In a $2,180,000 deal, Collectors Universe, Inc. of Newport Beach, Calif., the parent company of Professional Coin Grading Service, has purchased the FACTS Network/Certified Coin Exchange of Houston, Texas.
According to a Collectors Universe press release, CCE is the world’s largest dealer-to-dealer coin-trading network.
“CCE and FACTS will continue to operate normally, and we are creating a new subsidiary corporation, Certified Assets Exchange, to manage CCE and FACTS. Cassi East, a veteran manager at Collectors Universe, has been appointed President of CAE,” said Michael R. Haynes, chief executive officer of Collectors Universe.
More than 425 dealer-members of the FACTS Network send 1,000 messages a day to buy and sell numismatic items.
Registered users of the online service www.CertifiedCoinExchange.com can instantly access the latest prices for sight-unseen and sight-seen certified coins; precious metals spot prices; prices for bullion coins; and collectors’ coins listed for sale.
Expanded services for dealers and collectors already are planned for the Internet-based trading system.
FACTS is an acronym for Fox and Crabbe Teletype System, a dealer-to-dealer network established more than 40 years ago. The FACTS Network/Certified Coin Exchange now is operated over the Internet.
In addition to buy and sell messages, dealer-members can send private message to each other, and registered members of the public can access a directory with information about the dealers.