10:00 AM | 250 Years of Change in American Money

Presenter: Michael T. Shutterly

The “money” of the United States has evolved along multiple – sometimes highly divergent – lines. The first 20 years of American independence involved a major struggle just to create a working monetary system; later generations struggled to deal with major threats to that system. Another factor contributing to the evolution of our money is that much of what we consider to be “money” did not exist in 1776, while much of what was considered to be “money” in 1776 has disappeared. What is considered to be “acceptable” in our money
has also changed over time.

We will examine 250 years of American numismatic history through three lenses: (1) the causes of the difficulties involved with establishing and then maintaining our monetary system; (2) the ways in which the very nature of “money” has changed; (3) the reasons that have led to changes in our determination of what is “acceptable” in our monetary system.

Michael T. Shutterly is a recovering lawyer who formerly worked in the financial services world, specializing in anti-money laundering, anti-terrorist financing, and consumer protection. He is now a coin collector, exhibitor, writer, and presenter, specializing in the coins of the Roman Republic and the Byzantine Empire. An ANA Life member, he is also a member of more than a dozen coin clubs – national, regional, and local – serving as an officer or director for several of them. He received a BA in physiological psychology from the University of Pennsylvania and a JD from Boston University.

11:15 AM | Our Nation’s History – It’s All There in the “Fine Print”

Presenter: Dr. Eric Karell

There are few more iconic American images than the $1 bill. In its current form it has been around for some 90 years. So long, in fact, that we don’t give it a second glance as we put it into the tip jar – let alone read the fine print: “This note is a legal tender for all debts public and private.” But these same 12 words have not always been on our money – there have been many different variations on this theme throughout the past 250 years. In this lecture, we’ll see how we can read our nation’s history in that “fine print.”

Banknote issues are solutions to problems. The problems vary: the need to fund a war, a lack of “hard” or “real” money, bank liquidity problems, unavailability of credit, the need to provide a stable currency under government control—all of these have left their mark in the “fine print” on our nation’s banknotes. We don’t pay attention to this fine print today because we have accepted banknotes as money in and of themselves. But when banknotes represented “real money” instead of being real money, the terms of the contract printed on them were carefully worded and carefully read. These obligations range from a simple “will pay to bearer on demand,” to the complex wording on clearing house certificates, and finally, to the deceptively simple wording on the Federal Reserve notes. This lecture will look at examples of how the “fine print” on our paper money reflects the historical events of the time they were in use, from Colonial currency to the Federal Reserve system of the modern day. 

Dr. Karell is a lifelong collector of paper money, coins, and stamps. A veteran of the submarine force and formerly an engineer for the Navy Nuclear Program, he is now retired and lives near Pittsburgh on what he calls his “pretend farm.” When not outside tending to it, he is an amateur artist and has devoted time to practicing the art of letterpress printing and painting. One of his works is now on display at ANA headquarters in the library. He loves to say that he studied under Christopher Madden, chief engraver of the Bureau of Engraving and Printing – even if it was for only a week at the ANA Summer Seminar. Dr. Karell is an experienced speaker who has given several lectures in the past for ANA Money Talks and Sundman Lecture series.

2:00 PM | From Libertas to Liberty: The Foreign Roots of America’s Numismatic Identity

Presenter: Russel Bega

Liberty is often regarded as a uniquely American ideal, proudly proclaimed on United States coinage for more than two centuries. Yet the imagery and symbolism used to express liberty in American money did not originate with the United States. Instead, they emerged from a long visual and intellectual tradition stretching back to the classical world.

This lecture traces the evolution of liberty as a numismatic symbol from the ancient Mediterranean to the early American republic. Beginning with the Greek and Roman traditions that personified freedom through figures such as Libertas and symbols like the pileus, the talk explores how these classical motifs were revived during the Enlightenment and the Atlantic revolutions of the eighteenth century. These ideas circulated widely through European art, political philosophy, and coinage long before the founding of the United States.

When the young American republic began striking its own coins, it drew heavily upon these existing traditions while reshaping them into a distinctly American visual language. Early United States coinage, including Liberty Cap and Flowing Hair designs, reflects a deliberate effort to adapt classical and European symbols of freedom into a new national identity. Comparisons between Roman Libertas coinage, Enlightenment-era European medals, and early American Liberty Cap coinage reveal how the young republic adapted familiar imagery into a new political language.

By examining the foreign and classical roots of American liberty imagery, this presentation demonstrates how United States coinage both inherited and transformed centuries-old traditions to express the political ideals of the new republic.

Russ Bega began collecting coins at the age of eight following a formative visit to a local coin shop in Northern Colorado. By his teenage years, he was working in the trade and operating as a vest pocket dealer, developing an early foundation in the numismatic marketplace. At 18, Russ joined Heritage Auctions before leaving the industry to serve as an Infantry Non-Commissioned Officer in the United States Army, where he spent 13 years. Following his military service, he returned to numismatics in 2021, joining Harlan J. Berk, Ltd. He was appointed chief operating officer in January 2025. Russ specializes in early United States coinage, exonumia, and counterfeit detection. His personal collecting focus centers on Liberty Seated coinage and he is a frequent contributor to The Numismatist and other hobby publications, and regularly lectures on numismatics and material culture.

3:15 PM | Republics in Profile: The Parallel Transition from Allegory to Authority in American and Roman Coinage

Presenter: Caroline Turco

From its beginning, American coinage deliberately avoided depicting real people. The Founders – especially George Washington – rejected portrait coinage as a symbol of monarchy, instead choosing allegorical Liberty drawn from Classical republic traditions. Yet within little more than a century, portraits of Washington and other former presidents became the dominant visual language of U.S. coins. Today, American coinage increasingly commemorates individuals, events, and national origin stories rather than abstract civil ideals. This lecture will explore that transformation across 250 years of American numismatics and place it in conversation with a striking historical precedent: the evolution of Roman Republican coinage into Imperial portrait coinage. It will examine how both societies used money to construct civic identity, promote shared myths, and redefine political legitimacy through imagery.

Parallel visual changes in Roman and American coinage will be compared, where Republican symbols gradually yielded to portraits of living leaders, which culminated in the imperial system. These parallels invite broader questions central to the theme of Striking Independence: Do coins reflect political change, reinforce it, or help shape it? How has the story of American independence via coinage evolved over time?

The talk will investigate coinage as historical evidence – asking how national identity is constructed visually, and why Americans have become increasingly comfortable placing individuals at the center of their monetary imagery over representations of our ideals.

Caroline Turco is a curator at the American Numismatic Association’s Money Museum, where she turns coins, currency, and medals into vivid stories about culture, art, and power. A Renaissance woman at heart, she draws on her eclectic background in art history, operatic performance, museum studies and nonprofit community engagement to bring an uncommon—and highly effective—mix of scholarship, creativity, and curiosity to the field of numismatics. Caroline’s dynamic storytelling connects audiences to the human dimensions of money, illuminating sweeping histories through small yet mighty coins. Off the clock, she loves adventuring with her family although she’s probably still talking about money!