A short to very short (100-650 bp) sequence of mitochondrial cytochrome c oxidase subunit I (COI) is proving to be highly efficient for barcoding many animal species and possibly a variety of other domains. Identifying effective gene sequences for barcoding plants and other domains is an important priority, as is perfecting forensic methods for quickly extracting adequate sequences from museum specimens stored for decades or centuries under a variety of circumstances. Possible pilot projects are presented—these are focused on select taxonomic groups to further help validate the barcoding approach as an appropriate means of species recognition and discovery. The initial steps toward an International Barcode of Life Initiative, which will draw on the taxonomic expertise and extensive collections of the world’s natural history museums, are discussed and it is anticipated that a proposal for a coordinated Secretariat will be forthcoming.