The Bourse, of Course

By Penny Grey

Just at the time people have descended on Wall Street to protest the American economic system, the Wall Street Bourse arrives at the Museum of American Finance Oct. 21 and 22 to celebrate it, attracting collectors and 22 dealers from around the country in search of coins, currency, bank notes, stock certificates and other ephemera related to money and its history.

For most New Yorkers, both the name and concept of a bourse may seem a bit foreign. Mark Anderson, president of the Society of Paper Money Collectors, explained: "Well, the word 'bourse' itself actually means exchange, but it comes from the French word bourse, for 'purse,' which comes from the Latin bursa, for 'pocket.' So, really, it's just a fancy way of saying people standing around trading."

The Museum of American Finance and the Wall Street Bourse are both the brainchildren of John E. Herzog, a sprightly and passionate 75-year-old who now serves as the chairman emeritus of the museum. After the 1987 market crash, Herzog began to mount exhibitions using his own extensive collection to educate people about economics and financial history. Now, after the latest economic tumble, he's certain there's a real reason to expand the museum and encourage financial literacy. "There has never been a more important time to understand how money works," he said. "It's the only way to put a halt to the grinding discouragement of poverty-through education."

The Museum of American Finance certainly provides an education. Located in the spectacular former headquarters of The Bank of New York, the museum tells the story of America's financial memory through engaging exhibits highlighting moments in national history and their relation to financial documents.

On display, for example, is the Washington Bond, a bond dated Jan. 17, 1792, that was owned and signed by George Washington while he was president. It was for $185.98 of Assumed Debt, part of Alexander Hamilton's plan for liquidating the debt of individual states and creating a national debt. "It's the first record we have of national debt," Herzog said excitedly. "You're staring at national debt. It's nothing new. And it's right on that piece of paper!"

Anderson reiterated the historical value of collecting and viewing artifacts like those at the Museum of American Finance. "These things have no intrinsic value in themselves," he said. "They're the props with which we tell the stories of history. Collecting just isn't the same without a history. Essentially, the context becomes the object. And people who are collectors are really collecting stories, the stories beyond the objects."

Those who attend the Wall Street Bourse exhibit will have the opportunity to start their own collection-or at least a chance to observe collectors in the throes of their passion. As Anderson confessed, "Collecting is a serious disease. We should all be in some anonymous program for addicts, probably." But even if collecting isn't an addiction or even a hobby, there's plenty to be had from dropping in at the Bourse. "If you enjoyed history, sociology, economics, politics, then you'll enjoy the Bourse. It's a free education," Anderson suggested.

With a twinkle of delight in his eye, Herzog added: "One thing's for sure. The Bourse is unlike anything most New Yorkers have ever seen. And with the museum free to the public on the days of the [exhibit], there's just no reason not to come down and check it out. There's no place else like this anywhere in the world. People will be blown away by what they see!"

The Wall Street Bourse at the Museum of American Finance, 48 Wall St. (betw. Pearl and William Sts.), www.moaf.org; Oct. 21 and 22, 10 a.m.?4 p.m. Buffalo Bills. Photo courtesy of Museum of American Finance.