----

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| (Mark One)                                                                            |                                                                                                       |
|---------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|
| ý                                                                                | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                    |
|                                                                                  | For the quarter ended March 31, 2010                                                                       |
|                                                                                  |                                                                                                       |
|                                                                                  | OR                                                                                                         |
|                                                                                  |                                                                                                       |
| q                                                                                     | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] |
|                                                                                  |                                                                                                       |
|                                                                                  | For the transition period from _______ to _____                                                            |
| Commission file number 1-34240                                                        |
|                                                                                  |
|  COLLECTORS UNIVERSE, INC.(Exact name of Registrant as specified in its charter) |

| Delaware                                                                          | 33-0846191                           |
|-----------------------------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of                                                   | (I.R.S. Employer Identification No.) |
| Incorporation or organization)                                                    |                                 |
|                                                                              |
| 1921 E. Alton Avenue, Santa Ana, California 92705                                 |
| (address of principal executive offices and zip code)                             |
|                                                                              |
| Registrant's telephone number, including area code: (949) 567-1234                |
|                                                                              |
| Not Applicable                                                                    |
| (Former name, former address and former fiscal year, if changed, since last year) |

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

|   | Class                        |   | Outstanding as of May 5, 2010 |
|--------|------------------------------|--------|-------------------------------|
|   | Common Stock $.001 Par Value |   | 7,683,443                     |

----

----

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| PART I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Financial Information                                                                         | Page                                                                                                        |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                        |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Item 1.                                                                                       | Financial Statements (unaudited):                                                                           |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                        |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Condensed Consolidated Balance Sheets as of March 31, 2010 and June 30, 2009                                | 1 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                        |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Condensed Consolidated Statements of Operations for the Three and Nine months Ended March 31, 2010 and 2009 | 2 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                        |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Condensed Consolidated Statements of Cash Flows for the Nine months Ended March 31, 2010 and 2009           | 3 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                        |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Notes to Condensed Consolidated Financial Statements                                                        | 4 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                        |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Item 2.                                                                                       | Management's Discussion and Analysis of Financial Condition and Results of Operations                       | 16 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Forward-Looking Statements                                                                                  | 16 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Our Business                                                                                                | 16 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Recent Developments                                                                                         | 17 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Overview of Results of Operations for the Three and Nine months Ended March 31, 2010 and 2009          | 17 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Factors That Can Affect Our Financial Position and Operating Results                                        | 18 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Trends and Challenges in our Businesses                                                                     | 20 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Critical Accounting Policies and Estimates                                                                  | 20 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Results of Continuing Operations–For the Three and Nine months Ended March 31, 2010 and 2009          | 22 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Liquidity and Capital Resources                                                                             | 27 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          | Recent Accounting Pronouncements                                                                            | 29 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                        |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Item 4T.                                                                                      | Controls and Procedures                                                                                     | 30 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                        |   |
| PART II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Other Information                                                                             |                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                        |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Item 1A.                                                                                      | Risk Factors                                                                                                | 30 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Item 6.                                                                                       | Exhibits                                                                                                    | 31 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                        |
| SIGNATURES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                          | S-1                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                        |
| INDEX TO EXHIBITS                                                                                                                                                    | E-1                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                        |
| EXHIBITS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                          |                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                        |
| Exhibit 31.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Certifications of Chief Executive Officer Under Section 302 of the Sarbanes-Oxley Act of 2002 |                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                        |
| Exhibit 31.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Certifications of Chief Financial Officer Under Section 302 of the Sarbanes-Oxley Act of 2002 |                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                        |
| Exhibit 32.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 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     |                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                          |                                                                                                        |

----

ITEM 1.

CONDENSED CONSOLIDATED BALANCE SHEETS

|                                                                                                                                                                        |   | March 31, |     |   | June 30, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|----------|--------|----------|--------|
| ASSETS                                                                                                                                                                      |   | 2010      |     |   | 2009     |   |
| Current assets:                                                                                                                                                             |   |      |     |   |     |   |
| Cash and cash equivalents                                                                                                                                                   |   | $         | 19,772   |   |     | $      | 23,870 |   |
| Accounts receivable, net of allowance of $57 at March 31, 2010 and $63 at June 30, 2009                                                                                     |   |      | 1,791    |   |     |   | 1,252 |   |
| Inventories, net                                                                                                                                                            |   |      | 535      |   |     |   | 497 |   |
| Prepaid expenses and other current assets                                                                                                                                   |   |      | 820      |   |     |   | 868 |   |
| Refundable income taxes                                                                                                                                                     |   |      | 248      |   |     |   | - |   |
| Customer notes receivable                                                                                                                                                   |   |      | -        |   |     |   | 2,340 |   |
| Notes receivable from sale of net assets of discontinued operations                                                                                                         |   |      | 119      |   |     |   | 212 |   |
| Current assets of discontinued operations                                                                                                                                   |   |      | 29       |   |     |   | 102 |   |
| Total current assets                                                                                                                                                        |   |      | 23,314   |   |     |   | 29,141 |   |
|                                                                                                                                                                        |   |      |     |   |     |   |   |   |
| Property and equipment, net                                                                                                                                                 |   |      | 1,086    |   |     |   | 1,174 |   |
| Goodwill                                                                                                                                                                    |   |      | 2,826    |   |     |   | 2,626 |   |
| Intangible assets, net                                                                                                                                                      |   |      | 2,270    |   |     |   | 2,776 |   |
| Notes receivable from sale of net assets of discontinued operations                                                                                                         |   |      | 166      |   |     |   | 300 |   |
| Other assets                                                                                                                                                                |   |      | 284      |   |     |   | 74 |   |
| Non-current assets of discontinued operations                                                                                                                               |   |      | 182      |   |     |   | 182 |   |
|                                                                                                                                                                        |   | $         | 30,128   |   |     | $      | 36,273 |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                                  |   |      |     |   |     |   |   |   |
| Current liabilities:                                                                                                                                                        |   |      |     |   |     |   |   |   |
| Accounts payable                                                                                                                                                            |   | $         | 1,219    |   |     | $      | 1,051 |   |
| Accrued liabilities                                                                                                                                                         |   |      | 1,427    |   |     |   | 1,344 |   |
| Accrued compensation and benefits                                                                                                                                           |   |      | 1,557    |   |     |   | 1,341 |   |
| Income taxes payable                                                                                                                                                        |   |      | 259      |   |     |   | 252 |   |
| Net deferred income tax liability                                                                                                                                           |   |      | 71       |   |     |   | 60 |   |
| Deferred revenue                                                                                                                                                            |   |      | 2,278    |   |     |   | 1,883 |   |
| Current liabilities of discontinued operations                                                                                                                              |   |      | 1,418    |   |     |   | 1,827 |   |
| Total current liabilities                                                                                                                                                   |   |      | 8,229    |   |     |   | 7,758 |   |
|                                                                                                                                                                        |   |      |     |   |     |   |   |   |
| Deferred rent                                                                                                                                                               |   |      | 300      |   |     |   | 220 |   |
| Net deferred income tax liability                                                                                                                                           |   |      | 197      |   |     |   | 208 |   |
| Non-current liabilities of discontinued operations                                                                                                                          |   |      | 3,317    |   |     |   | 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; 7,683 and 9,158 issued and outstanding at March 31, 2010    and at June 30, 2009, respectively |   |      |   8 |   |     |   |   9 |   |
| Additional paid-in capital                                                                                                                                                  |   |      | 67,781   |   |     |   | 75,957 |   |
| Accumulated deficit                                                                                                                                                         |   |      | (49,704  | )      |     |   | (51,187 | ) |
| Total stockholders’ equity                                                                                                                                            |   |      | 18,085   |   |     |   | 24,779 |   |
|                                                                                                                                                                        |   | $         | 30,128   |   |     | $      | 36,273 |   |

