GMAI's Teletrade Wins "Best Rare Coin Site" Contest Sponsored by Coin Connoisseur Magazine; Website Voted Best by Over 1,000 Viewers.

WEST CALDWELL, N.J.--(BUSINESS WIRE)--Aug. 18, 1999--

Greg Manning Auctions, Inc. (NASDAQ: GMAI) today announced that its www.teletrade.com site has won Coin Connoisseur Magazine's First Annual "Best on the Web" contest for the category, "Best Rare Coin Site."

Over a thousand Internet viewers from eight different countries voted to select the best and most popular rare coin and precious metal Internet locations in three categories. GMAI'S Teletrade received top honors in the category "Rare Coin Sites," which include auction sites, grading services, coin dealers, publications and newsletters, as well as coin trading exchanges.

Julie Abrams, Teletrade's President, received the award at a Coin Connoisseur Magazine press conference and award ceremony which was to be held on August 13, 1999 during the American Numismatic Association's 108th Anniversary Convention.

Ms. Abrams stated, "All of us at Teletrade are honored by this significant award. Greg Manning Auctions, Inc., our parent company, uses the motto, 'Trusted by Serious Collectors.' This award reinforces that statement." Ms. Abrams continued, "The collectors from around the world who voted in Coin Connoisseur Magazine's contest are, as the magazine's name states, connoisseurs. They understand the differences between the quality of the offerings that we present and the service that we deliver, and those available from others. Moreover, they are customers and our competitors' customers. Selection by them as `tops,' therefore, is especially meaningful."

Greg Manning, GMAI's Chairman and Chief Executive Officer, stated, "Quality offerings and quality service are the hallmarks of our companies. Coin Connoisseur Magazine's award, along with top rankings by independent research firms such as Gomez Advisors and `Best Site' awards from other magazines such as PC Novice/Smart Computing Magazine confirm that we are doing what we say: delivering superior offerings, service and value to our customers throughout the world.

"Although we are pleased with the recognition we have received to date, GMAI has been executing a major upgrade of its website and over the next 90 days, many of the improvements we are initiating will be phased in, including a revolutionary new Internet bidding platform. To this end, we have committed major resources to this project which, in addition to our full service philosophy, will set us apart from other online auctions."

GMAI's Teletrade auctions over 2,000 certified coins each week from its Internet site at www.teletrade.com where it holds coin auctions every Monday and Wednesday, 52 weeks a year. In addition to its easy to use Internet bidding technology, GMAI's Teletrade offers bidders the option to place bids and receive "real time" bid status information via a unique, proprietary, touch-tone telephone and computer technology which GMAI's Teletrade developed and owns.

GMAI's Teletrade auctions, like GMAI's other auctions, are full-service auctions and all of its offerings are backed by GMAI's full satisfaction guarantee. Unlike person-to-person auctions, GMAI's Teletrade holds in its possession each of the items offered for sale, and professionally ships all items sold to buyers. GMAI's Teletrade also collects all monies due from buyers and promptly remits sale proceeds to consignors.

Ms. Abrams concluded, "Our mission is to provide an innovative yet safe auction process that protects both buyers and consignors, including each party's confidentiality. We believe that our combination of auction expertise and experience, as well as our product knowledge and high level of customer service, is unmatched."

About Greg Manning Auctions

Greg Manning Auctions, Inc. is a full service auctioneer of a wide range of collectibles and diamonds, as well as the nation's leading stamp auction house and one of the largest in the world. It is the first publicly owned auction company to hold real-time auctions simultaneously over the Internet and via telephone, while providing confidential transmission of bidder and seller information. Greg Manning Auctions, Inc. possesses more than 30 years of auction experience, as well as a full staff of experts in each of the product categories in which it operates. GMAI is also distinguished by its long established and well-entrenched relationships with suppliers of quality collectibles throughout the world, and by its aggressive global strategy. In early 1999, GMAI formed GMAI-ASIA.COM, which opened offices in Beijing, China and recently launched its web site www.gmai-asia.com. In July, 1999, GMAI created GMAI-EUROPE.COM in partnership with Afinsa Bienes Tangibles, S.A., one of the leading collectibles companies in Europe specializing in stamps, fine art and coins.

GMAI's websites are: www.gregmanning.com and www.teletrade.com. Its common stock is traded on the NASDAQ SmallCap system under the symbol GMAI, and on the Boston Stock Exchange under the symbol GGM.

Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Those factors include the parties' abilities to develop, implement, integrate, and launch the services and offerings described herein, and other factors discussed in the "forward-looking information" or "risk factors" sections included in the companies' prospectuses, quarterly reports on Form 10-Q, and annual reports on Form 10-K.

This release and prior releases are available on the KCSA Public Relations Worldwide website at www.kcsa.com.