Cover letter dated September 26, 1995, effective October 1, 1995

Kelly, Anderson, Pethick & Associates, Inc.
 
                      AGREEMENT FOR SERVICES

This agreement is made by and between Kelly, Anderson, Pethick &
Associates, Inc. (Kelly, Anderson, Pethick), 1020 19th Street,
NW; Suite 800; Washington, DC 20036 and American Banknote
Corporation (Company), 51 West 52nd Street, New York, NY 10019.

Whereas the Company wishes to engage the services of the Kelly,
Anderson, Pethick as specified herein, and Kelly, Anderson,
Pethick is ready, willing and able to undertake the rendition of
such services;

Now, therefore, the parties agree as follows:

1.   DESCRIPTION OF SERVICES

     As requested by the Company, Kelly, Anderson, Pethick shall
     furnish business development services, advice, consultation
     and related services pertaining to the Executive and
     Legislative branches of the U.S. Government - to include,
     but not limited to, the U.S. Department of State,
     Agriculture, Treasury, Defense, the U.S. Postal Service,
     U.S. Congress and the Government Printing Office.

2.   INDEPENDENT CONTRACTOR

     Kelly, Anderson, Pethick shall operate as, and have the
     status of, an independent contractor and shall not act as or
     be an agent or employee of the Company.  As an independent
     contractor, Kelly, Anderson, Pethick will be solely
     responsible for determining the means and methods of
     performing the commensurate services with the standard of
     care, skill, and diligence normally provided by professional
     organizations performing services similar to those to be
     performed hereunder.

     Consultant shall not have authority to obligate the Company
     to any agreement or to exercise any supervision or direction
     over Company's employees.

3.   AUTHORITY OF COMPANY PERSONNEL

     Kelly, Anderson, Pethick's contacts within the Company shall
     be Morris Weissmsn, Robert Wilcox, Harvey Kesner, Joshua
     Cantor and Jay Furick, who shall be responsible for
     transmitting task orders, request for advice and
     consultation from the company, and for providing and
     coordinating provision of information to Kelly, Anderson,
     Pethick when necessary to enable Kelly, Anderson, Pethick to
     carry our responsibilities hereunder.

4.   COMPENSATION

     Company will retain the services of Kelly, Anderson, Pethick
     on a monthly service fee of $5,000.  Calculation of hours
     expended per month will be based upon the rates provided
     below.

          TITLE                           RATE
          Principal                               $175.00
          Project Manager                         $150.00
          Senior Associate level 1                $150.00
          Senior Associate level 2                $125.00
          Associate                               $100.00
          Research/Administrative                 $ 75.00

     Services or tasks which require Kelly, Anderson, Pethick to
     expend more than the minimum monthly support during a
     calendar month, will be billed and become payable at the end
     of the month performed.

     Company will reimburse Kelly, Anderson, Pethick for its
     actual and reasonable out-of-pocket expenses incurred in
     carrying out this agreement.  These will include but not be
     limited to such items as travel out of the Washington, DC
     area which has been requested and approved in advance by
     Company; local travel, long distance telephone calls;
     meeting expenses; photocopying and printing of documents;
     postage and messenger costs.  Copy of receipt will be
     provided for any expenses in excess of $50.00.

5.   REPORTING AND INVOICING

     Kelly, Anderson, Pethick will provide Company with an
     invoice for the monthly or task services including: time
     spent, tasks accomplished and actual expenses incurred. 
     Also, attached to the invoice, Kelly, Anderson, Pethick will
     account for time expended and activities performed on behalf
     of the Company.  Payment of each invoice is due upon
     receipt.  A 1.5% monthly service charge will be incurred for 





     each invoice outstanding after thirty (30) days from invoice
     date.  Service charge will be calculated monthly until
     payment is received.