----

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

|                                                                                                                            |   | Three Months EndedMarch 31, |   |   | Nine Months EndedMarch 31, |   |
|---------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|--------|----------------------------|--------|
|                                                                                                                            |   | 2010                        |   |   | 2009                       |   |   | 2010 |   |   | 2009 |   |
| Net revenues                                                                                                                    |   | $                           | 10,790 |   |                       | $      | 9,315 |   |   | $ | 28,971 |   |   | $ | 26,160 |   |
| Cost of revenues                                                                                                                |   |                        | 4,204  |   |                       |   | 4,111 |   |   |   | 11,576 |   |   |   | 12,264 |   |
| Gross profit                                                                                                                    |   |                        | 6,586  |   |                       |   | 5,204 |   |   |   | 17,395 |   |   |   | 13,896 |   |
| Operating expenses:                                                                                                             |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Selling and marketing expenses                                                                                                  |   |                        | 1,449  |   |                       |   | 1,033 |   |   |   | 3,785 |   |   |   | 3,275 |   |
| General administrative expenses                                                                                                 |   |                        | 2,602  |   |                       |   | 3,227 |   |   |   | 7,814 |   |   |   | 9,763 |   |
| Total operating expenses                                                                                                        |   |                        | 4,051  |   |                       |   | 4,260 |   |   |   | 11,599 |   |   |   | 13,038 |   |
| Operating income                                                                                                                |   |                        | 2,535  |   |                       |   | 944 |   |   |   | 5,796 |   |   |   | 858 |   |
| Interest and other income, net                                                                                                  |   |                        | 35     |   |                       |   | 56 |   |   |   | 87 |   |   |   | 269 |   |
| Income before provision for income taxes                                                                                        |   |                        | 2,570  |   |                       |   | 1,000 |   |   |   | 5,883 |   |   |   | 1,127 |   |
| Provision for income taxes                                                                                                      |   |                        | 129    |   |                       |   | 109 |   |   |   | 54 |   |   |   | 1,319 |   |
| Income (loss) from continuing operations                                                                                        |   |                        | 2,441  |   |                       |   | 891 |   |   |   | 5,829 |   |   |   | (192 | ) |
| Loss from discontinued operations, net of loss on sales of discontinued businesses,     net of income taxes |   |                        | (68    | )      |                       |   | (5,679 | ) |   |   | (629 | ) |   |   | (16,818 | ) |
| Net income (loss)                                                                                                               |   | $                           | 2,373  |   |                       | $      | (4,788 | ) |   |   | 5,200 |   |   | $ | (17,010 | ) |
|                                                                                                                            |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) per basic share:                                                                                              |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
|     Income (loss) from continuing operations                                                                |   | $                           | 0.33   |   |                       | $      | 0.10 |   |   | $ | 0.78 |   |   | $ | (0.02 | ) |
|     Loss from discontinued operations                                                                       |   |                        | (0.01  | )      |                       |   | (0.63 | ) |   |   | (0.08 | ) |   |   | (1.85 | ) |
| Net income (loss)                                                                                                               |   | $                           | 0.32   |   |                       | $      | (0.53 | ) |   | $ | 0.70 |   |   | $ | (1.87 | ) |
|                                                                                                                            |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) per diluted share:                                                                                            |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) from continuing operations                                                                                        |   | $                           | 0.32   |   |                       | $      | 0.10 |   |   | $ | 0.76 |   |   | $ | (0.02 | ) |
| Loss from discontinued operations                                                                                               |   |                        | (0.01  | )      |                       |   | (0.63 | ) |   |   | (0.08 | ) |   |   | (1.85 | ) |
| Net income (loss)                                                                                                               |   | $                           | 0.31   |   |                       | $      | (0.53 | ) |   | $ | 0.68 |   |   | $ | (1.87 | ) |
|                                                                                                                            |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding:                                                                                            |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                                           |   |                        | 7,420  |   |                       |   | 9,083 |   |   |   | 7,459 |   |   |   | 9,103 |   |
| Diluted                                                                                                                         |   |                        | 7,676  |   |                       |   | 9,108 |   |   |   | 7,620 |   |   |   | 9,103 |   |
| Dividends declared per common share                                                                                             |   | $                           | 0.25   |   |                       | $      | 0.23 |   |   | $ | 0.50 |   |   | $ | 0.23 |   |

