Mr. Krause was SPMC member #9 and was named an Honorary Life Member in 2006. He was the recipient of a president's award in 2002 and the Nathan Gold Memorial award in 1989. In 1952, he formed Krause publications and began publishing Numismatic News. He received the ANA Medal of Merit in 1967; the Farran Zerbe Award in 1977; Lifetime Achievement Award in 1994; named Numismatist of the year in 1999 and was the recipient of the Burnett Anderson Memorial Award in 2009. He is pictured on the 1986 ANA convention medal. In 1989 he was elected to the ANA Hall of Fame.