Collectors Universe Press Release

Posted to rcc by Donn Pearlman

The press release below was issued today by Collectors Universe, Inc. (I will
separately post a press release issued simultaneously by Greg Manning Auctions,
Inc./Spectrum.) -donn-
----------------

For immediate release
February 19, 2004

Bowers and Merena, Kingswood Sold By
Collectors Universe to Spectrum Numismatics


(Santa Ana, CA) - To concentrate on its expanding core business of
authenticating and grading numismatic and philatelic collectibles as well as
sports, entertainment and political memorabilia, Collectors Universe, Inc.
(Nasdaq: CLCT) has sold prominent rare coin auction house and dealership,
Bowers and Merena, to Spectrum Numismatics, a division of Greg Manning
Auctions, Inc. (Nasdaq: GMAI).

The sale includes Bowers and Merena Galleries, Auctions by Bowers and Merena
and Kingswood Coin Auctions, all located in Mandeville, Louisiana. As part of
the purchase, Spectrum also has acquired Superior Sports Auctions of Traverse
City, Michigan, another unit of Collectors Universe.

Bowers and Merena was the official auctioneer for last summer's American
Numismatic Association convention, and successfully launched a worldwide search
last year to solve the 41-year old mystery of the "missing" Walton specimen
1913 Liberty Head nickel. The auction house will be conducting the official
sale in conjunction with the upcoming Baltimore Coin and Currency Convention.

"We have been analyzing our results from operations in our collectibles sales
and in the grading and authentication segments, and we have concluded that our
future efforts are best invested in our core and founding business strategy -
the provider of authentication and grading services," said Michael Haynes,
Chief Executive Officer of Collectors Universe.

"We appreciate the loyal hard work and outstanding accomplishments made the
past year by Paul Montgomery and his team at Bowers and Merena, but we believe
that our opportunities for growth in the authentication and grading business
are significant. To achieve the maximum result for our shareholders it is
necessary to devote all of our resources to that single objective, rather than
dividing our interests between the different segments."

In the past year Bowers and Merena made hobby and national news with its
accomplishments including:

· The largest single auction catalog sale in the 20-year history of Bowers and
Merena, and also the largest single catalog sale in the 112-year history of the
American Numismatic Association.

· The largest sale of California fractional gold in the history of the hobby
and broke more than 100 price records in that auction.

· The sale of an 1804 dollar for more than $1 million, a price record for a
Class III specimen.

· Launching a reward offer that led to solving the 41-year old mystery of the
"missing" Walton specimen 1913 Liberty Head nickel, and sponsoring public
displays of the legendary coin.

The remaining core businesses of Collectors Universe include Professional Coin
Grading Service (PCGS) which is nearing the landmark authentication and grading
of its nine millionth coin; PSA, the company's autograph and memorabilia
certification service which has examined and authenticated nearly seven million
sports cards; and Professional Stamp Experts, a philatelic certification
service.

According to Securities and Exchange Commission documents filed by the company,
Collectors Universe received $2.5 million for certain assets of the units sold
to Spectrum, and retains the accounts receivables and inventory of the sold
businesses. The inventories will be sold "in a commercially reasonable fashion
over the next several months." The businesses purchased by Spectrum from
Collectors Universe had combined net revenue of $13.9 million in the fiscal
year that ended June 30, 2003.

Collectors Universe also plans to end operations in two other retail sales
units in the next few months by ending a license agreement for David Hall Rare
Coins and selling Odyssey Auctions, an auctioneer of autographs and celebrity
memorabilia.
Hall, Collectors Universe Founder and President, explained: "We have
successfully developed our brand names in the authentication and grading
business beginning with the original brand, PCGS, in 1986. By focusing our
attention on these brands and the possible future expansion of our
authentication and grading business into other markets, we believe that we can
best take advantage of our successful experience in managing and creating these
brands, and direct our capital for a maximum return on investment."

Collectors Universe is based in Santa Ana, California.

###

This just in......Bowers and Merena offers $1,000,000 reward for the successful
return of Q. David Bowers.........

This just in......Bowers and Merena offers $1,000,000 reward for the
successful
return of Q. David Bowers.........


I probably irritates Bowers a bit that someone else is in business under his
name. Its all legal of course but I'm sure
he is not completely happy about it.

On 20 Feb 2004 10:34:04 GMT, JSTONE9352 wrote:


This just in......Bowers and Merena offers $1,000,000 reward for the
successful
return of Q. David Bowers.........


I probably irritates Bowers a bit that someone else is in business under
his
name. Its all legal of course but I'm sure
he is not completely happy about it.

Well he did sell it to collectors universe willingly didn't he?

Well he did sell it to collectors universe willingly didn't he?


Yes, but that was before he was fired.
At least it is not owned anymore by the
people who fired him.

"JSTONE9352" wrote:
I probably irritates Bowers a bit that someone else is in business under
his
name. Its all legal of course but I'm sure
he is not completely happy about it.

Perhaps. But he, like many business owners have become a brand, may want his
brand name in the hands of the owner most likely to preserve it
indefinitely.

--Chris

Perhaps. But he, like many business owners have become a brand, may want his
brand name in the hands of the owner most likely to preserve it
indefinitely.

Remember Famous Amos?

He sold his name/brand to Pepperidge Farms, and then could no longer make or
sell cookies under his own name. He lost in court when he tried to get back
into the cookie business under his own name.

Q. David knew what he was doing, and he was rewarded handsomely with millions
of $$$ in stock when he sold out. He even dumped a lot of the stock before it
tanked. He certainly doesn't need the money, and his role in producing a new
series of coin encyclopedias should keep him busy for most of the rest of his
retirement.

Regards,
Tom