----

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

|                                                                                                            |   | Nine Months EndedMarch 31, |    |
|-----------------------------------------------------------------------------------------------------------------|--------|----------------------------|---------|
|                                                                                                            |   | 2010                       |    |   | 2009 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                                           |   |                       |    |   |   |   |
| Net income (loss)                                                                                               |   | $                          | 5,200   |   |   | $ | (17,010 | ) |
| Discontinued operations                                                                                         |   |                       | 629     |   |   |   | 16,818 |   |
| Income (loss) from continuing operations                                                                        |   |                       | 5,829   |   |   |   | (192 | ) |
| Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities: |   |                       |    |   |   |   |   |   |
| Depreciation and amortization expense                                                                           |   |                       | 797     |   |   |   | 1,034 |   |
| Stock-based compensation expense                                                                                |   |                       | 733     |   |   |   | 628 |   |
| Provision for bad debts                                                                                         |   |                       | (17     | ) |   |   | (1 | ) |
| Provision for inventory write-down                                                                              |   |                       | 39      |   |   |   | 172 |   |
| Gain on sale of note receivable                                                                                 |   |                       | -       |   |   |   | (10 | ) |
| Provision for warranty                                                                                          |   |                       | 466     |   |   |   | 403 |   |
| Interest on notes receivable                                                                                    |   |                       | (9      | ) |   |   | (3 | ) |
| Gain on sale of property and equipment                                                                          |   |                       | (8      | ) |   |   | - |   |
| Provision for deferred income tax                                                                               |   |                       | -       |   |   |   | 1,205 |   |
| Change in operating assets and liabilities:                                                                     |   |                       |    |   |   |   |   |   |
| Accounts receivable                                                                                             |   |                       | (473    | ) |   |   | (106 | ) |
| Inventories                                                                                                     |   |                       | (76     | ) |   |   | 255 |   |
| Prepaid expenses and other current assets                                                                       |   |                       | 46      |   |   |   | (204 | ) |
| Refundable income taxes                                                                                         |   |                       | (248    | ) |   |   | 434 |   |
| Other assets                                                                                                    |   |                       | (160    | ) |   |   | 64 |   |
| Accounts payable and accrued liabilities                                                                        |   |                       | (211    | ) |   |   | (632 | ) |
| Accrued compensation and benefits                                                                               |   |                       | 207     |   |   |   | 14 |   |
| Income taxes payable                                                                                            |   |                       | 7       |   |   |   | (21 | ) |
| Deferred revenue                                                                                                |   |                       | 395     |   |   |   | 178 |   |
| Deferred rent and other long-term liabilities                                                                   |   |                       | 80      |   |   |   | 18 |   |
| Net cash provided by operating activities of continuing operations                                              |   |                       | 7,397   |   |   |   | 3,236 |   |
| Net cash used in operating activities of discontinued businesses                                                |   |                       | (959    | ) |   |   | (5,961 | ) |
| Net cash provided by operating activities                                                                       |   |                       | 6,438   |   |   |   | (2,725 | ) |
|                                                                                                            |   |                       |    |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                                           |   |                       |    |   |   |   |   |   |
| Capital expenditures                                                                                            |   |                       | (260    | ) |   |   | (52 | ) |
| Advances on customer notes receivable                                                                           |   |                       | -       |   |   |   | (2,446 | ) |
| Proceeds from collection of customer notes receivable                                                           |   |                       | 2,355   |   |   |   | 4,882 |   |
| Expos purchase price adjustment                                                                                 |   |                       | (200    | ) |   |   | - |   |
| Capitalized software                                                                                            |   |                       | -       |   |   |   | (249 | ) |
| Cash received from sale of net assets of discontinued operations                                                |   |                       | 192     |   |   |   | 429 |   |
| Net cash provided by investing activities                                                                       |   |                       | 2,087   |   |   |   | 2,564 |   |
|                                                                                                            |   |                       |    |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                                           |   |                       |    |   |   |   |   |   |
| Proceeds from exercise of stock options                                                                         |   |                       | -       |   |   |   | 1 |   |
| Proceeds from sale of common stock                                                                              |   |                       | -       |   |   |   | 161 |   |
| Payments for retirement of common stock                                                                         |   |                       | -       |   |   |   | (484 | ) |
| Repurchase of common stock under “Dutch Auction” tender                                             |   |                       | (8,911  | ) |   |   | - |   |
| Dividends paid to common stockholders                                                                           |   |                       | (3,712  | ) |   |   | (2,091 | ) |
| Net cash used in financing activities                                                                           |   |                       | (12,623 | ) |   |   | (2,413 | ) |
|                                                                                                            |   |                       |    |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                                                       |   |                       | (4,098  | ) |   |   | (2,574 | ) |
| Cash and cash equivalents at beginning of period                                                                |   |                       | 23,870  |   |   |   | 23,345 |   |
| Cash and cash equivalents at end of period                                                                      |   | $                          | 19,772  |   |   | $ | 20,771 |   |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:                                                              |   |                       |    |   |   |   |   |   |
| Interest paid                                                                                                   |   | $                          | -       |   |   | $ | 10 |   |
| Income taxes paid                                                                                               |   | $                          | 294     |   |   | $ | (331 | ) |

----

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

----

----

|                                     |   | Three Months EndedMarch 31,(in thousands) |   |   | Nine Months EndedMarch 31,(in thousands) |   |
|------------------------------------------|--------|-------------------------------------------|--------|--------|------------------------------------------|--------|
| Included in:                             |   | 2010                                      |   |   | 2009                                     |   |   | 2010 |   |   | 2009 |   |
| Cost of revenues                         |   | $                                         | -      |   |                                     | $      | 78 |   |   | $ | - |   |   | $ | 230 |   |
| General and administrative expenses      |   |                                      | 238    |   |                                     |   | 25 |   |   |   | 733 |   |   |   | 398 |   |
| Continuing operations                    |   |                                      | 238    |   |                                     |   | 103 |   |   |   | 733 |   |   |   | 628 |   |
| Discontinued operations                  |   |                                      | -      |   |                                     |   | (7 | ) |   |   | - |   |   |   | 14 |   |
| Pre-tax stock-based compensation expense |   | $                                         | 238    |   |                                     | $      | 96 |   |   | $ | 733 |   |   | $ | 642 |   |

|                                       |   |    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, cancelled, exercised or expired |   |                     | (141   | )      |                            | $      | 14.30  |                                        |   |   | -                              |   |   |   | - |   |
| Outstanding at March 31, 2010              |   |                     | 444    |   |                            | $      | 10.76  |                                        |   |   | 3.9                            |   |   | $ | 979 |   |
| Exercisable at March 31, 2010              |   |                     | 438    |   |                            | $      | 10.73  |                                        |   |   | 3.8                            |   |   | $ | 979 |   |
| Unvested at March 31, 2010                 |   |                     | 6      |   |                            | $      | 13.18  |                                        |   |   | 7.6                            |   |   | $ | - |   |
| Expect to vest at March 31, 2010           |   |                     | 6      |   |                            | $      | 13.18  |                                        |   |   | 7.6                            |   |   | $ | - |   |

----

|    Non-Vested Shares: |   |  Shares(In Thousands) |   |   | WeightedAverageGrant-DateFair Values |   |
|--------------------------------------|--------|----------------------------|--------|--------|--------------------------------------|--------|
| Non-vested at June 30, 2009          |   |                       | 43     |   |                                 | $      | 3.80 |   |
| Granted (1)                          |   |                       | 275    |   |                                 |   | 4.50 |   |
| Vested                               |   |                       | (59    | )      |                                 |   | 3.91 |   |
| Non-vested at March 31, 2010         |   |                       | 259    |   |                                 | $      | 4.52 |   |

