Use an If...then...Else field in conjuction with a couple of INCLUDEPICTURE
fields, each of which contains the path\\filename of the relevant image

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Hope this helps,
Doug Robbins - Word MVP
>A coworker of mine is trying to have the "image" letterhead of a company
> switch based on a merge field that tells us which company the letter is
[quoted text clipped - 7 lines]
> Chris Hlusak
> csh@npomn.com