                                                                                                                                                                                   |   |   | (5,217 | ) |   |   | (5,113 | ) |
| Property      and equipment, net                                                                                                                                                                                                                                                                                                                                                                      |   | $ | 1,235 |   |   | $ | 1,174 |   |

| Accrued      liabilities consist of the following:                                                                                                                                                                                                                                                                                                                                                                               |   | (In      thousands) |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                             |   | September      30,  |   |   | June      30, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 2009                |   |   | 2009 |   |
| Warranty      costs                                                                              |   | $                   | 760    |   |   | $ | 708 |   |
| Professional      fees                                                                           |   |                | 80     |   |   |   | 112 |   |
| Expos      earn-out      payment                                                                 |   |                | 200    |   |   |   | - |   |
| Other                                                                                            |   |                | 632    |   |   |   | 524 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                             |   | $                   | 1,672  |   |   | $ | 1,344 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (In      thousands)                      |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | Three      MonthsEndedSeptember      30, |   |   | Three      MonthsEndedSeptember      30, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 2009                                     |   |   | 2008 |   |
| Warranty      reserve, beginning of      period                                                                 |   | $                                        | 708    |   |   | $ | 665 |   |
| Charged      to cost of      revenue                                                                            |   |                                     | 166    |   |   |   | 129 |   |
| Payments                                                                                                        |   |                                     | (114   | ) |   |   | (161 | ) |
| Warranty      reserve, end of      period                                                                       |   | $                                        | 760    |   |   | $ | 633 |   |

----

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

|                                                                                                                                                                                                                                                                                                                                                                   |   | (In      thousands)                       |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                   |   | Three      Months EndedSeptember      30, |   |
|                                                                                                                                                                                                                                                                                                                                                                   |   | 2009                                      |   |   | 2008 |   |
| Net      revenues                                                                             |   | $                                         | 3      |   |   | $ | 649 |   |
| Loss      from operations of discontinued businesses                                                                                                                                                                                                                                                                                                                   |   |                                      | -      |   |   |   | (1,766 | ) |
| Loss      on sale of discontinued businesses                                                                                                                                                                                                                                                                                                                           |   |                                      | (53    | ) |   |   | - |   |
| Loss      before income tax      expense                                                      |   |                                      | (53    | ) |   |   | (1,766 | ) |
| Income      tax      expense                                                                  |   |                                      | -      |   |   |   | - |   |
| Loss      from discontinued operations                                                                                                                                                                                                                                                                                                                                 |   | $                                         | (53    | ) |   | $ | (1,766 | ) |

|                             |   | (In      thousands)    |   |
|----------------------------------|--------|------------------------|--------|
|                             |   | September      30,2009 |   |   | June      30,2009 |   |
| Current      Assets:             |   |                   |   |   |   |   |
| Accounts receivable,      net    |   | $                      | 8      |   |   | $ | 31 |   |
| Assets held for      sale        |   |                   | 71     |   |   |   | 71 |   |
|                             |   | $                      | 79     |   |   | $ | 102 |   |
| Non-Current      Assets:         |   |                   |   |   |   |   |   |   |
| Other assets                     |   | $                      | 182    |   |   | $ | 182 |   |
|                             |   |                   |   |   |   |   |   |   |
| Current      Liabilities:        |   |                   |   |   |   |   |   |   |
| Accounts    payable              |   | $                      | 24     |   |   | $ | 42 |   |
| Lease    obligations             |   |                   | 1,210  |   |   |   | 1,182 |   |
| Other accrued      expenses      |   |                   | 381    |   |   |   | 586 |   |
| Deferred    revenue              |   |                   | 17     |   |   |   | 17 |   |
|                             |   | $                      | 1,632  |   |   | $ | 1,827 |   |
|                             |   |                   |   |   |   |   |   |   |
| Non-Current      Liabilities:    |   |                   |   |   |   |   |   |   |
| Lease    obligations             |   | $                      | 3,099  |   |   | $ | 3,272 |   |
| Other long-term      liabilities |   |                   | 36     |   |   |   | 36 |   |
|                             |   | $                      | 3,135  |   |   | $ | 3,308 |   |