----

|  Fiscal Year Ending June 30, |   | Amount(In Thousands) |   |
|-----------------------------------|--------|----------------------|--------|
| 2010 (3 months)                   |   | $                    | 236    |   |
| 2011                              |   |                 | 360    |   |
| 2012                              |   |                 | 99     |   |
|                              |   | $                    | 695    |   |

|   | 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 tiers include: |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                |   | AtMarch 31, |   |   | Fair Value Measurements Using |   |
|-----------------------------------------------------|--------|-------------|--------|--------|-------------------------------|--------|
| (In Thousands)                                      |   | 2010        |   |   | (Level 1)                     |   |   | (Level 2) |   |   | (Level 3) |   |
| Assets:                                             |   |        |   |   |                          |   |   |   |   |   |   |   |
| Investments in money market accounts                |   | $           | 17,760 |   |                          | $      | 17,760 |   |   | $ | - |   |   | $ | - |   |
| Liabilities:                                        |   |        |   |   |                          |   |   |   |   |   |   |   |   |   |   |   |
|     Operating lease obligations |   | $           | 4,319  |   |                          | $      | - |   |   | $ | - |   |   | $ | 4,319 |   |

|                              |   | 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 (1)    |   |   | Ending    |   |
|-----------------------------|--------|-----------|--------|--------|-----------|--------|--------|-------------|--------|--------|-----------|--------|
|                        |   | Balance   |   |   | Principal |   |   | Included in |   |   | Balance   |   |
| (In Thousands)              |   | 6/30/09   |   |   | Paydowns  |   |   | Net Income  |   |   | 3/31/2010 |   |
| Liabilities:                |   |      |   |   |      |   |   |        |   |   |      |   |
| Operating lease obligations |   | $         | 4,454  |   |      | $      | (540   | )           |   | $      | 405       |   |   | $ | 4,319 |   |

----

| (1)         | before accretion expense of $175,000 for the nine months ended March 31, 2010 |
|------------------------------------------------|-------------------------------------------------------------------------------|

| Inventories consist of the following:                                                                                                                                                                                                                                                                                                                                                                                  |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | March 31, |   |   | June 30, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 2010 |   |   | 2009 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   | (In Thousands) |   |
| Coins                                                                                  |   | $ | 405 |   |   | $ | 336 |   |
| Other collectibles                                                                     |   |   | 28 |   |   |   | 31 |   |
| Grading raw materials consumable inventory                                                                                                                                                                                                                                                                                                                                                                             |   |   | 240 |   |   |   | 232 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   | 673 |   |   |   | 599 |   |
| Less inventory reserve                                                                 |   |   | (138 | ) |   |   | (102 | ) |
| Inventories, net                                                                                                                                                                                                                                                                                                                                                                                                       |   | $ | 535 |   |   | $ | 497 |   |

| Property and equipment consist of the following:                                                                                                                                                                                                                                                                                                                                            |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                        |   | March 31, |   |   | June 30, |   |
|                                                                                                                                                                                                                                                                                                                                                                                        |   | 2010 |   |   | 2009 |   |
|                                                                                                                                                                                                                                                                                                                                                                                        |   | (In thousands) |   |
| Coins and stamp grading reference sets                                                                                                                                                                                                                                                                                                                                                      |   | $ | 508 |   |   | $ | 515 |   |
| Computer hardware and equipment                                                           |   |   | 1,374 |   |   |   | 1,345 |   |
| Computer software                                                                         |   |   | 997 |   |   |   | 990 |   |
| Equipment                                                                                 |   |   | 1,948 |   |   |   | 1,823 |   |
| Furniture and office equipment                                                            |   |   | 890 |   |   |   | 897 |   |
| Leasehold improvements                                                                    |   |   | 712 |   |   |   | 665 |   |
| Trading card reference library                                                            |   |   | 52 |   |   |   | 52 |   |
|                                                                                                                                                                                                                                                                                                                                                                                        |   |   | 6,481 |   |   |   | 6,287 |   |
| Less accumulated depreciation and amortization                                                                                                                                                                                                                                                                                                                                              |   |   | (5,395 | ) |   |   | (5,113 | ) |
| Property and equipment, net                                                                                                                                                                                                                                                                                                                                                                 |   | $ | 1,086 |   |   | $ | 1,174 |   |

----

| Accrued liabilities consist of the following:                                                                                                                                                                                                                                                                                                                                                                     |   |           |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                              |   | March 31,      |   |   | June 30, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                              |   | 2010           |   |   | 2009 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                              |   | (In thousands) |   |
| Warranty costs                                                                    |   | $              | 841    |   |   | $ | 708 |   |
| Professional fees                                                                 |   |           | 66     |   |   |   | 112 |   |
| Other                                                                             |   |           | 520    |   |   |   | 524 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                              |   | $              | 1,427  |   |   | $ | 1,344 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | Nine MonthsEndedMarch 31, |   |   | Nine MonthsEndedMarch 31, |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------|--------|--------|---------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 2010                      |   |   | 2009                      |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | (In thousands)            |   |
| Warranty reserve beginning of period                                                                 |   | $                         | 708    |   |                      | $      | 665 |   |
| Charged to cost of revenue                                                                           |   |                      | 466    |   |                      |   | 403 |   |
| Payments                                                                                             |   |                      | (333   | )      |                      |   | (403 | ) |
| Warranty reserve, end of period                                                                      |   | $                         | 841    |   |                      | $      | 665 |   |

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

|                                                                                                                                                                                                                                                                                                                                                                          |   | Three Months EndedMarch 31, |                              |   | Nine Months EndedMarch 31, |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|-----------------------------------|--------|----------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                          |   | 2010                        |                              |   | 2009                       |   |   | 2010 |   |   | 2009 |   |
|                                                                                                                                                                                                                                                                                                                                                                          |   | (In Thousands)              |                              |
| Net revenues                                                                |   | $                           | 9                                 |   |                       | $      | 192 |   |   | $ | 12 |   |   | $ | 1,446 |   |
|                                                                                                                                                                                                                                                                                                                                                                          |   |                        |                              |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) from operations of discontinued businesses                                                                                                                                                                                                                                                                                                                 |   |                        | 6                                 |   |                       |   | (1,494 | ) |   |   | 7 |   |   |   | (4,764 | ) |
| Impairment losses                                                           |   |                        | -                                 |   |                       |   | - |   |   |   | - |   |   |   | (7,695 | ) |
| Loss on sale of discontinued businesses                                                                                                                                                                                                                                                                                                                                       |   |                        | (74                               | )      |                       |   | (4,185 | ) |   |   | (636 | ) |   |   | (4,359 | ) |
| Loss from discontinued operations                                                                                                  |   | $                           |      (68 | )      |                       | $      | (5,679 | ) |   | $ | (629 | ) |   | $ | (16,818 | ) |

