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Wayne Herndon Acquires Dick Osburn Rare Coins

Dick Osburn and Wayne Herndon announced that effective June 17 the assets of Dick Osburn Rare Coins were acquired by Wayne Herndon Rare Coins, Inc. of Chantilly, Virginia. Key aspects of the transaction include:

· Dick Osburn Rare Coins will continue to be operated as a separate entity. The company will relocate its headquarters to Chantilly, Virginia and share office space with Wayne Herndon Rare Coins and Wizard Coin Supply, also operated by Herndon. The company will retain a satellite office in Kemah, Texas.

· Dick Osburn will remain active in the business, splitting his time between the Chantilly and Virginia offices. Administrative functions will be provided through infrastructure already in place in Herndon’s organization, allowing Osburn to focus on the numismatic aspects of the business as well as spending more personal time with his wife, Ruth.

· Brian Cushing joins the company as Senior Numismatist. Cushing began his career as a professional numismatist in 2004 at J. J. Teaparty, where he was in charge of coin photography and developed an interest in attributing bust and seated coin varieties. After leaving J. J. Teaparty, Cushing operated Brian Cushing Rare Coins, where he gained additional experience dealing with early U. S. type coins. He was recruited by Herndon in August, 2009, to work on the Osburn transaction. The transition planning has been in progress since that time.

· Osburn and Cushing will manage the numismatic and customer/consignor aspects of the business with Herndon providing strategic, managerial, and administrative support.

· Consigned coins remain with Osburn pending approval of assignment of consignment agreements by individual consignors.

Dick and Ruth explained that “the business has grown to the point where it was becoming more and more difficult for us to manage without hiring additional employees.” The new structure allows the company to make full use of the infrastructure already in place at Wayne Herndon Rare Coins and Wizard Coin Supply while retaining the practices that have made Dick Osburn Rare Coins one of the most respected dealers in the industry and the national leader in the marketing of U. S. bust and seated coinage.

In the coming months the company will be making significant upgrades to its technology. “We invested heavily in a technology platform for Wizard Coin Supply that we can now leverage across Dick Osburn Rare Coins,” noted Herndon. Planned improvements include a fully e-commerce-compatible website with digital coin images and shopping cart functionality.

The benefits of the new structure will be immediate and far-reaching:

· Improved consignment services.
· Broader auction representation.
· Improved want list services.
· Continuous operation – no interruptions for vacations.
· More eastern shows (the company has already added the Annandale Coin Show, and Coinfest).
· More opportunities for Dick and Ruth to work on their bucket list!

The agreement was signed in Baltimore on June 16. The new telephone for the business location in Chantilly is 703-373-7399. Dick and Ruth can still be reached at 713-875-5860.

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