----

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

----

----

|                                              |   | (In      thousands)                   |   |
|---------------------------------------------------|--------|---------------------------------------|--------|
|                                              |   | Three      Months Ended September 30, |   |
|                                              |   | 2009                                  |   |   | 2008 |   |
| Net      revenues from external customers         |   |                                  |   |   |   |   |
| Coins                                             |   | $                                     | 5,557  |   |   | $ | 4,995 |   |
| Trading cards and      autographs                 |   |                                  | 2,566  |   |   |   | 2,793 |   |
| Other                                             |   |                                  | 1,175  |   |   |   | 1,255 |   |
| Total revenue                                     |   | $                                     | 9,298  |   |   | $ | 9,043 |   |
| Amortization      and depreciation                |   |                                  |   |   |   |   |   |   |
| Coins                                             |   | $                                     | 72     |   |   | $ | 75 |   |
| Trading cards and      autographs                 |   |                                  | 51     |   |   |   | 53 |   |
| Other                                             |   |                                  | 101    |   |   |   | 102 |   |
| Total                                             |   |                                  | 224    |   |   |   | 230 |   |
| Unallocated amortization and      depreciation    |   |                                  | 69     |   |   |   | 87 |   |
| Consolidated amortization and      depreciation   |   | $                                     | 293    |   |   | $ | 317 |   |
| Stock-based      compensation                     |   |                                  |   |   |   |   |   |   |
| Coins                                             |   | $                                     | -      |   |   | $ | 33 |   |
| Trading cards and      autographs                 |   |                                  | -      |   |   |   | 21 |   |
| Other                                             |   |                                  | -      |   |   |   | 22 |   |
| Total                                             |   |                                  | -      |   |   |   | 76 |   |
| Unallocated stock-based      compensation         |   |                                  | 165    |   |   |   | 188 |   |
| Consolidated stock-based      compensation        |   | $                                     | 165    |   |   | $ | 264 |   |
| Operating      income before unallocated expenses |   |                                  |   |   |   |   |   |   |
| Coins                                             |   | $                                     | 2,188  |   |   | $ | 1,801 |   |
| Trading cards and      autographs                 |   |                                  | 379    |   |   |   | 438 |   |
| Other                                             |   |                                  | 202    |   |   |   | 60 |   |
| Total                                             |   |                                  | 2,769  |   |   |   | 2,299 |   |
| Unallocated operating      expenses               |   |                                  | (973   | ) |   |   | (1,966 | ) |
| Consolidated operating loss                       |   | $                                     | 1,796  |   |   | $ | 333 |   |

|                                                                                                                                                                                                                                             |   | (In      thousands)   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------|
|                                                                                                                                                                                                                                             |   | At      September 30, |   |   | At      June 30 |   |
| Identifiable      Assets:                                                                                                                                                                                                                        |   | 2009                  |   |   | 2009 |   |
| Coins                                                        |   | $                     | 2,996  |   |   | $ | 2,683 |   |
| Trading cards and      autographs                                                                                                                                                                                                                |   |                  | 852    |   |   |   | 1,003 |   |
| Other                                                        |   |                  | 7,066  |   |   |   | 7,051 |   |
| Total                                                        |   |                  | 10,914 |   |   |   | 10,737 |   |
| Unallocated      assets                                      |   |                  | 17,904 |   |   |   | 25,536 |   |
| Consolidated      assets                                     |   | $                     | 28,818 |   |   | $ | 36,273 |   |

----

|                   |   | (In      thousands) |   |
|------------------------|--------|---------------------|--------|
|                   |   | September      30,  |   |   | June      30, |   |
| Goodwill:              |   | 2009                |   |   | 2009 |   |
| Coins                  |   | $                   | 515    |   |   | $ | 515 |   |
| Other                  |   |                | 2,311  |   |   |   | 2,111 |   |
| Consolidated    assets |   | $                   | 2,826  |   |   | $ | 2,626 |   |

| 11.               | RELATED      PARTY TRANSACTION |
|-----------------------------------------------------------------------------------------|--------------------------------|

| 12.       | SUBSEQUENT      EVENT |
|-----------------------------------------|-----------------------|

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

Forward-Looking Statements

Our Business

----

Recent Developments

Overview of Results of Operations for the Three Months EndedSeptember 30, 2009 and 2008

