(Fallbrook, California) – The Board of Directors of the Professional Numismatists Guild (PNG) is praising the American Numismatic Association for making significant progress in resolving the association’s cash problems, and urging ANA members to carefully consider the qualifications of candidates running in this year’s elections.

“The ANA Board, Executive Director Larry Shepherd and his staff have made bold and often tough decisions to improve the association’s financial situation. The changes may not make everyone happy, but that sometimes happens when management must confront the kinds of problems the new leadership inherited when they took office in 2007,” said Gary Adkins, PNG President.

“If a candidate can not read a balance sheet or can’t be bothered to learn how, that person should certainly not be elected to the ANA Board no matter how much he or she knows about numismatics. It’s that crucial given the financial problems facing the association,” Adkins emphasized.

“The PNG urges ANA members to vote wisely in this year’s ANA elections for President, Vice President and the seven Governors’ positions on the Board. The ANA is a vital hobby organization, but it’s also a multi-million dollar-a-year business and it must be operated as such. Voters must consider the business experience of candidates as well as their numismatic background. ANA Board members must be able to understand financial statements and help manage the financial aspects of the association. This is more important than numismatic knowledge.”

Adkins said collectors must be a priority for the ANA while also remembering the financial support of dealers. Auction companies also contribute a substantial portion of annual revenues for the association. (more…)

Austin M. Sheheen Jr. of Camden, S.C. has been appointed treasurer of the American Numismatic Association, President Barry Stuppler has announced. An ANA member since 1958, he replaces Adna G. Wilde Jr., who passed away in November.

Sheheen is a founding member of Sheheen, Hancock & Godwin, CPAs and former Air Force officer, who also served 24 years on the Kershaw County Council – 16 as chairman. During his career he has earned numerous awards from the South Carolina Association of CPAs. He is an avid collector and former president of the World Society of Paper Money Collectors.

“We are truly fortunate to have someone with Austin’s extraordinary credentials volunteer to serve as treasurer of the ANA,” Stuppler said. “His knowledge and insight will be invaluable in helping the ANA re-establish its financial stability after several years of budget deficits.”

As treasurer, Sheheen will serve as chair of the Finance Committee; work with the executive director and controller to ensure that appropriate financial reports are made available to the Board of Governors in a timely manner; review the annual budget prior to presentation to the Board; provide periodic written treasurer’s reports to the executive director and Board; review the annual audit and the annual tax returns as prepared by the Association’s accountants.

He will begin his duties this month.

A summary of the recent Memorandum of Understanding signed between the United States and China.

By Peter K. Tompa from the Ancient Coin Collectors Guild

The State Department recently announced import restrictions on a wide array of Chinese cultural artifacts, including some coins. The Chinese restrictions specifically cover archaeological materials representing China’s cultural heritage from the Paleolithic Period (c. 75,000 B.C.) through the end of the Tang Period (A.D. 907) and irreplaceable monumental sculpture and wall art at least 250 years old. While broad, the restrictions are nowhere near as extensive as China’s original request which purportedly sought restrictions on artifacts made as recently as 1911.

Under the provision, restricted artifacts must be accompanied upon entry into the US with either a valid Chinese export certificate or certifications indicating that the artifact in question left China before the effective date of the restrictions, January 16, 2009.

The Federal Register has listed the coin types impacted as follows:

a. Zhou Media of Exchange and Tool-shaped Coins: Early media of exchange include bronze spades, bronze knives, and cowrie shells. During the 6th century BC, flat, simplified, and standardized cast bronze versions of spades appear and these constitute China’s first coins. Other coin shapes appear in bronze including knives and cowrie shells. These early coins may bear inscriptions.

b. Later, tool-shaped coins began to be replaced by disc-shaped ones which are also cast in bronze and marked with inscriptions. These coins have a central round or square hole. (more…)