Mr. Wait was one of the founders of the SPMC holding member #5, Honorary Member #5 and Honorary Life Member #5. He was a leading proponent of paper money research and publication. He was the author of two books in SPMC's landmark Wismer Series, one on Maine notes and the other on New Jersey notes. He was the first secretary of the society and served it for many years. He was president from 1965-1969; secretary from 1961-1964; governor from 1964-1966 and again from 1967-1979. He served as Wismer chair from 1973-1977. He received an Outstanding Service Award in 1965, an Award of Merit in 1972 and 1977. He won the Julian Blanchard exhibit award in 1970 and was awarded the Nathan Gold award in 1978.