----

|                        |   | March 31,2010  |   |   | June 30,2009 |   |
|-----------------------------|--------|----------------|--------|--------|--------------|--------|
|                        |   | (In Thousands) |   |
| Current Assets:             |   |           |   |   |         |   |
| Accounts receivable, net    |   | $              | 2      |   |         | $      | 31 |   |
| Assets held for sale        |   |           | 27     |   |         |   | 71 |   |
|                        |   | $              | 29     |   |         | $      | 102 |   |
| Non-Current Assets:         |   |           |   |   |         |   |   |   |
| Other assets                |   | $              | 182    |   |         | $      | 182 |   |
|                        |   | $              | 182    |   |         | $      | 182 |   |
|                        |   |           |   |   |         |   |   |   |
| Current Liabilities:        |   |           |   |   |         |   |   |   |
| Accounts payable            |   | $              | 9      |   |         | $      | 42 |   |
| Lease obligations           |   |           | 1,038  |   |         |   | 1,182 |   |
| Other accrued expenses      |   |           | 354    |   |         |   | 586 |   |
| Deferred revenue            |   |           | 17     |   |         |   | 17 |   |
|                        |   | $              | 1,418  |   |         | $      | 1,827 |   |
|                        |   |           |   |   |         |   |   |   |
| Non-Current Liabilities:    |   |           |   |   |         |   |   |   |
| Lease obligations           |   | $              | 3,281  |   |         | $      | 3,272 |   |
| Other long-term liabilities |   |           | 36     |   |         |   | 36 |   |
|                        |   | $              | 3,317  |   |         | $      | 3,308 |   |

----

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

----

|                                       |   | Three Months EndedMarch 31, |   |   | Nine Months EndedMarch 31, |   |
|--------------------------------------------|--------|-----------------------------|--------|--------|----------------------------|--------|
| Net revenues from external customers:      |   | 2010                        |   |   | 2009                       |   |   | 2010 |   |   | 2009 |   |
|                                       |   | (In Thousands)              |   |
| Coins                                      |   | $                           | 7,279  |   |                       | $      | 5,686 |   |   | $ | 18,686 |   |   | $ | 15,051 |   |
| Trading cards and autographs               |   |                        | 2,392  |   |                       |   | 1,863 |   |   |   | 7,262 |   |   |   | 6,059 |   |
| Other                                      |   |                        | 1,119  |   |                       |   | 1,766 |   |   |   | 3,023 |   |   |   | 5,050 |   |
| Total revenue                              |   | $                           | 10,790 |   |                       | $      | 9,315 |   |   | $ | 28,971 |   |   | $ | 26,160 |   |
|                                       |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Amortization and depreciation:             |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Coins                                      |   | $                           | 39     |   |                       | $      | 77 |   |   | $ | 189 |   |   | $ | 229 |   |
| Trading cards and autographs               |   |                        | 51     |   |                       |   | 46 |   |   |   | 153 |   |   |   | 140 |   |
| Other                                      |   |                        | 98     |   |                       |   | 179 |   |   |   | 297 |   |   |   | 415 |   |
| Total                                      |   |                        | 188    |   |                       |   | 302 |   |   |   | 639 |   |   |   | 784 |   |
| Unallocated amortization and depreciation  |   |                        | 30     |   |                       |   | 79 |   |   |   | 158 |   |   |   | 250 |   |
| Consolidated amortization and depreciation |   | $                           | 218    |   |                       | $      | 381 |   |   | $ | 797 |   |   | $ | 1,034 |   |
|                                       |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Stock-based compensation:                  |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Coins                                      |   | $                           | -      |   |                       | $      | 57 |   |   | $ | - |   |   | $ | 153 |   |
| Trading cards and autographs               |   |                        | -      |   |                       |   | - |   |   |   | - |   |   |   | - |   |
| Other                                      |   |                        | -      |   |                       |   | 21 |   |   |   | - |   |   |   | 84 |   |
| Total                                      |   |                        | -      |   |                       |   | 78 |   |   |   | - |   |   |   | 237 |   |
| Unallocated stock-based compensation       |   |                        | 238    |   |                       |   | 25 |   |   |   | 733 |   |   |   | 391 |   |
| Consolidated stock-based compensation      |   | $                           | 238    |   |                       | $      | 103 |   |   | $ | 733 |   |   | $ | 628 |   |
|                                       |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Operating income:                          |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Coins                                      |   | $                           | 2,951  |   |                       | $      | 2,018 |   |   | $ | 7,458 |   |   | $ | 4,628 |   |
| Trading cards and autographs               |   |                        | 231    |   |                       |   | 170 |   |   |   | 831 |   |   |   | 931 |   |
| Other                                      |   |                        | 239    |   |                       |   | 188 |   |   |   | 464 |   |   |   | 160 |   |
| Total                                      |   |                        | 3,421  |   |                       |   | 2,376 |   |   |   | 8,753 |   |   |   | 5,719 |   |
| Unallocated operating expenses             |   |                        | (886   | )      |                       |   | (1,432 | ) |   |   | (2,957 | ) |   |   | (4,861 | ) |
|                                       |   | $                           | 2,535  |   |                       | $      | 944 |   |   | $ | 5,796 |   |   | $ | 858 |   |

|                                                                                                                                                                                                                                        |   | March 31,      |   |   | June 30, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|--------|----------|--------|
| Identifiable Assets:                                                                                                                                                                                                                        |   | 2010           |   |   | 2009     |   |
|                                                                                                                                                                                                                                        |   | (In Thousands) |   |
| Coins                                                   |   | $              | 3,635  |   |     | $      | 2,683 |   |
| Trading cards and autographs                                                                                                                                                                                                                |   |           | 712    |   |     |   | 1,003 |   |
| Other                                                   |   |           | 4,569  |   |     |   | 7,051 |   |
| Total                                                   |   |           | 8,916  |   |     |   | 10,737 |   |
| Unallocated assets                                      |   |           | 21,212 |   |     |   | 25,536 |   |
| Consolidated assets                                     |   | $              | 30,128 |   |     | $      | 36,273 |   |
| Goodwill:                                                                                                                                                                                                                                   |   |           |   |   |     |   |   |   |
| Coins                                                   |   | $              | 515    |   |     | $      | 515 |   |
| Other                                                   |   |           | 2,311  |   |     |   | 2,111 |   |
| Consolidated goodwill                                                                                                                                                                                                                       |   | $              | 2,826  |   |     | $      | 2,626 |   |

