The Annual Report of the American Numismatic Society for the period beginning October 1, 1994 and ending September 30, 1995 is presented herewith.

In both the coin cabinet and the library, generous donors added substantially to our holdings. Principal gifts included the magnificent collection of Bactrian and related Greek coins formed by the late ANS President Harry W. Fowler, donated by bequest. From Charlene Schosser and Lisa Loret, we received an outstanding collection of Roman coins formed over two generations. In the library, contributions from the Harry Bass Foundation as well as individual donors enabled the Society to bid successfully on a number of important lots in the sale of the Armand Champa numismatic library. These and other important acquisitions, mostly through gifts, are detailed in the departmental reports which follow. We are grateful for support provided during the year to enlarge and improve our resources. An increasing number of members are joining our Circles thereby providing additional support for our programs while also enjoying special benefits. New this year is the Electrum Circle at $500 which has already proven quite popular. Our thanks to all who are Bronze, Silver, Electrum, or Gold Circle Members and especially to those who renew at a higher level. Circles, together with our Annual Giving campaign, are the principal means by which members provide ongoing support for the Society's core objectives. It is always a pleasure to recognize donors whose aggregate contributions entitle them to be designated as Benefactors ($200,000), Patrons ($50,000), or Sponsors ($10,000). Recorded this year as a Patron was Dr. Pierre Bastien of Cranbury, NJ; and as Sponsors: Michael Bernstein, El Paso, TX; Arthur J. Frank, Milwaukee, WI; David Hendin, Nyack, NY; Lisa Loret, Idaho Falls, ID; Sidney Peerless, Cincinnati, OH; J. Roy Pennell, Anderson; SC Dr. Ira Rezak, Stony Brook, NY; Charlene Schosser, New Fairfield, CT; and Dr. Arnold-Peter Weiss, Barrington, RI.

The ANS continues to expand its outreach efforts designed to appeal to the general public as well as to numismatic scholars. The 1994 Coinage of the Americas Conference, chaired by Richard G. Dory, focused on "The Token: America's Other Money" and was reprised in large measure at a special session of the ANA Education Theater held in conjunction with their summer convention in Anaheim, CA. In February, the second annual "Day of the Etruscans" was held here at the ANS, sponsored by the Etruscan Foundation. Throughout the year, ANS curators continued their monthly "Saturday Seminars" in the East Gallery. The on-going generosity of two Society Fellows, Harvey Stack and Catherine Bullowa-Moore, permits the Society to offer memorial lectures at public meetings during the year. In April, R. W. Julian of Logansport, IN, spoke on "The First Twenty-Five Years of the Philadelphia Mint," and in September, the David Bullowa Memorial Lecture was presented by Prof. Robert Bauslaugh of Emory University on "Roman Wars, Greek Money: Silver Coinage in the Types of Aesillas the Quaestor." We were also pleased to continue the popular Graduate Seminar Conference this past January, bringing to our podium three recent alumni presenting summaries of their research carried on during the Graduate Seminar program.

The Russian-born sculptor Alex Shagin, now resident in the U.S., was honored in February as the 1995 recipient of the J. Sanford Saltus Medal Award for signal achievement in the art of the medal. The following month, Cecile Morrisson of Paris, France, was awarded the Archer M. Huntington Medal for distinguished numismatic scholarship. We are honored to add these individuals to our rolls of award winners.

In conjunction with an active schedule of conferences and public lectures, the Society mounted a number of special exhibitions throughout the year, drawing on artifacts and library materials in our own collections as well as displaying works on loan from individuals and other institutions. The ANS continues to be the principal lender of numismatic objects in this country, with ANS coins and medals displayed at such venues as the Metropolitan Museum of Art in New York, the Tampa Museum of Art, and the Palazzo Te in Mantua, Italy, to recite but a sampling from the section on Exhibits and Loans.

In September, I participated in a conference on "Ancient Coinage: Vignettes of History," co-sponsored by the ANS and the Society Historia Numorum and held in conjunction with the Boston International Numismatic Convention. The program was organized and chaired by Dr. Arnold-Peter C. Weiss. At the Society's 1995 Annual Meeting, we were pleased to elect Dr. ; Weiss, together with Martha Carter of Madison, WI, William S. Kable and Jonathan H. Kagan, both of New York City, as new members of the ANS governing Council. At the close of the period, I joined fellow ANS members and guests during part of the Society's grand tour and cruise encompassing Milan, Venice, and the Greek isles. This exciting ANS venture was made the more memorable by the presence of the eminent classicist, T. V. Buttrey, who presented a series of lectures aboard the cruise ship.

