Tom Bain was a founding member of the Society of Paper Money Collectors. He held SPMC membership #112 and Honorary Life Membership #3. He was the second SPMC president from 1963-65. He also served as second VP from 1961-1963, governor from 1964-1982 and served on the awards and nominating committees. He received an SPMC's president's award in 1969 and the Nathan Gold Memorial award in 1981.