1991 EDCH SILVER COMMEMORATIVE

On September 24, 1990 The American Stock Exchange (AMEX) officially announced its agreement with the Economic Development Corp. of Honolulu (EDCH) to design a securities trading facility in Hawaii. The Hawaiian facility was to service the Pacific Rim counties. AMEX and EDCH, a private non-profit organization funded by Hawaiian businesses, was committed to developing an electronic after-hours trading system in union with the Chicago Board Options Exchange, the Cincinnati Stock Exchange and Reuters Holdings PLC. The equity products system would operate between 6:00 p.m. and 6:00 a.m. New York time. Hawaii offered the exchange an attractive time zone. A 9:00 a.m. to 5:00 p.m. Hawaiian trading day would overlap with: the end of the New York trading day; proposed North American off-hours electronic trading sessions; and the beginning of Tokyo's trading day. During that time, Hawaiian market makers could make markets in exchange-traded products and derivatives. Phil Steele, senior vice president for special projects at AMEX felt the Hawaiian facility would complement an electronic system by having markets being made during the hours the system is operating. "Our basic belief is if you put something together in Hawaii, it's going to attract Pacific Rim order flow." With such great optimism for a Hawaiian trading center, the EDCH commissioned the Mint in 1991 to produce a 39mm, one ounce .999 fine silver commemorative. The obverse features the Honolulu skyline with ominous clouds that for told the future of the ill-conceived project. The reverse features a map of the Pacific Ocean and links the AMEX Hawaiian exchange would have with its major trading locations. PRIVATE ISSUE - NOT PREVIUOSLY OFFERED FOR SALE