Museums big and small benefit from numismatic donations

?Two of our news articles this week focus on the generous donations to museums in New York City by two civic-minded and wealthy families. Paul Gilkes reports on the generosity of John E. Herzog, while Steve Roach reports on the donation by Stephen K. and Janie Woo Scher. 

Herzog is well known within the financial collectibles community. He is chairman emeritus of Spink/Smythe and the founder and chairman emeritus of the Museum of American Finance on Wall Street in New York City. In 2011 he founded the Wall Street Bourse, a now annual coin, paper money and stock certificate show held at the nation’s financial capital.

His new donation to the museum of $5 million, to be paid out in installments through May 17, is, as Herzog puts it, “a final gift” and “a display of my confidence in the ability of the museum’s leadership to successfully carry it into the future and sustain it as a permanent institution.” 

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The museum serves as a neutral public forum for addressing topical financial issues and events.

The Scher donation involves their astounding collection of 450 art medals, donated to The Frick Collection in New York City. 

The museum says, “Given its sweeping scope across historical periods and the wide range of its subject matter, [the collection] will resonate with almost every work in the Frick’s permanent holdings. As such the Scher medals will enrich the experience of the museum’s viewing audience and stimulate scholarship on existing holdings in previously unanticipated ways.”

Museums are wonderful places for families to visit, whether they be an art museum like the Frick, a financial museum like that founded by Herzog, or the National Museum of the U.S. Air Force not far from Coin World’s home in western Ohio. And numismatic holdings can enhance a museum’s ability to tell visitors something about history, art, finance, and people.

Donations of numismatic materials to museums don’t have to be as valuable as those offered by Herzog and the Schers. Even a small local museum might welcome a donation of numismatic material. For a collector who is thinking about what should be done with his or her holdings after death and whose family has no one interested in coins or paper money or medals, a donation to the local history museum is a great solution.