----

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

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

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

Forward-Looking Statements

Our Business

----

Recent Developments

Overview of Results of Operations for the Three and Nine months Ended March 31, 2010 and 2009

|                                                                                                                           |   | Three Months EndedMarch 31, |   |   | Nine Months EndedMarch 31, |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|--------|----------------------------|--------|
|                                                                                                                           |   | 2010                        |   |   | 2009                       |   |   | 2010 |   |   | 2009 |   |
| Net revenues                                                                                                                   |   |                        | 100.0  | %      |                       |   | 100.0 | % |   |   | 100.0 | % |   |   | 100.0 | % |
| Cost of revenues                                                                                                               |   |                        | 39.0   | %      |                       |   | 44.1 | % |   |   | 40.0 | % |   |   | 46.9 | % |
| Gross profit                                                                                                                   |   |                        | 61.0   | %      |                       |   | 55.9 | % |   |   | 60.0 | % |   |   | 53.1 | % |
| Operating expenses:                                                                                                            |   |                        |   |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Selling and marketing expenses                                                                                                 |   |                        | 13.4   | %      |                       |   | 11.1 | % |   |   | 13.1 | % |   |   | 12.5 | % |
| General and administrative expenses                                                                                            |   |                        | 24.1   | %      |                       |   | 34.7 | % |   |   | 26.9 | % |   |   | 37.3 | % |
| Total operating expenses                                                                                                       |   |                        | 37.5   | %      |                       |   | 45.8 | % |   |   | 40.0 | % |   |   | 49.8 | % |
| Operating income                                                                                                               |   |                        | 23.5   | %      |                       |   | 10.1 | % |   |   | 20.0 | % |   |   | 3.3 | % |
| Interest and other income, net                                                                                                 |   |                        | 0.3    | %      |                       |   | 0.6 | % |   |   | 0.3 | % |   |   | 1.0 | % |
| Income before provision for income taxes                                                                                       |   |                        | 23.8   | %      |                       |   | 10.7 | % |   |   | 20.3 | % |   |   | 4.3 | % |
| Provision for income taxes                                                                                                     |   |                        | 1.2    | %      |                       |   | 1.1 | % |   |   | 0.2 | % |   |   | 5.0 | % |
| Income (loss) from continuing operations                                                                                       |   |                        | 22.6   | %      |                       |   | 9.6 | % |   |   | 20.1 | % |   |   | (0.7 | )% |
| Loss from discontinued operations, net of gain on sales of discontinued businesses,    net of income taxes |   |                        | (0.6   | )%     |                       |   | (61.0 | )% |   |   | (2.2 | )% |   |   | (64.3 | )% |
| Net income (loss)                                                                                                              |   |                        | 22.0   | %      |                       |   | (51.4 | )% |   |   | 17.9 | % |   |   | (65.0 | )% |

----

Factors That Can Affect our Financial Position and Operating Results

----

|                           |   | Units ProcessedThree Months Ended March 31, |    |   | Declared Value (000)Three Months Ended March 31, |   |
|--------------------------------|--------|---------------------------------------------|---------|--------|--------------------------------------------------|--------|
|                           |   | 2010                                        |    |   | 2009                                             |   |   | 2010 |   |   | 2009 |   |
| Coins                          |   |                                        | 480,300 |   |                                             |   | 59.8 | % |   |   | 404,600 |   |   |   | 55.8 | % |   | $ | 458,096 |   |   |   | 94.3 | % |   | $ | 286,943 |   |   |   | 91.9 | % |
| Trading cards and utographs(1) |   |                                        | 317,500 |   |                                             |   | 39.6 | % |   |   | 313,600 |   |   |   | 43.3 | % |   |   | 24,764 |   |   |   | 5.1 | % |   |   | 19,716 |   |   |   | 6.4 | % |
| Stamps                         |   |                                        | 4,800   |   |                                             |   | 0.6 | % |   |   | 6,200 |   |   |   | 0.9 | % |   |   | 3,027 |   |   |   | 0.6 | % |   |   | 5,427 |   |   |   | 1.7 | % |
| Total                          |   |                                        | 802,600 |   |                                             |   | 100.0 | % |   |   | 724,400 |   |   |   | 100.0 | % |   | $ | 485,887 |   |   |   | 100.0 | % |   | $ | 312,086 |   |   |   | 100.0 | % |

|                           |   | Units ProcessedNine Months Ended March 31, |      |   | Declared Value (000)Nine Months Ended March 31, |   |
|--------------------------------|--------|--------------------------------------------|-----------|--------|-------------------------------------------------|--------|
|                           |   | 2010                                       |      |   | 2009                                            |   |   | 2010 |   |   | 2009 |   |
| Coins                          |   |                                       | 1,239,200 |   |                                            |   | 56.2 | % |   |   | 1,024,200 |   |   |   | 50.2 | % |   | $ | 1,027,720 |   |   |   | 92.8 | % |   | $ | 839,717 |   |   |   | 90.3 | % |
| Trading cards and utographs(1) |   |                                       | 952,300   |   |                                            |   | 43.1 | % |   |   | 996,800 |   |   |   | 48.8 | % |   |   | 69,602 |   |   |   | 6.3 | % |   |   | 72,364 |   |   |   | 7.8 | % |
| Stamps                         |   |                                       | 14,900    |   |                                            |   | 0.7 | % |   |   | 20,100 |   |   |   | 1.0 | % |   |   | 10,367 |   |   |   | 0.9 | % |   |   | 17,627 |   |   |   | 1.9 | % |
| Total                          |   |                                       | 2,206,400 |   |                                            |   | 100.0 | % |   |   | 2,041,100 |   |   |   | 100.0 | % |   | $ | 1,107,689 |   |   |   | 100.0 | % |   | $ | 929,708 |   |   |   | 100.0 | % |

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

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Trends and Challenges in our Businesses

