The Professional Numismatists Guild, Inc. is strongly in favor of commemorative quarter dollars honoring all 50 states. PNG Public Relations Director and Legislative Liaison, Donn Pearlman (312-541-8787 x 2711), an authority on coins, was lead-off witness at Congressional hearings on the quarters proposal and is frequently quoted in news stories about the legislation. (See Chicago Tribune, August 1, 1997; St. Paul Pioneer Press, October 1, 1997, etc.) Statement by Donn Pearlman Professional Numismatists Guild, Inc. July 31, 1996 Domestic & International Monetary Policy Subcommittee of the House Banking & Financial Services Committee.

Thank you Mr. Chairman, members of the committee, and staff. My name is Donn Pearlman. A long-time collector, author and former broadcaster and journalist from Chicago, I am here this morning as the Legislative Liaison for and member of the PNG, the Professional Numismatists Guild, Inc. Founded in 1955, PNG is a non-profit organization of the country's top coin and paper money experts and dealers. Our motto is "Knowledge, Integrity, Responsibility."

I am here today representing PNG President Raymond N. Merena and the organization's Executive Director Robert Brueggeman. Former PNG President Harvey Stack testified last July before this committee, focusing on U.S. commemorative coin programs and the lack of circulating commemorative coins.

Regarding H.R. 3793, the PNG is happy to give its "two-bits" worth to support new designs for circulating quarter-dollars. We applaud Congressman Castle's proposed change in our pocket change.

Money is history you can hold in your hands, but the history of United States circulating coinage has been absolutely stagnant for decades. A beautiful national tradition has been halted for no justifiable reasons.

In the last 50 years, there have been more than 2,000 postage stamp designs issued by the United States, but in those same 50 years there have been only nine new coin designs put into circulation.

It is time to put pride back in our pockets.

Putting new coin designs into circulation will make the public aware of the rich history of United States money. From the beginnings of circulating federal coinage in the 1790's through the first half of this century, changing designs on our coins was a relatively common and accepted occurrence. Look at the excitement nationwide 20 years ago when the Bicentennial coin designs were released into circulation.

I've provided this subcommittee with samples of the Bicentennial quarter-dollars that were produced for the country's 200th birthday.

These 1976 coins have a meaningful commemorative design, symbolically reflecting the people, the places, the events and the ideals that helped shape our nation.

Virtually every major country in the world frequently puts new commemorative coins into circulation -- except the United States. Canada introduces several new designs every year, including designs to commemorate each of their provinces.

Producing a series of 50 different coins commemorating the individual states will be meaningful to the public every day they encounter one of these coins in commerce.

Anyone could assemble a wonderful collection of coins, a series of history and geography lessons in their hands and pride in their home state and country, all for just 25 cents a coin; a total face value of only $12.50.

By comparison, if you want one example of every specially produced circulating and non-circulating 1996 coins and proof sets, it will cost at least $3,100.

Depicting the likeness of actual people on circulating U.S. coins has occurred only in this century. President Washington was only supposed to be on quarters for one year, 1932, to commemorate the 200th anniversary of his birth, but he's been there ever since. To paraphrase astronomer Carl Sagan, billions and billions of quarters.

Even if President Washington is removed from the coins, he's still on our $1 bills. Or, his portrait could be retained on the front of the quarters and the states' designs placed on the back, similar to the changes made for the 1976 Bicentennial quarters.