6.   CONFIDENTIALITY AND NON-DISCLOSURE OF INFORMATION

     Consultant agrees that it will not divulge to third parties,
     without the written consent of the Company any information
     obtained from or through the Company, or developed or
     obtained by consultant in connection with the performance of
     its services under this Agreement unless (i) the information
     is known to consultant prior to obtaining it from the
     Company, (ii) the information is at the time of disclosure
     by consultant, then in the public domain, or (iii) the 
     information is obtained by consultant from third party who
     did not receive it directly or indirectly from the Company.

7.   CONFLICT OF INTEREST

     The parties understand and agree that the services of Kelly,
     Anderson, Pethick are provided on a non-exclusive basis, and
     that Kelly, Anderson, Pethick is retained by other Companies
     for which Kelly, Anderson, Pethick provides similar
     services.  Kelly, Anderson, Pethick represents that there
     currently exists no conflict of interest, real or apparent,
     between work to be performed under this agreement and any
     other work performed by Kelly, Anderson, Pethick for any
     other government or private organization or Company.  Kelly,
     Anderson, Pethick agrees that it is obligated to inform the
     Company in writing of any conflict of interest, real or
     apparent, which exists now or in the future so long as the
     terms of this agreement remain in effect.
      
8.   INDEMNIFICATION

     Kelly, Anderson, Pethick, its agents and employees, shall
     comply with all applicable laws, rules and regulations with
     respect to the representation of Company and shall perform
     its obligations hereunder in good faith, care, diligence and
     in a non-negligent manner.  Company agrees to hold Kelly,
     Anderson, Pethick harmless from any and all claims other
     than those which may arise from a breach or default by
     Kelly, Anderson, Pethick of this Paragraph 8.

<PAGE>
9.   MODIFICATION

     This Agreement constitutes the complete agreement between
     the parties, and all prior negotiations, both orally and
     written, are integrated into the Agreement.  The Agreement
     shall only be changed, altered, modified, amended,
     supplemented, or novated in writing and signed by both
     parties.  This Agreement supersedes any previous Agreements
     between Company and Kelly, Anderson, Pethick.

10.  GOVERNING LAW
  
     Kelly, Anderson, Pethick will comply with all applicable
     laws and regulations in the course of its activities on the
     Company's behalf and will file periodic reports of these
     activities including identification of all principals and
     subagents.  This contract shall be construed under the
     governed by the laws of the District of Columbia.

11.  TERM 

     This agreement shall commence on October 1, 1995.  Either
     party may terminate this Agreement upon thirty (30) days'
     advance written notice to the other party.  Upon receipt of
     notice or notice given of termination, Kelly, Anderson,
     Pethick shall cease all activities on Company's behalf,
     render a final report of activities, fees and expenses; the
     reasonable sum for which shall be paid within 30 days.  This
     Agreement will be terminated without further liability or
     obligation on the part of the company should Kelly,
     Anderson, Pethick breach any of the covenants of this
     Agreement.

12.  CONFIRMATION

     a.   Failure on the part of either party to insist on strict
          compliance by the other with any provisions of this
          Agreement shall not constitute a waiver of the other
          party's obligations in respect thereof, or of the first
          party's right hereunder to require strict compliance
          therewith in the future.

     b.   This Agreement sets forth the entire understanding of
          the parties as to the matters included herein, and can
          be amended or extended only by written agreement signed
          by both parties.

12.  CONFIRMATION (cont'd.)

     c.   This Agreement shall be binding upon and inure to the
          benefit of the parties hereto and their respective
          successors and assigns, but this provision shall not be
          construed as allowing Consultant to convey or assign
          its rights or obligations hereunder without the prior
          written consent of the Company.

     d.   The obligations set forth in this Agreement are
          severable and divisible, and no clause or portion
          thereof which is not enforceable shall cause the
          remainder of such clause or other obligations contained
          herein to be unenforceable.

     IN WITNESS WHEREOF, this Agreement has been executed as of       the 
day, month and year above written.

     For:                          For:

     Kelly, Anderson, Pethick      American Banknote Corporation
     & Associates, Inc.



     __________________________    ___________________________
     Signature                     Signature



     Bette B. Anderson             Morris Weissman
     President                     Chairman & Chief Executive         Officer













[Kelly]