Paul Simon was a leading authority on gold coinage of the world and a major collector. He was a former President of the Numismatics Association of Victoria and a Fellow of the Royal Numismatic Society of London. An amateur geologist and gold fossicker, Simon was also director of the former Stone's Style Drapery Store in Ballarat, President of the Bridge Street Traders' Association in Ballarat and operated other businesses in Melbourne and Horsham. He was also an active member of the Ballarat Synagogue.
Simon hoped to see a gold museum established in Ballarat, and in 1978 the Gold Museum was opened at Sovereign Hill. His collection was donated to the Museum by his widow Jessica, and a wing of the Museum was named the Jessica and Paul Simon Gold Pavilion.
The Paul Simon Memorial Award was established by Jessica in1977, in memory of her late husband. The award was established to recognise outstanding contributions to numismatic societies and clubs.
'The Paul Simon Memorial Award Medallion', Frank Seymour. Australian Numismatic Journal. Vol.38, pp. 26-27.