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | Three      Months Ended September 30, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 2009                                  |   |   | 2008 |   |
| Net      revenues                                                                                                                     |   |                                  | 100.0  | % |   |   | 100.0 | % |
| Cost      of      revenues                                                                                                            |   |                                  | 40.2   | % |   |   | 45.6 | % |
| Gross      profit                                                                                                                     |   |                                  | 59.8   | % |   |   | 54.4 | % |
| Operating      expenses:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                  |   |   |   |   |   |   |
| Selling and marketing      expenses                                                                                                                  |   |                                  | 12.9   | % |   |   | 13.8 | % |
| General and administrative      expenses                                                                                                             |   |                                  | 27.7   | % |   |   | 36.9 | % |
| Total operating      expenses                                                                                                                        |   |                                  | 40.6   | % |   |   | 50.7 | % |
| Operating      income                                                                                                                 |   |                                  | 19.2   | % |   |   | 3.7 | % |
| Interest      and      other                                                                                                          |   |                                  | 0.5    | % |   |   | 1.5 | % |
| Income      before income tax      expense                                                                                            |   |                                  | 19.7   | % |   |   | 5.2 | % |
| Income      tax      expense                                                                                                          |   |                                  | (1.3   | )% |   |   | — |   |
| Income      from continuing      operations                                                                                           |   |                                  | 18.4   | % |   |   | 5.2 | % |
| Loss      from discontinued operations (net of income      taxes)                                                                                                                                 |   |                                  | (0.6   | )% |   |   | (19.5 | )% |
| Net      income      (loss)                                                                                                           |   |                                  | 17.8   | % |   |   | (14.3 | )% |

----

Factors That Can Affect our Financial Position and OperatingResults

----

|                          |   | Units      ProcessedThree      Months Ended September 30, |    |   | Declared      Value (000)Three      Months Ended September 30, |   |
|-------------------------------|--------|-----------------------------------------------------------|---------|--------|----------------------------------------------------------------|--------|
|                          |   | 2009                                                      |    |   | 2008                                                           |   |   | 2009 |   |   | 2008 |   |
| Coins                         |   |                                                      | 358,700 |   |                                                           |   | 51.4 | % |   |   | 328,100 |   |   |   | 48.4 | % |   | $ | 276,307 |   |   |   | 90.9 | % |   | $ | 302,722 |   |   |   | 89.2 | % |
| Cards      and Autographs (1) |   |                                                      | 334,100 |   |                                                           |   | 47.9 | % |   |   | 343,200 |   |   |   | 50.5 | % |   |   | 23,943 |   |   |   | 7.9 | % |   |   | 31,416 |   |   |   | 9.3 | % |
| Stamps                        |   |                                                      | 5,400   |   |                                                           |   | 0.7 | % |   |   | 7,300 |   |   |   | 1.1 | % |   |   | 3,717 |   |   |   | 1.2 | % |   |   | 5,071 |   |   |   | 1.5 | % |
| Total                         |   |                                                      | 698,200 |   |                                                           |   | 100.0 | % |   |   | 678,600 |   |   |   | 100.0 | % |   | $ | 303,967 |   |   |   | 100.0 | % |   | $ | 339,209 |   |   |   | 100.0 | % |

----

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

Trends and Challenges in our Businesses

----

Critical Accounting Policies and Estimates

----

Results of Continuing Operations – Three MonthsEnded September 30, 2009 and 2008

----

|                                 |   | Three      Months Ended September 30, |   |
|--------------------------------------|--------|---------------------------------------|--------|
|                                 |   | 2009                                  |   |   | 2008 |   |   | Increase      (Decrease) |   |
|                                 |   | Amount                                |   |   | %      of NetRevenues |   |   | Amount |   |   | %      of NetRevenues |   |   | Amount |   |   | %      of NetRevenues |   |
|                                 |   | (Dollars      in thousands)           |   |
| Grading      and authentication fees |   | $                                     | 7,481  |   |   |   | 80.5 | % |   | $ | 7,360 |   |   |   | 81.4 | % |   | $ | 121 |   |   |   | 1.6 | % |
| Other      related services          |   |                                  | 1,817  |   |   |   | 19.5 | % |   |   | 1,683 |   |   |   | 18.6 | % |   |   | 134 |   |   |   | 8.0 | % |
| Total      net revenues              |   | $                                     | 9,298  |   |   |   | 100.0 | % |   | $ | 9,043 |   |   |   | 100.0 | % |   | $ | 255 |   |   |   | 2.8 | % |

