Currency Auctions of America Joins Heritage

Dallas, Texas: Opportunities for buyers and sellers of paper money have significantly increased with the creation of the world's largest rare coin and currency dealership and auctioneer. Currency Auctions of America (CAA) now has become a division of the country's largest numismatic auction house, Heritage Numismatic Auctions, Inc, of Dallas, Texas.

The combination will result in more frequent CAA auctions at conventions around the country and twice-monthly auctions on the Internet.

CAA founders Leonard Glazer of Forest Hills, New York and Allen Mincho of Spicewood, Texas, two of the top currency experts in the world, will continue to operate CAA full-time. They will be responsible for all consignments, grading and cataloging.

"Now there will be unprecedented opportunities and advantages for paper money collectors, consignors and bidders. CAA will offer more material, more often, and have greater access to potential bidders because of Heritage's huge customer base, marketing expertise, and advanced technology," said Heritage Co-Chairman, Steve Ivy.

Heritage expects auction sales of approximately $50 million in 2001, again ranking it as the top numismatic auctioneer in the United States. Total sales for all Heritage companies are expected to exceed $175 million in 2001. The company has an active mailing list of 50,000 names and its web site has over 37,000 members and growing.

CAA had sales in excess of $10 Million in 2000 to approximately 1,000 active buyers, and will likely far surpass those numbers in 2001.

"CAA and its clients now will benefit from Heritage's technology, financial power and marketing proficiency. This gives CAA the unmatched ability to attract potential consignors and bidders, which means more choices for paper money collectors whether it's an auction sale or fixed-price listing," CAA Vice President Allen Mincho stated.

Online interactive bidding and paper money search engine capabilities will be available at www.CurrencyAuction.com and www.HeritageCoin.com.

Among the other advantages collectors will have with the CAA-Heritage merger:

• Auction lots for the September CAA sale in Cincinnati now will also be available for viewing through Heritage at the American Numismatic Association convention in Atlanta in August;
• all CAA catalogs also will be available in CD-ROM format as well as online;
• and lead-times will be shortened between consignment deadlines and sale dates.

"The merger also means CAA will have greater financial resources to offer cash advances to consignors and to make outright purchases of all types of currency," CAA President Len Glazer added.

The Heritage Group includes Heritage Rare Coin Galleries, Heritage Numismatic Auctions, and Currency Auctions of America, which together comprise the world's largest dealer and auctioneer of rare coins and currency. The Heritage name is recognized worldwide for selection, quality, value, expertise, financial strength and technological and numismatic leadership. Year 2000 sales exceeded $150 million and assets were approximately $30 million as audited by Arthur Andersen & Company. www.HeritageCoin.com is the Internet's most popular and highly trafficked rare coin site with over 37,000 registered members and approximately 80,000 unique users per month. HeritageCoin.com is the only coin site ever chosen by Forbes Best of the Web. McGraw Hill recently recommended its "Virtual Coin Collection" as an excellent teaching resource. It also won the most recent Numismatic Literary Guild award for Best Numismatic Web Site.

Note: The following Heritage executives are available for telephone interviews by the press regarding all non-confidential aspects of this merger:

Heritage Co-Chairman James Halperin
Chief Operating Officer Paul Minshull
Allen Mincho
Leonard Glazer