The E-Sylum:  Volume 7, Number 33, August 15, 2004, Article 14

NEW WEB FOR TRANSFERRING MONEY

  Dick Johnson writes: "The Federal Reserve has developed a
  new internet-based system to move money around.  But this
  money is debits and credits ? not coins and currency of
  interest to numismatists.

  On an average day the Fed transfers $1.8 trillion this way.
  This is more than twice the $675 billion of total U.S. coins
  and currency in circulation (as of last count, December
 2002).

  An article in the August 15, 2004 New York Post, writer
  Hilary Kramer tells about the Fed?s new web plan. It?s
  called FedLine Advantage. Previously it did all this on a
  closed, stand-alone,  Microsoft DOS operation system
  computer network, which is said to be outdated. The
  article  discusses the obvious security concerns.

  Of concern to numismatists is the growing tendency of
  money transactions away from traditional  forms we collect.
  Are we destined for a coinless, currencyless money system?

  The article can be found at: Full Article

  Wayne Homren, Editor

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