|                         |   | Three      Months Ended September 30, |   |
|------------------------------|--------|---------------------------------------|--------|
|                         |   | 2009                                  |   |   | 2008 |   |   | 2009      vs. 2008 |   |
|                         |   |                                  |   |   |   |   |   |   |   |   |   |   |   | Increase      (Decrease) |   |
|                         |   | Amount                                |   |   | %      of NetRevenues |   |   | Amount |   |   | %      of NetRevenues |   |   | Revenues |   |   | Units      Processed |   |
|                         |   | Amounts                               |   |   | Percent |   |   | Number |   |   | Percent |   |
|                         |   | (Dollars      in thousands)           |   |   |   |   |   |   |   |
| Coins                        |   | $                                     | 5,557  |   |   |   | 59.8 | % |   | $ | 4,995 |   |   |   | 55.2 | % |   | $ | 562 |   |   |   | 11.3 | % |   |   | 30,600 |   |   |   | 9.3 | % |
| Cards      and autographs(1) |   |                                  | 2,566  |   |   |   | 27.6 | % |   |   | 2,793 |   |   |   | 30.9 | % |   |   | (227 | ) |   |   | (8.1 | )% |   |   | (9,100 | ) |   |   | (2.7 | )% |
| Other      (2)               |   |                                  | 1,175  |   |   |   | 12.6 | % |   |   | 1,255 |   |   |   | 13.9 | % |   |   | (80 | ) |   |   | (6.4 | )% |   |   | (1,900 | ) |   |   | (26.0 | )% |
|                         |   | $                                     | 9,298  |   |   |   | 100.0 | % |   | $ | 9,043 |   |   |   | 100.0 | % |   | $ | 255 |   |   |   | 2.8 | % |   |   | 19,600 |   |   |   | 2.9 | % |

----

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

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

----

|              |   | Three      Months Ended September 30, |      |
|-------------------|--------|---------------------------------------|-----------|
|              |   | 2009                                  |      |   | 2008 |   |
|              |   | Amount                                |      |   | %      of Revenues |   |   | Amount |   |   | %      of Revenues |   |
| Gross      profit |   | $                                     | 5,559,000 |   |   |   | 59.8 | % |   | $ | 4,917,000 |   |   |   | 54.4 | % |

|                       |   | Three      Months Ended September 30, |      |
|----------------------------|--------|---------------------------------------|-----------|
|                       |   | 2009                                  |      |   | 2008 |   |
|                       |   | Amount                                |      |   | %      of Revenues |   |   | Amount |   |   | %      of Revenues |   |
| Selling and      Marketing |   | $                                     | 1,195,000 |   |   |   | 12.9 | % |   | $ | 1,248,000 |   |   |   | 13.8 | % |

----

|                            |   | Three      Months Ended September 30, |      |
|---------------------------------|--------|---------------------------------------|-----------|
|                            |   | 2009                                  |      |   | 2008 |   |
|                            |   | Amount                                |      |   | %      ofRevenues |   |   | Amount |   |   | %      ofRevenues |   |
| General and      Administrative |   | $                                     | 2,568,000 |   |   |   | 27.7 | % |   | $ | 3,336,000 |   |   |   | 36.9 | % |

|                                     |   | Three      Months Ended September 30, |    |
|------------------------------------------|--------|---------------------------------------|---------|
|                                     |   | 2009                                  |    |   | 2008 |   |
| Included in:                             |   |                                  |    |   |   |   |
| Cost      of revenues                    |   | $                                     | -       |   |   | $ | 69,000 |   |
| General      and administrative expenses |   |                                  | 165,000 |   |   |   | 195,000 |   |
| Continuing      operations               |   |                                  | 165,000 |   |   |   | 264,000 |   |
| Discontinued      operations             |   |                                  | -       |   |   |   | 14,000 |   |
|                                     |   | $                                     | 165,000 |   |   | $ | 278,000 |   |

| Fiscal      Year Ending June 30, |   | Amount |      |
|----------------------------------|--------|--------|-----------|
| 2010      (9 months)             |   | $      | 690,000   |   |
| 2011                             |   |   | 260,000   |   |
| 2012                             |   |   | 96,000    |   |
|                             |   | $      | 1,046,000 |   |

|                                |   | Three      Months Ended September 30, |   |
|-------------------------------------|--------|---------------------------------------|--------|
|                                |   | 2009                                  |   |   | 2008 |   |
|                                |   | Amount                                |   |   | %      ofRevenues |   |   | Amount |   |   | %      ofRevenues |   |
| Interest      and other income, net |   | $                                     | 40,000 |   |   |   | 0.5 | % |   | $ | 136,000 |   |   |   | 1.5 | % |

