Q. David Bowers
One of Abe Kosoff's proudest accomplishments was the founding of the Professional Numismatists Guild, a group which had its inception in the early 1950s and which went on to become the most respected organization of rare coin dealers in America. In later years, Abe prepared a short essay, "How We Began," which was incorporated in various editions of the F'NG Membership Directory. Much of the information in the present chapter is taken from that source.
The collecting of slow-paying or bad accounts has always been a problem for rare coin dealers. In the 1930s, Lee F. Hewitt, founder of the Numismatic Scrapbook Magazine, set up a shortlived credit information service. From time to time other individuals and groups, including the International Association of Professional Numismatists, have done likewise. In modern times, legal complications have developed, and it is not always possible to publicly or even within limited circles decry someone as a "deadbeat." But, such complications did not exist back in 1950, when Abe Kosoff was inspired to dip his toe into the credit problem waters. According to his own account, on February 21, 1950, annoyed at some of his own customers for their dilatory practices in paying their accounts, Abe Kosoff wrote a circular letter to 25 other dealers. For several months previous to that time he had issued memos recommending that "careful consideration" be given before credit was extended to people he named. The idea proved popular, and soon lists of so-called "bad names" were circulated among dealers on an exchange basis. Taking a leaf from the book of Lee F. Hewitt, Abe Kosoff proposed setting up, at least in letterhead form, the Numismatic Credit Bureau, whose stationery could be utilized to give more impact to a request for payment. The same 25 dealer correspondents were invited to sign up for the plan, and 23 did. Some of the dealers recommended other dealers who expressed interest.
On April 20, 1950, Abe Kosoff advised the members" of the seeming success of the movement and suggested that each send a check for five dollars to defray the cost of stationery and postage. Kosoff agreed to act as the clearing house for credit information.
Although the name Numismatic Credit Bureau ran through Kosoff's mind, no name was actually selected. "By May 31, 1950, I had dreamed up the name, Professional Numismatists Guild, an association of professional numismatists of common interest for mutual aid and protection," Abe Kosoff later related.
The roster of the dealers in at the beginning reads like a Who's Who of Numismatics. From Omaha came Aubrey Bebee, who with his wife Adeline had been professionals for many years, earlier doing business in Chicago. Ben's Coin Company, owned by Ben Dreiske, a Chicago numismatic dealer, signed up. Later, the firm was to evolve into Rarcoa.
Barney Bluestone, the well-known Syracuse, New York dealer who conducted regular auctions and also had an over-the-counter business, and whose association with the famed Grinnell Collection of American currency will be long remembered, signed up, as did another old-timer, M.H. Bolender.
Dan Brown, who hailed from Denver, was in at the beginning, as was David Bullowa, who was prominent on the numismatic scene first in New York City and then in Philadelphia. Following his death, his widow, Catherine E. Bullowa, carried on his tradition as a PNG member.
Robert Friedberg, who maintained a chain of leased coin departments in various department stores and who later achieved fame by writing what was to become the standard reference on United States currency, signed up, as did Charles French, who with his wife Arline did business in Troy, New York. Charlie French for many years wrote a coin column for Hobbies magazine. Edward Gans, a specialist in classical and ancient coins, was an early member as was Henry Grunthal, also a classicist. Charles Green, the Chicago dealer, joined through his wife Ruth, who for many years was the figurehead of his firm, the enterprise designated as R. Green. Lee F. Hewitt, he of Numismatic Scrapbook fame, signed up, as did L.W. Hoffecker, whose connection with the American Numismatic Association (he was once president) and the issuance of Elgin and Old Spanish Trail commemorative half dollars will always be remembered. F.J. Kabealo, a Southern California dealer, came on board as a beginning Professional Numismatists Guild member, as did Arthur Kagin, who with his brother Paul operated the Hollinbeck Coin Company in Des Moines. Sol Kaplan, who represented the institution of numismatics in Cincinnati, was also a founding member, as were James Kelly (of Dayton, Ohio), Kenneth Lee (who is remembered as a California fractional gold specialist), and Howard Macintosh (who operated the Tatham Coin Company in Springfield, Massachusetts).
From down in Fort Worth, Texas, B. Max Mehl joined the bandwagon. Abe Kosoff himself was a member, of course, joined by his business partner, Abner Kreisberg. Earl Parker (of San Francisco), James Randall (of Illinois and Florida), Wayte Raymond (publisher of the Standard Catalogue of United States Coins, and a man of numerous other numismatic accomplishments), Burton Saxton, Hans M.F. Schulman, Norman Shultz (of Salt Lake City), Joseph and Morton Stack (of Stack's, New York City), Charles Wormser (of the New Netherlands Coin Company), and Harold Whiteneck (a prominent fixture on the Boston scene for many years) joined the roster, as did Burton, Clarke, Hanson's and Kurtzenborn, according to Abe Kosoff's notes and recollections. The collection of delinquent accounts remained the foremost objective of the fledding Professional Numismatists build. The credit firm of Dun & Bradstreet was enlisted to assist in this regard. The affairs of the PNG were managed by the Executive Board, which consisted of Aubrey Bebee, David Bullowa and Abe Kosoff, the latter serving as executive secretary.
In June of 1951, we thought it advisable to have a representative attend the recently established International Association of Professional Numismatists, and we persuaded Charles M. Wormser to act in that capacity," Abe Kosoff recalled. "Thereafter we kept rolling along, adding new members, dropping or losing some but always serving the purpose for which we had originally organized. The minutes [in my possession] are not quite complete, so when we get to mid-1954 we find that our Executive Board consisted of Sol Kaplan, Kenneth Lee and C.C. ("Tim") Shroyer, whom I had induced to take over as executive secretary."
Tim Shroyer, an electrical contractor from Ohio, was a close friend of Sol Kaplan and was introduced to Abe Kosoff through him. For many years Tim Shroyer was important to the PNG and was a frequent attendee of conventions and other events, often helping to take care of Sol Kaplan's bourse display.
The expansion of PNG services was continually discussed, and the idea of cooperative buying of books and supplies at a discount was mentioned. In 1954 at the annual convention of the American Numismatic Association, held that year in Cleveland, 16 PNG members were present at a special PNG breakfast meeting, as were five guests: ANA President Dr. J. Hewitt Judd, ANA Vice-President Leonel Panosh, David Spink (of the London firm which bore his name), Peter Seaby (also of London), and James E. Charlton of Toronto, Canada. An innovation, a dealer's bourse, was introduced and proved an immediate success.
The PNG was formally accepted, and other leading dealers petitioned to become members. Newly added to the membership rolls were such professionals as Arthur Conn (of Melrose, Massachusetts), Michael Kolman (Cleveland, Ohio), Jerry Cohen (then of Tucson, Arizona, later to relocate in Beverly Hills, California), David Karp (of James, Inc., Louisville, Kentucky), and Al Overton (of Pueblo, Colorado).
At the time the Professional Numismatists Guild remained organized in an informal manner. Following the success of the bourse, it was decided to incorporate the group. Attorneys Cohen and Baron of Cincinnati instituted incorporation proceedings in September 1955. In later years 1955 was considered to be the founding date of the PNG, at least in corporate form. Those who were on the roster as of December 31, 1955 were later considered to be charter members.