SCOAP3 is an initiative to convert all of the major high energyphysics (HEP) journals to Open Access. It would redirect libraryfunds for HEP journals to a consortium that would then negotiatewith publishers in order to reach the OA goals. Although theSCOAP3 initiative sails under the banner of Open Access, itbrings in its wake the prospect of reducing the aggregate cost tolibraries of HEP journals. The costs of the 5 target journals arelisted below: JOURNAL $/article $/citation Publisher Phys. Rev. D 1.69 0.47 APS JHEP 1.79 0.43 SISSA Phys. Lett. B 10.98 2.68 Elsevier Euro. Phys. Jour. C 18.71 7.06 Springer Nucl. Phys. B 32.33 6.20 Elsevier (Data from www.journalprices.com) To raise $3.7M, the US part of the $14M of consortium funding,SCOAP3 is negotiating with US institutions involved in HEPresearch. We estimate that only about 1/3 of the US subscriptionrevenue for Physical Review D comes from these institutions, soif only they are involved, each must be asked to triple what itnow pays for PRD, presumably with offsetting savings from otherjournals. Of course SCOAP3 would also benefit non-contributinginstitutions and the general public. APS has a mandate to publish in all physics disciplines. As aservice to the physics community we have kept our prices as lowas possible, to encourage broad distribution of our content.However, if we are to continue to provide quality peer review,distribution, and archiving of physics research, we must recoverour costs. The current subscription-based funding model, thoughfar from perfect, has provided adequate and stable funding, inharmony with the arXiv and with our generous self-archivingprovisions. An obvious concern is that once the journals arefreely available, some libraries might divert their now voluntarycontributions from SCOAP3 to other more pressing needs, becausedoing so would bring no immediate consequences. We are gravelyconcerned about the difficulty of reassembling our subscriptionmodel were SCOAP3 to fail. The funding and sustainability of the SCOAP3 model have yet to bedeveloped and demonstrated. If they can be, then APS would bewilling to make PRD freely available on our site. Gene D. Sprouse Editor-in-Chief, American Physical Society Joseph W. Serene Treasurer and Publisher, American Physical Society