Mission & Vision

Finance impacts everyone.

The Museum of American Finance (MoAF), an affiliate of the Smithsonian Institution, seeks to improve understanding of the influence of financial institutions and capital markets on the US and global economies, and on individuals’ lives. The nation’s only independent museum dedicated to finance and financial history educates the public through exhibits, financial literacy programs and public events. The Museum seeks to empower individuals of all backgrounds to strive toward financial independence, while encouraging curiosity and discovery.

In July 2026, we will open a unique and transformative exhibit headquarters in Boston that will take advantage of the tremendous recent advances and breakthroughs in AI and visual learning. We will display the physical artifacts of our nation’s financial heritage in exhibits utilizing the latest digital tools to create a groundbreaking learning environment. In addition to engaging exhibits, we will continue our robust financial literacy programs and acclaimed public events.

All of our exhibits and programming are offered free of charge—eliminating barriers to enter and learn.

Visitors will leave the Museum with a greater understanding and appreciation for our nation’s financial history—much of it centered in the Boston Harbor area—as well as knowledge that will help them better their own financial lives. We are thrilled for our exhibits to be based in Boston and will ensure that Commonwealth Pier becomes a destination for school groups, tourists and the community.

We are also open to exploring collaborations in New York City and other financial hubs for future Museum sites. Our goal is for Boston to be one of several MoAF locations in financial centers around the country.

Origins & History

John Herzog first conceived of the Museum of American Finance after the Crash of 1987, when the stock market plunged a staggering 508 points—22.6% in one day. As a partner in a major Nasdaq market making firm, Herzog Heine Geduld, he witnessed the reactions in real time, and he saw how the markets impacted not only traders and investors, but all Americans. 

Herzog recalled vividly his parents’ experiences from having lived through the Crash of 1929 and the Great Depression. Thrift was an important lesson, as was saving and being thoughtful with money. His mother often said, “Money is round, and it will roll away.”

Herzog recognized that the average American did not understand how the capital markets worked. He endeavored to educate and raise awareness of financial literacy through his personal collection of documents pertaining to the economic founding of America.

At the time of the Museum’s opening exhibit on Lower Broadway in New York City, Herzog said:

“What was missing in the confusion and panic during 1987 was historical perspective. I wanted to contribute to people’s enhanced understanding of the capital markets through the history of our amazing American financial experience.”

The Museum remained on Lower Broadway for nearly two decades, where in 2001 it became an affiliate of the Smithsonian Institution. This enabled the Museum to borrow from the Smithsonian’s collection, which it has done extensively.

In 2008, the Museum moved to a beautiful landmarked building at 48 Wall Street, which allowed it to expand its reach and significantly enhance its visibility. The Museum produced 20 exhibits at that location between 2008 and 2018. It also developed the Museum Finance Academy (MFA) for high school juniors and seniors in 2009, which became the center of its financial education programs.

Also at 48 Wall, the Museum launched several popular event series which continue today. The Museum currently offers more than 30 public events per year, including lectures, panel discussions, conferences and walking tours. These programs are now offered in both in-person and virtual formats.

The Museum is now focused on moving into the 21st century with state-of-the art exhibits, as well as expanded educational initiatives and outreach programs. To that end, it will open a new facility at Commonwealth Pier in Boston in July 2026.

John Herzog’s legacy is a thriving institution where history meets the present, and all visitors can see and learn about the vibrant and important economic drivers of America.

Leadership & Key Contacts

photo of David J. Cowen
David J. Cowen

President/CEO

212-908-4604
dcowen@moaf.org

Focus: Partnerships, Major Gift Giving, Sponsorships

photo of Kristin Aguilera
Kristin Aguilera

Deputy Director

kaguilera@moaf.org

Focus:
Media Inquiries, Magazine, Events, Digital

Linda Rapacki

Managing Director of Business Operations, Visitor Services and Education

lrapacki@moaf.org

Focus:
Visitor Services, Education

Mindy S. Ross

Director, External Relations

mross@moaf.org

Focus:
Development, Corporate Support, Sponsorships

Maura Ferguson

Director of Exhibits

mferguson@moaf.org

Focus:
Exhibits, Research, Graphic Design

Gregory DL Morris

Research Associate

gmorris@moaf.org

Focus:
Research, Exhibits, Magazine

Robert Dinkelmann

IT/Technology

rdinkelmann@moaf.org

Focus:
Visitor Services

Steven Rivera

Facilities

srivera@moaf.org

Focus:
Visitor Services

Boards & Panels

Photo of William Dudley William Dudley
Photo of William Harrison William Harrison
Photo of Henry Kaufman Henry Kaufman
Placeholder Image Duncan Niederauer

Jobs @ MoAF

Current Openings

Museum Operations Manager

Boston, MA (Commonwealth Pier), Full Time

Job Description

Volunteer Docent

Boston, MA (Commonwealth Pier), Volunteer

Job Description

General FAQs

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There are many theories about how "bull" and "bear" became market terms, but the most common explanation comes from the nature of the animals. The bull tosses things up with his horns, while the bear tears fruit and honey down from trees with his claws. The bull, therefore, represents an upward moving market, and the bear represents a downward moving market.

In 1653, a wall was constructed on the northern part of the Dutch settlement of New Amsterdam to protect the colony from an attack from New England. The wall was made of 16-foot logs sunk four feet into the ground and sharpened at the top. The English did attack in 1664, and the wall was torn down in 1699. The street where the wall once stood was subsequently named "Wall Street."

From time to time the Museum purchases new objects for the permanent collection from its small collection acquisition budget. The overwhelming majority of the items in the Museum's collection were donated to help the Museum pursue its educational mission. Owners of old certificates wishing to sell them should consult a commercial appraiser to assess their value.

First, you will need to find out whether the security is still active or is obsolete. To do this, you can begin by either searching for the company name and/or trading symbol on a financial website or asking your broker to find out for you. If you would like to do the legwork yourself, you can call the state securities regulator's office in the state of the company's incorporation (which you'll find printed on the certificate) to find out the history of the company, including stock splits, mergers, acquisitions, etc.

If the stock is still paying dividends, you can call the company or your broker to determine the value of your stock. However, even if the company is no longer in business and the stock is worthless, the certificate itself might have value as a collectible. You can search online for dealers specializing in scripophily (collecting antique financial documents) to learn the value of your certificate.

Among the media saved by museums, archives and libraries, antique paper is fairly durable. The high rag content of old paper and good quality of ink used by our forbearers helps explain why we are able to read John Hancock's signature on the Declaration of Independence over two centuries later. Enemies to long-term conservation are fire, exposure to extreme light, great fluctuation in temperature and humidity, bugs and contact with corrosive materials. Tape and glue should not be used in the vicinity of antique paper; if present they should be left in place or removed by a trained conservator. Institutions and collectors take care to store documents in acid-free sleeves, files and boxes, available from library supply companies. Curators handle antique paper documents with gloves, to avoid contact between the object and the contaminating substances found on our skin.

Image for Question 5

Unfortunately, no. These notes, bearing the number 8894, were produced as souvenirs and sold in gift shops throughout the country.

The original DJIA consisted of a dozen stocks: American Cotton Oil, American Sugar, American Tobacco, Chicago Gas, Distilling & Cattle Feeding, General Electric, Laclede Gas, National Lead, North American, Tennessee Coal & Iron, US Leather (preferred), and US Rubber. Only one, General Electric, is in the average today.

The jackets identify which firms the traders work for, so it is easier to tell them apart on the exchange floor.