Answers to Common Questions

Q: Is the ANS getting rid of all its curators? We have heard that it is going to become a US coin collectors club.
A: The ANS is not "getting rid" of all its curators. It has made curatorial and certain other staff members a generous voluntary early-out proposal, the objective of which is to reduce recurring personnel costs by asking for volunteers for early termination. The ANS intends to retain critical curatorial functions to ensure that the collections are managed properly and available to scholars and others. The Society has extraordinary collections in all fields, and a following that includes scholars and others with broad interests. It intends to continue to service those interests in a balanced manner, to the greatest extent that it can in our present financial situation. The story that it will become a "club" for only one group or another is as silly in substance as it is on its face.


Q: Does or did ANS President Donald Partrick own the new building at 140 William Street, and will he be leasing it to the Society?
A: No. The Society, as an institution, owns the 140 William Street property. Mr. Partrick has never owned the building. The previous owner of 140 William Street was a medical doctor (RMC Enterprises LLC).


Q: How large is the endowment of the ANS?
As of early December, 1999 the endowment is at $12 million, of which c. $3 Million are for restricted purposes only.


Q: Were members aware of the seriousness of the financial difficulty?
A: This is a much debated question. The Council and some members had been keenly aware of a deficit that has been growing over the last dozen years. To improve its situation the Society completed one fundraising campaign in the late eighties but with only modest results. The money raised ($3.6 million) was not sufficient to cover operating losses. A report commissioned in 1993 from Pierpont & Wilkerson concluded that "ANS is not currently prepared to conduct a campaign for a goal of approximately $12 million." As reasons for the low fundraising expectations the following points were raised:

The Council felt that certain factors had to change first if a successful campaign could be carried out. The acquisition, renovation and move to the new location at 140 William Street is seen by Council and many members as a vital key to a successful fundraising campaign.

Q: How do outsiders view the organization?
A: In late 1998, the American Association of Museums (AAM) denied the ANS re-accreditation. The report of the Accreditation Committee of the AAM noted that:


Concerning the finances of the ANS, the report of the Committee stated:
"But, as the Audit and other financial papers make all too evident, this is an organization with significant operating deficits, which are funded by essentially raiding the endowment (which has presumably benefited from the recent bull market). We use this term 'raiding' because there is no indication that these funds are being borrowed, with an intention to repay. This is a matter of great concern, which suggests future serious fiscal instability, and even a present state of crisis (since cyclical downturns are inevitable). But we were not convinced that this is being viewed in crisis terms, perhaps in part because of the mission confusion that permeates the ANS."


Q: Is the Council divided on what is being done, including the reduction in staff?
A: At its October meeting the Council voted unanimously to reduce the Society's operating costs, including reductions in staff. Exactly how this should be done was not discussed by Council but left to President Partrick and the Executive Director to determine. Council members would be expected to have differing views on any particular measure, but to repeat, all agreed that significant reduction should be accomplished.


Q: How are the staff reductions being decided? By Mr. Partrick? By the Council?
A: The early-out program was formulated with advice of counsel and is still in process. Eligible employess who have expressed interest have the Society's proposal under active consideration for a period prescribed by law.


Q: What other measures have been taken to reduce costs?
A: All senior staff took a pay-cut of 7.5%, a cut back in opening hours of the Society, changes in publications and its distribution/sales, the augmenting of development and accounting staff, and general cutback in supplies, events, etc.


Q: Why has no decision been taken to sell part of the collection to raise money?
A: Decisions related to closing the operating deficit include reducing operating costs (both personnel and non-personnel related costs) across the board. They include raising money from Council, all of whom have contributed or pledged funds. They include a major fund-raising campaign. For reasons connected to the Society's own statement of ethical standards, general museum practice, and considerations involving potential concerns of the New York State Attorney General, the Society has decided not to consider any sale from the collection that goes beyond its current practice of selling die-duplicates only.


Q: Is it true that the ANS will focus primarily on US Coins?
A: No. The ANS wants to become more actively involved in the study of US numismatics. The Curator of Modern Coins and Currency spends a large amount of his time on US coins and has published extensively in this field. The ANS does not currently employ a Curator of US Coins. At the same time, ANS members interested in US numismatics make up over 25% of the total ANS membership. Most casual visitors to the ANS expect to view US coins, and future exhibition and education programs have to take this demand into account. However, this is not to say that other curatorial areas would be eliminated to fund such a position.
See also the letter from Donald Partrick.

Q: Is it true that the ANS is abandoning all its publications?
A: No. The ANS will continue and improve its publication program of the AJN, Numismatic Literature, CNL, COAC, SNG volums, as well as books on various numismatic areas. Steps have recently been taken to improve the quality, distribution and frequency of all ANS publications. Further much of the copy-editing and other work will be outsourced but co-ordinated by the Society's Publications Committee and a Society staff member. The distribution and sales of all books will be improved to provide more revenue to the Society. In line with other books in the field of numismatics, there will be some increases in the retail price of publications. However, we are hoping to be able to provide substantial discounts to our members.


Q: Has the Summer Seminar been eliminated? How can it function if there are no more curators?
A: The Summer Seminar has not been eliminated. It has been cancelled for the summer 2000 in order to allow staff to organize the move to its new headquarters. The Society is fully committed to education as its primary mission. The Summer Seminar, which allows 10-12 graduate students to learn about numismatics, is expected to be resume in the summer of 2001 ans will take advantage of the new facilities at 140 William Street. The Summer Seminar will be held, but it would be premature to determine the staffing of an event in 2001.