Response to the "Committee for Concerned Fellows of the American Numismatic Society"

Dear Councillor

I am writing to inform you of the contents of a letter that was delivered to the Society late on February 1, 2000.

The letter, from Daniel Weiner, Esq., is addressed to Ms. Paula Gellman, an attorney with the Charities Bureau of the NYS Attorney General’s office. Under state law the Attorney General has oversight responsibilities with respect to not-for-profit organizations such as ours.

Mr. Weiner states that he is representing a newly created "Committee for Concerned Fellows of the American Numismatic Society." Although I am not familiar with this organization, I believe that Professor James Schwartz is a member. The letter summarizes the origin of the Society, speaks to several current issues facing the Society and asks Ms. Gellman for a meeting. Mr. Weiner has made several assertions in error in his letter that I have addressed below in the order in which they appear in his letter.

1. The Plan to Eliminate the ANS Curators

The assertion that the ANS has a plan to eliminate all the curators is incorrect. As you know, last fall ANS adopted an "early-out" program for the curators and the guards as part of the program to reduce the Society’s serious operating deficit estimated at $1.8M for the current year. The need to cut the budget by at least $400,000 had been discussed for a few months, and the resolution for the approval of the FY 1999/2000 budget was unanimous.

The plan also included an across the board 7.5% cut in salaries, a change in publications and their distribution, and the closing of the Society’s collection from Saturday through Monday along with other belt-tightening measures. Although the extended closing schedule has permitted us to reduce guard services, we still maintain appropriate security for the collection at all times.

The Society did not consider it right to suddenly withdraw some or all of the early-out offers to the curators, which offers as required by law had been pending for some six weeks at the time the "Concerned Committee's" sentiments were first made known publicly, and I made that position very clear on the record at the Special Meeting on January 15, 2000. However, I also made it very clear thereafter to each of the affected curators that the Society preferred that each of them stay on for at least one year, in part to accommodate the sentiments of the "Concerned Committee". In every case but one, however, --and presumably despite entreaties from the Concerned Committee--each curator reaffirmed his or her strong preference to resign and take the early-out package. Those agreements are now legally binding on both parties.

Although Dr. Stahl, Dr. Metcalf and Dr. Arnold-Biucchi have signed legally binding documents accepting the early-out program, the Society remains committed to maintaining its historic commitment to world class numismatic scholarship. In the near term we anticipate maintaining a four person curatorial staff with ambitious plans to grow to six or eight and eventually ten persons once the Society reestablishes itself at William Street. In fact with the endowed Thompson chair of Greek coins having been vacated by Dr. Arnold-Biucchi, we will be advertising for that position in the near future.

The commitment to the graduate summer seminar, likewise, is real. Although, in anticipation of moving the collection to William Street this coming summer, the Council cancelled this year’s seminar program, I expect that the program will resume in 2001.

The charge that the President of the Society and the Executive Director did not consult with and inform Council also is incorrect. For the past several years Council has been discussing the Society’s mission, operations and fiscal health. These important issues have been raised and debated by Councilors, members, curators, staff, and outside experts including the American Association of Museums. More importantly, the Council has initiated steps including the purchase of a new headquarters building in the Financial District, the hiring of a professional fundraiser and planning of a money museum with an outreach program to address these issues and plan for the future. In addition, taking advantage of the Internet, ANS has published on its website a full account of much of what has been discussed.

2. Additional Threat to the ANS Collection

Mr. Weiner’s statements about the purchase and renovation of 140 William Street in October 1998 for $7.8 million contain many errors:

First, the source of funds to make the purchase included a contribution of $1.3M from the seller; $2.3M in restricted donations from Council members; and the use of $4.2M for the unrestricted portion of the ANS endowment. (To date, ANS has received $1.1M in donations given specifically to replenish the unrestricted endowment.)

Second, the first phase of renovation presently is estimated to cost $6M. To date, the Society has received pledges of $5M towards these costs. Aside from short-term bridge financing, the Society does not anticipate using endowment funds for the renovation work.

Third, the Society is well into the "quiet" phase of its capital campaign to pay for the move to William Street. Based upon the Council’s strong financial support to date, we are confident that funds necessary will readily be raised once we go public.

While Mr. Weiner is correct that we have asked Spink America, a subsidiary of Christie's, to value the collection, he has misconstrued our motives. Recent discussions in Council prompted our reaching out to Christie’s for its expertise. With or without a valuation, as I am sure you are fully aware, the Council is bound by its own rules and by-laws, the guidelines of the American Association of Museums and often by donor-restrictions when it comes to the disposition of objects from the collection. (Parenthetically, the Hispanic Society of America has asked if their collection that is on loan to the Society might also be valued.)

3. The ANS Rejection of Efforts to Reconsider Its Actions

As Mr. Weiner notes, the Council under our constitution has sole responsibility for the management and administration of the Society's affairs. The Committee for Concerned Fellows of the American Numismatic Society, however, apparently does not recognize or choose to acknowledge that the Society's current financial condition calls for bold, decisive action. Clearly, decisions will be and have been made that have caused or are likely to cause short-term disruption to Society operations. Yet, they will create the foundation for solid growth and expansion for the Society in coming years.

The January 15, 2000 special meeting called by the Fellows, perhaps reveals the different perspectives of Fellows and Councilors. Many, but not all, Fellows urged the Council to adopt a "moratorium" on the new building, the early-out proposal, and change in general for one year. Their passion notwithstanding, few Fellows expressed any understanding of what a moratorium might mean for the Society’s financial health, indeed, it’s very future. The nine Council members in attendance listened carefully and respectfully to the Fellows and promised to reflect on their comments. A transcript of the special meeting has been distributed to you via e-mail or by mail to share what the Fellows had to say with all of the Councilors. In closing, the President told the meeting that the Council would fully consider the points raised and report back to the membership in the near future.

Clearly, the ANS is in transition. As is often the case, not everyone finds change welcomed or comfortable. Therefore, as we relocate to 140 William Street, raise new funds, and create programs to bring a more diverse audience to the Society, the staff and I recognize how important it is to communicate our goals and our plans not only to the Council but also to the Fellows and the public at large.

Our work is important and the challenges we face to reach our goals are real. I personally appreciate your constant support. Together, I am confident that we will achieve them and build a Society of which all members are proud.

Yours truly,


Dr. Ute Wartenberg
Executive Director