At first glance, tiny Iola, Wisconsin, does not look like the seat of a publishing empire, but maybe it was just a flip of a coin that led to its success. For Iola was the home of Chester L. “Chet” Krause, one of the world’s most famous numismatists, and in 2023, a park was dedicated to celebrate his legacy. Much like fellow Wisconsinite Gary Gygax, Krause would turn his hobbies and collections into a business that would come to redefine his town.
Chet was born near Iola, in Helvetia Township. His coin-collecting hobby started when he was young, when his aunts gave him Whitman penny boards to display his collection. Chet would serve in World War II, and eventually return to Iola, beginning a successful career in construction.
Feeling neglected as a rural collector far away from bigger clubs and major coin shows, Chet had an idea. In 1952, Chet would release the first issue of Numismatic News from his mother’s dining room table. Drawing on his desire to connect with others, his plainspoken, forthright, and honest nature and subject matter expertise soon found a wider audience, and the publication took off. Collectors were drawn to the paper, finding a way to trade and correspond with one another. Along with his protege and eventual Numismatic News editor and American Numismatic Association President Clifford Mishler, Chet would develop industry standards including the KM numbering system for collectible coins.
Chet’s company, Krause Publications, grew quickly. Chet launched a second publication, Coins, and began to diversify into other collectible hobbies, from sports cards to classic cars. The company would eventually cover 15 hobbies and employ more than 400 workers, becoming by far the largest employer in Iola. Chet would become a leading figure in the industry, even selling his coin collection to preserve the hobby from attacks on collectors by the United States Congress in the early 1960s.
Chet would remain dedicated to giving back to his community and workers for the rest of his life. He donated more than $5 million to philanthropic causes, and eventually turned over ownership of the company to his employees through a stock ownership plan. He would also be active in local causes, in particular, founding the Iola Car Show, again turning one of his personal hobbies into a major annual event. Each year, more than 100,000 attendees visit Iola, a town of a little more than a thousand residents, to check out thousands of show cars and give back to charity.
Chet Krause passed away in 2016 at the age of 92, and Iola residents soon began to look for ways to honor the town’s legendary numismatist. A committee of friends and supporters were formed, including Mishler, who led the project, and Jerry Kopecky, who would donate land for a park.
The park, located across the street from the former site of Krause Publications, was dedicated in December 2023, telling the intertwined stories of Chet’s life and Iola’s history. A mural on a building by artist Jordyn Brennan recounts major historical town events, with a number of coin-shaped displays recounting Chet’s impact. In the northeast corner of the park sits a golden bronze sculpture of Krause by artist Eugene Daub. Chet is depicted contemplating an oversized coin and reflecting on his publishing house. And in October 2024, a historical marker was unveiled to highlight his achievements. Fittingly for a man who cared deeply about his legacy and little about formality, the title of the historic marker reads plainly, “I’m Chet!”
