The E-Sylum:  Volume 8, Number 12, March 21, 2005, Article 19

CHECK 21 TO HURT COLLECTORS

We've discussed the new "Check 21" act and its affect
on the U.S. check collecting and autograph hobbies before.
This month I received my first "substitute check" with my
bank statement. Here's an excerpt from a recent article
about the act's effects:

"It has been touted as the biggest change in banking law
in years and is likely to have a significant impact on the
way you conduct business.

The Check Clearing for the 21st Century Act, commonly
referred to as "Check 21", became effective on Oct. 28.

Check 21 is designed to enhance the efficiency of the
payment system by reducing some of the legal barriers to
check truncation. The bottom line of what this means for
most consumers is that in time you will no longer be seeing
any of your checks again after you send them off as payment.

Rather, your bank will now truncate each of your checks to
create a new electronic negotiable instrument called a
substitute check, after which, your old checks will most likely
be destroyed."

To read the full article, see: Full Story

Check collecting is a wonderful numismatic sidelight. It's bad
enough that debit and credit cards have eaten into the number
of checks being written each year, but now many of those
checks will be destroyed long before they have a chance to
become a collectible?

  Wayne Homren, Editor

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