For the 1995 Graduate Seminar, the Belgian numismatist Francois De Callatay served as Visiting Scholar assisting the Society's curatorial staff in guiding the students through the intense nine-week training program. Thirteen students from twelve universities participated in the forty-third year of the Society's unique seminar introducing advanced students in the humanities to numismatic methodology. Students who successfully complete the program are eligible for the ANS Graduate Fellowship in support of doctoral research which, this year, was awarded to Ann-Marie Knoblauch of Bryn Mawr College. A 1990 seminar participant, she is writing her dissertation on representations of satyrs in ancient art, for which the coin evidence is critical. For the second year, an anonymous benefaction enabled the ANS to award a Fellowship in Roman Studies, intended to promote the use of the collections and library during an extended residence in New York in support of a substantive research project. The 1995/6 recipient is Mary Joann McDaniel of the University of North Carolina, who will come to the Society to further her work on the cult of Vestal Also during the past year, the Frances M. Schwartz Fellowship was held by Kelly Swett, a graduate student in art history at the University of Massachusetts, Amherst, who worked in the Roman Department during the summer.

Periodically the Society awards grants in support of research and publication in early American numismatics through its Donald Groves Fund. Two grants were made in 1995, the first to Dan Freidus in support of his research on the so-called "Higley coppers" and the second, a publication grant, to support completion of volume 9 of The Papers of Robert Morris. It is a pleasure to report that Numismatic Literature, the semiannual bibliography in the discipline which the Society publishes on behalf of the International Numismatic Commission, has grown substantially in breadth and depth of coverage under the editorship of Harriet Schwartz of Acton, MA. Issue 134 (September 1995) contains over 1,400 entries informing readers of the current state of numismatic research throughout the world.

In November, Willie Owens, the Society's Building Superintendent of the past 23 years, retired to North Carolina. Subsequently, his brother Ed Owens, also a career ANS employee, was named to this position. In March, Ge Lin joined the staff as Assistant Librarian, replacing Carlene Stober who resigned at the end of 1994. Ms. Lin (Grace) received her Masters in Library Science from St. Johns University. At the end of the period, the Society's grant from the Institute of Museum Services in support of the Education Officer position expired and was not renewed. As a result, Constance Wiesman, who had served in this capacity for three years, left the Society's employ and we were forced to terminate the middle school program which she instituted here and ran with great success. A new concept which Ms. Wiesman was instrumental in developing, the ANS Speakers Bureau, will go forward. Under this program, schools, libraries, coin clubs and other organizations can schedule an ANS curator for an illustrated talk and discussion from a catalogue listing topics and fees. The program will be administered internally by Arlene Jacobs, ANS Development Officer.

In recognition of their contributions to the discipline, six members were elected as Fellows of the Society, a class of membership limited to 200 in number. They include: Robert Darley-Doran, Avington Park, England; Michael Druck, New York, whose tragic death in August so sorrowed the numismatic community; Charles R. Hoskins, Philadelphia; Jeffrey P. Mass, Stanford; Ralph R. Sonnenschein, Malibu; and Barry D. Tayman, Columbia, MD. I am also pleased to report that last winter Dr. Sonnenschein became a member of the ANS Millennium Club which recognizes members who have included the Society in their deferred giving plans.

Last year, the Society extended Life Membership to Associates in addition to Fellows who have enjoyed this option for some time. The response has been very positive, to the extent that we have created a separate category for reporting Life Associates in the membership listings of this Report. I am also pleased to have been able to recognize, at ceremonies last summer, two additions to our roll of Honorary Life Members honoring 50 years of membership in the Society: Anne S. Robertson of Glasgow, Scotland, a Corresponding Member who received the Society's Huntington Medal in 1970; and Associate Member Theodore Sundheimer of White Plains, NY, a lifelong hobbyist who for many years visited the Society frequently. Long-standing members will recognize and, I trust, appreciate the distinct difference in appearance of this Report, for which our thanks go to the The Cooper Unions Center for Design & Typography and its director, Mindy Lang.

This, my first year as President of the American Numismatic Society, hewn with a joyous celebration in honor of my predecessor, R. Henry Norweb, It At a black-tie dinner, friends and colleagues joined to toast his extraordinary performance as Society President, good will ambassador, and ardent supporter. Tragically, that happiness turned to profound sorrow when Henry died on June 6,1995, following an accident at his Maine retreat. Our hearts went out to his wife, Libby, their children and grandchildren whom we had all come to know as part of our extended family. The ranks of Councillors and stalwart friends were further diminished with the death in August of John D. Leggett, Jr., whose tenure on Council spanned the years 1971-1995, including 15 years service as Treasurer of the ANS. The memory of these and other good friends whose deaths we record herein remains to us.

ARTHUR A. HOUGHTON