One of the definite highlights of the American Numismatic Association’s World’s Fair of Money is the number of gatherings that eventually lead to awards for deserving numismatists. Those are too numerous to list here, especially given that it would be too easy to miss one. The point, though, is that these are times that are generally set aside for deserved recognitions. 

This show is, of course, not the only time when awards can be presented, but the opportunity to get a large number of people in attendance, including the honorees, is greater here.

In fact, some of the awards even precede the show. You saw an example on page six, where the Professional Numismatists Guild gave out their honors (Congratulations to all). Last year, these awards were given prior to the Central States Numismatic Society convention, which is where the Silver Dollar Roundtable handed out their honors this year.

In the coming days, there will be more announcements of honors. These awards play a key role in the cause of furthering the business and the hobby, but they can be much more than that. While most honorees don’t have honors in mind when they do what they do, the recognition goes a long way to justify the amount of effort and sacrifice that is made that benefits so many.

Few of the awards carry additional perks beyond a trophy or plaque, and that is often enough, thank you. Olympic athletes may get paid (more in some countries than others), but the money doesn’t last forever, no matter the amount. The award itself is enduring.

There is no shortage of articles written about the effects of awards versus just cash. One article quotes economist Bruno Frey who says that when awards are designed well, they can have a powerful effect on our behavior. In fact, he argues that awards are much more powerful than cash to increase motivation.

One of the reasons given was that awards are social (given among a number of potential recipients) rather than individual, as cash is, and cash amounts can sometimes be secret, so the value is not widely understood. The article continues that awards incite loyalty, even among those who don’t receive the award. An award can also serve as a motivation factor, both for the winner and for those who didn’t get the honor.

No matter who is selected, we all often benefit from the work of the honored person or organization in some way. That makes us all winners.

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