----

|                    | Three      Months Ended September 30,        |
|-------------------------|----------------------------------------------|
|                    | 2009                                         |   | 2008 |
| Income      tax expense | $      127,000 |   | $            - |

|                                                         |   | Three      Months Ended September 30, |    |
|--------------------------------------------------------------|--------|---------------------------------------|---------|
|                                                         |   | 2009                                  |    |   | 2008 |   |
| Loss      from discontinued operations (net of income taxes) |   | $                                     | (53,000 | ) |   | $ | (1,766,000 | ) |

Liquidity and Capital Resources

----

|  Fiscal Year |   | GrossAmount |      |   | SubleaseIncome |   |
|-------------------|--------|-------------|-----------|--------|----------------|--------|
| 2010(9 mos.)      |   | $           | 748,000   |   |           | $      | 31,000 |   |
| 2011              |   |        | 1,008,000 |   |           |   | 42,000 |   |
| 2012              |   |        | 1,011,000 |   |           |   | 43,000 |   |
| 2013              |   |        | 1,038,000 |   |           |   | 45,000 |   |
| 2014              |   |        | 1,013,000 |   |           |   | 46,000 |   |
| Thereafter        |   |        | 5,141,000 |   |           |   | 238,000 |   |
|              |   | $           | 9,959,000 |   |           | $      | 445,000 |   |

----

| Fiscal Year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Amount |       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|
| 2010      (9      mos.)                                                                                   |   | $      | 813,000    |   |
| 2011                                                                                                      |   |   | 903,000    |   |
| 2012                                                                                                      |   |   | 941,000    |   |
| 2013                                                                                                      |   |   | 981,000    |   |
| 2014                                                                                                      |   |   | 1,022,000  |   |
| Thereafter                                                                                                |   |   | 3,064,000  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | $      | 7,724,000  |   |
| Less:      Estimated fair value of minimum lease payments accrued                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   | (4,030,000 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | $      | 3,694,000  |   |

----

Recent Accounting Pronouncements

----

ITEM 4. 

Item1A. 

Item2A.

Item5. 

----

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

|   | Exhibit      10.47 | Employment      Agreement of Michael McConnell through June 2011                               |
|--------|--------------------|------------------------------------------------------------------------------------------------|
|   |               |                                                                                           |
|   | Exhibit      31.1  | Certification      of Chief Executive Officer Under Section 302 of the Sarbanes-Oxley      Act |
|   |               |                                                                                           |
|   | Exhibit      31.2  | Certification      of Chief Financial Officer Under Section 302 of the Sarbanes-Oxley      Act |
|   |               |                                                                                           |
|   | Exhibit      32.1  | Chief      Executive Officer Certification Under Section 906 of the Sarbanes-Oxley      Act    |
|   |               |                                                                                           |
|   | Exhibit      32.2  | Chief      Financial Officer Certification Under Section 906 of the Sarbanes-Oxley      Act    |
|   |               |                                                                                           |

----

SIGNATURES

|                                                                                         |   | COLLECTORS      UNIVERSE, INC. |
|----------------------------------------------------------------------------------------------|--------|--------------------------------|
|                                                                                         |   |                           |
| Date:           November      9, 2009 |   | /s/      MICHAEL J. MCCONNELL  |
|                                                                                         |   | Michael      J. McConnell      |
|                                                                                         |   | Chief      Executive Officer   |

|                                                                                         |   | COLLECTORS      UNIVERSE, INC. |
|----------------------------------------------------------------------------------------------|--------|--------------------------------|
|                                                                                         |   |                           |
| Date:           November      9, 2009 |   | /s/      JOSEPH J. WALLACE     |
|                                                                                         |   | Joseph      J. Wallace         |
|                                                                                         |   | Chief      Financial Officer   |

----

INDEX TO EXHIBITS

| Number | Description                                                                                    |
|--------|------------------------------------------------------------------------------------------------|
| 10.47  | Employment      Agreement of Michael McConnell through June 2011                               |
|   |                                                                                           |
| 31.1   | Certification      of Chief Executive Officer Under Section 302 of the Sarbanes-Oxley      Act |
|   |                                                                                           |
| 31.2   | Certification      of Chief Financial Officer Under Section 302 of the Sarbanes-Oxley      Act |
|   |                                                                                           |
| 32.1   | Chief      Executive Officer Certification Under Section 906 of the Sarbanes-Oxley      Act    |
|   |                                                                                           |
| 32.2   | Chief      Financial Officer Certification Under Section 906 of the Sarbanes-Oxley      Act    |
|   |                                                                                           |

----