Critical Accounting Policies and Estimates

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|   | Results of Continuing Operations – For the Three and Nine months Ended March 31, 2010 and 2009 |
|--------|------------------------------------------------------------------------------------------------------|

|                            |   | Three Months Ended March 31, |   |
|---------------------------------|--------|------------------------------|--------|
|                            |   | 2010                         |   |   | 2009 |   |   | Increase (Decrease) |   |
|                            |   | Amount                       |   |   | % of NetRevenues |   |   | Amount |   |   | % of NetRevenues |   |   | Amount |   |   | Percent |   |
|                            |   | (Dollars in thousands)       |   |
| Grading and authentication fees |   | $                            | 8,853  |   |   |   | 82.0 | % |   |   | 7,284 |   |   |   | 78.2 | % |   |   | 1,569 |   |   |   | 21.5 | % |
| Other related services          |   |                         | 1,937  |   |   |   | 18.0 | % |   |   | 2,031 |   |   |   | 21.8 | % |   |   | (94 | ) |   |   | (4.6 | )% |
| Total net revenues              |   | $                            | 10,790 |   |   |   | 100.0 | % |   | $ | 9,315 |   |   |   | 100.0 | % |   | $ | 1,475 |   |   |   | 15.8 | % |

|                            |   | Nine Months Ended March 31, |   |
|---------------------------------|--------|-----------------------------|--------|
|                            |   | 2010                        |   |   | 2009 |   |   | Increase (Decrease) |   |
|                            |   | Amount                      |   |   | % of NetRevenues |   |   | Amount |   |   | % of NetRevenues |   |   | Amount |   |   | Percent |   |
|                            |   | (Dollars in thousands)      |   |
| Grading and authentication fees |   |                        | 23,848 |   |   |   | 82.3 | % |   |   | 21,015 |   |   |   | 80.3 | % |   |   | 2,833 |   |   |   | 13.5 | % |
| Other related services          |   |                        | 5,123  |   |   |   | 17.7 | % |   |   | 5,145 |   |   |   | 19.7 | % |   |   | (22 | ) |   |   | (0.4 | )% |
| Total net revenues              |   | $                           | 28,971 |   |   |   | 100.0 | % |   | $ | 26,160 |   |   |   | 100.0 | % |   | $ | 2,811 |   |   |   | 10.7 | % |

|          |   | Three Months Ended March 31, |   |
|---------------|--------|------------------------------|--------|
|          |   | 2010                         |   |   | 2009 |   |   | 2010 vs. 2009 |   |
|          |   |                         |   |   |   |   |   |   |   |   |   |   |   | Increase (Decrease) |   |
|          |   |                         |   |   | % of Net |   |   |   |   |   | % of Net |   |   | Revenues |   |   | Units Processed |   |
|          |   | Amount                       |   |   | Revenues |   |   | Amount |   |   | Revenues |   |   | Amount |   |   | Percent |   |   | Number |   |   | Percent |   |
|          |   | (Dollars in thousands)       |   |   |   |   |   |   |   |
| Coins         |   |                         | 7,279  |   |   |   | 67.5 | % |   |   | 5,686 |   |   |   | 61.0 | % |   |   | 1,593 |   |   |   | 28.0 | % |   |   | 75,700 |   |   |   | 18.7 | % |
| Trading cards |   |                         | 2,392  |   |   |   | 22.1 | % |   |   | 2,343 |   |   |   | 25.2 | % |   |   | 49 |   |   |   | 2.1 | % |   |   | 3,900 |   |   |   | 1.2 | % |
| Other (1)     |   |                         | 1,119  |   |   |   | 10.4 | % |   |   | 1,286 |   |   |   | 13.8 | % |   |   | (167 | ) |   |   | (13.0 | )% |   |   | (1,400 | ) |   |   | (22.6 | )% |
| Net Revenues  |   | $                            | 10,790 |   |   |   | 100.0 | % |   | $ | 9,315 |   |   |   | 100.0 | % |   | $ | 1,475 |   |   |   | 15.8 | % |   |   | 78,200 |   |   |   | 10.8 | % |

----

|          |   | Nine Months Ended March 31, |   |
|---------------|--------|-----------------------------|--------|
|          |   | 2010                        |   |   | 2009 |   |   | 2010 vs. 2009 |   |
|          |   |                        |   |   |   |   |   |   |   |   |   |   |   | Increase (Decrease) |   |
|          |   |                        |   |   | % of Net |   |   |   |   |   | % of Net |   |   | Revenues |   |   | Units Processed |   |
|          |   | Amount                      |   |   | Revenues |   |   | Amount |   |   | Revenues |   |   | Amount |   |   | Percent |   |   | Number |   | Percent |   |
|          |   | (Dollars in thousands)      |   |   |   |   |   |   |   |
| Coins         |   |                        | 18,686 |   |   |   | 64.5 | % |   |   | 15,051 |   |   |   | 57.5 | % |   |   | 3,635 |   |   |   | 24.2 | % |   |   | 215,000 |   |   |   | 21.0 | % |
| Trading cards |   |                        | 7,262  |   |   |   | 25.1 | % |   |   | 7,675 |   |   |   | 29.4 | % |   |   | (413 | ) |   |   | (5.4 | )% |   |   | (44,500 | ) |   |   | (4.5 | )% |
| Other (1)     |   |                        | 3,023  |   |   |   | 10.4 | % |   |   | 3,434 |   |   |   | 13.1 | % |   |   | (411 | ) |   |   | (12.0 | )% |   |   | (5,200 | ) |   |   | (25.9 | )% |
| Net Revenues  |   | $                           | 28,971 |   |   |   | 100.0 | % |   | $ | 26,160 |   |   |   | 100.0 | % |   | $ | 2,811 |   |   |   | 10.7 | % |   |   | 165,300 |   |   |   | 8.1 | % |

----

| (1)   | Consists of stamps, CCE subscription business, CFC dealer financing business, product revenues and our collectibles convention business. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------|

----

|         |   | Three Months Ended March 31, |   |   | Nine Months Ended March 31, |   |
|--------------|--------|------------------------------|--------|--------|-----------------------------|--------|
|         |   | 2010                         |   |   | 2009                        |   |   | 2010 |   |   | 2009 |   |
|         |   | (Dollars in Thousands)       |   |
|         |   |  Amount                 |   |   | GrossProfitMargin           |   |   |  Amount |   |   | GrossProfitMargin |   |   |  Amount |   |   | GrossProfitMargin |   |   |  Amount |   |   | GrossProfitMargin |   |
| Gross profit |   | $                            | 6,586  |   |                        |   | 61.0 | % |   | $ | 5,204 |   |   |   | 55.9 | % |   | $ | 17,395 |   |   |   | 60.0 | % |   | $ | 13,896 |   |   |   | 53.1 | % |

|                           |   | Three Months EndedMarch 31, |      |   | Nine Months EndedMarch 31, |   |
|--------------------------------|--------|-----------------------------|-----------|--------|----------------------------|--------|
|                           |   | 2010                        |      |   | 2009                       |   |   | 2010 |   |   | 2009 |   |
| Selling and marketing expenses |   | $                           | 1,449,000 |   |                       | $      | 1,033,000 |   |   | $ | 3,785,000 |   |   | $ | 3,275,000 |   |
| Percent of net revenue         |   |                        | 13.4      | %      |                       |   | 11.1 | % |   |   | 13.1 | % |   |   | 12.5 | % |

