David Hall released from companies he co-founded
- Published: Sep 21, 2018, 8 AM
David Hall, one of the co-founders of Professional Coin Grading Service and most recently president and chief operating officer of PCGS’s parent firm, Collectors Universe Inc., was abruptly terminated from his positions effective at the close of business Sept. 18.
The following statement, which caught many current and former Collectors Universe employees and many others in the numismatic hobby by surprise, was released on behalf of Collector’s Universe:
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“Collectors Universe, Inc. (NASDAQ: CLCT), a leading provider of value-added authentication and grading services to dealers and collectors of high-value collectibles, announced the termination of David G. Hall’s employment as the Company’s President and Chief Operating Officer, effective as of the close of business on September 18, 2018,” according to the announcement.
“Joseph J. Orlando, the Company’s Chief Executive Officer, will assume Mr. Hall’s duties.”
Speculation regarding reasons for Hall’s departure ran rampant in posts on the U.S. Coin forum of the PCGS Message Boards.
When asked by Coin World for a specific explanation for Hall’s leaving, Collectors Universe Chief Financial Officer Joseph Wallace replied, “Collectors Universe wants to express its gratitude for the immense contribution made by David Hall over the course of his career. Regarding Mr. Hall’s termination, since this is a personnel matter, we cannot comment further.”
Hall is still listed on the Collectors Universe Inc. website as a member of the board of directors.
Wallace said Hall owns 5 percent of the stock of the publicly traded Collectors Universe.
Asked by Coin World what led up to the termination, Hall responded by telephone Sept. 20 that the press release issued by Collectors Universe “speaks for itself.”
“The board of directors felt it was in the best interests of the company to terminate me. I am still on the board.”
Hall said he still plans to maintain a prominent presence in the world of numismatics and will take a more active role in David Hall Rare Coins, the Newport Beach, California, firm he founded more than 40 years ago.
“I love to buy coins and I love to sell coins,” Hall said. “I love to talk about coins and I love to write about coins. I can’t turn off my idea machine. There are plenty of things to do in the hobby. The coin market is strong right now in some areas, especially in generic gold. It’s almost like going out on the street and getting free gold.”
Hall said PCGS is still holding its position in the coin market and believes it will continue to do so in the future even without his direct daily input.
On Dec. 17, 2017, the NASDAQ reported a closing price of $29.96 per share of Collectors Universe. On Sept. 19, 2018, the stock closed at $15.32 per share.
Hall has been a professional numismatist for more than four decades. Hall co-founded PCGS on Feb. 3, 1986, after a business consultant advised that such a venture would never work.
Hall co-founded Collectors Universe Inc. in February 1999 and was its president since October 2001. Hall also served as the chief operating officer of Collectors Universe Inc.
Hall served as chief executive officer of Collectors Universe Inc. from April 2000 to September 2001 and as chairman from February 1999 to October 2001.
Hall served as PCGS president from Feb. 3, 1986, until January 1999. He served as chief executive officer of PCGS from 1986 to February 1999.
Hall served as chairman of the board and director of PCGS, since February 1986 until his termination.
According to the Collectors Universe website, “Collectors Universe, Inc. is a leading provider of value-added services to the high-value collectibles markets. The Company authenticates and grades collectible coins, trading cards, event tickets, autographs and memorabilia (‘collectibles’). The Company also compiles and publishes authoritative information about United States and world coins, collectible trading cards and sports memorabilia and operates its CCE dealer-to-dealer Internet bid-ask market for certified coins, its Coinflation.com website and its Expos trade show and conventions business. This information is accessible to collectors and dealers at the Company’s website, http://www.collectorsuniverse.com and is also published in print.”
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