He was awarded the first Lichtenstein Medal in 1952 for his efforts in the field of philately as well as his contributions to the growth and prestige of the Collectors Club.

Steinway, along with other prominent American philatelists, helped found the Philatelic Foundation, which originally was located on the fourth floor of the Collectors Club of New York.

Such collectors today collect stamps showing butterflies, elephants, Disney characters, famous art, and so on.

He married Ruth Gardner Davis, with whom he had: Because of his extensive interests and leadership within the field of philately, Theodore E. Steinway was awarded the first Lichtenstein Medal by the Collectors Club of New York in 1952.

His son John carried on his work in the field of philately, and served on the Board of Trustees of The Philatelic Foundation after his death in 1957.