----

|                                |   | Three Months EndedMarch 31, |      |   | Nine Months EndedMarch 31, |   |
|-------------------------------------|--------|-----------------------------|-----------|--------|----------------------------|--------|
|                                |   | 2010                        |      |   | 2009                       |   |   | 2010 |   |   | 2009 |   |
| General and administrative expenses |   | $                           | 2,602,000 |   |                       | $      | 3,227,000 |   |   | $ | 7,814,000 |   |   | $ | 9,763,000 |   |
| Percent of net revenues             |   |                        | 24.1      | %      |                       |   | 34.7 | % |   |   | 26.9 | % |   |   | 37.3 | % |

|                                |   | Three Months EndedMarch 31, |    |   | Nine Months EndedMarch 31, |   |
|-------------------------------------|--------|-----------------------------|---------|--------|----------------------------|--------|
| Included in:                        |   | 2010                        |    |   | 2009                       |   |   | 2010 |   |   | 2009 |   |
| Cost of revenues                    |   | $                           | -       |   |                       | $      | 78,000 |   |   | $ | - |   |   | $ | 230,000 |   |
| General and administrative expenses |   |                        | 238,000 |   |                       |   | 25,000 |   |   |   | 733,000 |   |   |   | 398,000 |   |
|                                |   | $                           | 238,000 |   |                       | $      | 103,000 |   |   | $ | 733,000 |   |   | $ | 628,000 |   |

| Fiscal Year Ending June 30, |   | Amount |    |
|-----------------------------|--------|--------|---------|
| 2010 (remaining 3 months)   |   | $      | 236,000 |   |
| 2011                        |   |   | 360,000 |   |
| 2012                        |   |   | 99,000  |   |
|                        |   | $      | 695,000 |   |

----

|                                   |   | Three Months Ended |   |   | Nine Months Ended |   |
|----------------------------------------|--------|--------------------|--------|--------|-------------------|--------|
|                                   |   | March 31,          |   |   | March 31,         |   |
|                                   |   | 2010               |   |   | 2009              |   |   | 2010 |   |   | 2009 |   |
| Interest income, and other income, net |   | $                  | 35,000 |   |              | $      | 56,000 |   |   | $ | 87,000 |   |   | $ | 269,000 |   |

|                       |   | Three Months EndedMarch 31, |    |   | Nine Months EndedMarch 31, |   |
|----------------------------|--------|-----------------------------|---------|--------|----------------------------|--------|
|                       |   | 2010                        |    |   | 2009                       |   |   | 2010 |   |   | 2009 |   |
| Provision for income taxes |   | $                           | 129,000 |   |                       | $      | 109,000 |   |   | $ | 54,000 |   |   | $ | 1,319,000 |   |

|                                                                                                                |   | Three Months EndedMarch 31, |   |   | Nine Months EndedMarch 31, |   |
|---------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|--------|----------------------------|--------|
|                                                                                                                |   | 2010                        |   |   | 2009                       |   |   | 2010 |   |   | 2009 |   |
| Losses from discontinued operations, including losses on disposal of discontinued businesses (net of income taxes). |   | $                           | 68,000 |   |                       | $      | 5,679,000 |   |   | $ | 629,000 |   |   | $ | 16,818,000 |   |

----

Liquidity and Capital Resources

----

|  Fiscal Year            |   | GrossAmount |       |   | SubleaseIncome |   |
|------------------------------|--------|-------------|------------|--------|----------------|--------|
| 2010(remaining three months) |   | $           | 332,000    |   |           | $      | 10,500 |   |
| 2011                         |   |        | 1,233,000  |   |           |   | 42,000 |   |
| 2012                         |   |        | 1,206,000  |   |           |   | 43,000 |   |
| 2013                         |   |        | 1,136,000  |   |           |   | 45,000 |   |
| 2014                         |   |        | 1,013,000  |   |           |   | 46,000 |   |
| Thereafter                   |   |        | 5,141,000  |   |           |   | 238,000 |   |
|                         |   | $           | 10,061,000 |   |           | $      | 424,500 |   |

| Fiscal Year                                                                                                                                                                                                                                                                                                                                       |   | Amount |       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|
| 2010 (remaining 3 months)                                                     |   | $      | 385,000    |   |
| 2011                                                                          |   |   | 907,000    |   |
| 2012                                                                          |   |   | 941,000    |   |
| 2013                                                                          |   |   | 981,000    |   |
| 2014                                                                          |   |   | 1,022,000  |   |
| Thereafter                                                                    |   |   | 3,064,000  |   |
|                                                                                                                                                                                                                                                                                                                                              |   | $      | 7,300,000  |   |
| Less: Accrual at March 31, 2010                                                                                                                                                                                                                                                                                                                   |   |   | (3,593,000 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   | $      | 3,707,000  |   |

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Recent Accounting Pronouncements

----

ITEM 4T.  CONTROLS AND PROCEDURES

PART II – OTHER INFORMATION

Item 1A.   Risk Factors.

----

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

|   | Exhibit 31.1 | Certification of Chief Executive Officer Under Section 302 of the Sarbanes-Oxley Act |
|--------|--------------|--------------------------------------------------------------------------------------|
|   |         |                                                                                 |
|   | 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    |
|   |         |                                                                                 |

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SIGNATURES

|                                                                                |   | COLLECTORS UNIVERSE, INC. |
|-------------------------------------------------------------------------------------|--------|---------------------------|
|                                                                                |   |                      |
| Date:           May 10, 2010 | By:    | /s/ MICHAEL J. MCCONNELL  |
|                                                                                |   | Michael J. McConnell      |
|                                                                                |   | Chief Executive Officer   |

|                                                                                |   | COLLECTORS UNIVERSE, INC. |
|-------------------------------------------------------------------------------------|--------|---------------------------|
|                                                                                |   |                      |
| Date:           May 10, 2010 | By:    | /s/ JOSEPH J. WALLACE     |
|                                                                                |   | Joseph J. Wallace         |
|                                                                                |   | Chief Financial Officer   |

----

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

| Number | Description                                                                          |
|--------|--------------------------------------------------------------------------------------|
| 31.1   | Certification of Chief Executive Officer Under Section 302 of the Sarbanes-Oxley Act |
|   |                                                                                 |
| 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    |
|   |                                                                                 |

----