This press release describes Stack's Bowers Galleries' upcoming offering of the Paul A. Volcker, Jr. collection.
In a career spanning nearly six decades including public service under five U.S. presidents, Paul
A. Volcker, Jr. worked for private and public firms as an esteemed economist and helped shape the nation's
economic policies. In these roles he received numerous awards, medals, and commendations from entities both
domestic and foreign, which Stack's Bowers Galleries is proud to offer at auction to private collectors and museums.
In addition to the awards, Volcker collected a small group of numismatic coins that will also be offered in the
Beginning in 1952, Volcker joined the staff of the Federal Reserve Bank of New York as a full-time economist.
After five years there, he moved on to Chase Manhattan Bank where he served as a financial economist. In 1962
Volcker joined the U.S. Treasury Department as Director of Financial Analysis and, a year later, was appointed
Deputy Under Secretary for Monetary Affairs. He returned to Chase Manhattan Bank as Vice President and Director
of Planning in 1965.
Gold Treasury Department Service Medal
President Richard Nixon appointed Volcker as Under Secretary of the Treasury for International Monetary Affairs, a
position he held for five years. During that tenure, he was instrumental in eliminating the convertibility of gold to
the dollar, ending the Bretton Woods system which had been in place for just over a quarter century. Following his
work at the Treasury Department, Volcker became President of the Federal Reserve Bank of New York, a position
he held from 1975 to 1979.
In July 1979, President Jimmy Carter nominated Paul Volcker to serve as Chairman of the Board of Governors of
the Federal Reserve System. He was confirmed by the Senate the following month and was re-nominated four years
later by President Ronald Reagan. Under Volcker's leadership, the Federal Reserve helped curb inflation, which had
risen to nearly 15% in March 1980 – three years later it had fallen below 3%. To fight inflation, the Fed under
Volcker raised the federal funds rate, which resulted in extremely high interest rates during the early 1980s.
Nelson A. Rockefeller Public Service Award Medal
Paul Volcker left the Federal Reserve in 1987 and became Chairman of Wolfensohn & Co., a prominent New York
investment banking firm. Throughout the 1990s he remained active, serving as the chairman of various committees
and task forces, among them the Independent Committee of Eminent Persons (Volcker Commission), the IFRS
Foundation, and the Group of Thirty.
Under President Barack Obama, Volcker was selected to head the President's Economic Recovery Advisory Board.
He was reported to be Obama's choice for Secretary of the Treasury, but as he was over 80 by then, he was
considered too old. In 2013, Volcker founded the Volcker Alliance, a nonprofit organization to address the challenge
of effective execution of public policies and to rebuild public trust in government.
Benjamin F. Fairless Medal
Highlights of the collection to be offered in the August auction include Volcker's gold Treasury Department Service
medal; a massive gold Benjamin F. Fairless medal certified by NGC as MS-67; a Nelson A. Rockefeller Public
Service Award medal in gold and a Harry S. Truman Foundation Good Neighbor Award gold medal.
The collection of awards and medals presented to Paul A. Volcker Jr, former Chair of the Federal Reserve under
presidents Jimmy Carter and Ronald Reagan will be offered Monday, August 22, 2022 as part of the Global
Showcase Auction, presented by Stack's Bowers Galleries, official auction partner of the American Numismatic
Association World's Fair of Money. For more information call 800-458-4646, email
visit the firm's website at
THE BOOK BAZARRE
AUTHORS AND PUBLISHERS
: Are your books carried by Wizard Coin Supply? If not, contact us via www.WizardCoinSupply.com
Wayne Homren, Editor
The Numismatic Bibliomania Society is a non-profit organization
promoting numismatic literature. See our web site at coinbooks.org.
To submit items for publication in The E-Sylum, write to the Editor
at this address: email@example.com
To subscribe go to: https://my.binhost.com/lists/listinfo/esylum
Copyright © 1998 - 2021 The Numismatic Bibliomania Society (NBS)
All Rights Reserved.
NBS Home Page
Contact the NBS webmaster