AX Moncerotis is a 232(d), noneclipsing, interacting binary star that
consists of a K giant, a Be-like giant, and large amounts of circumste
llar material. The K star is almost certainly a synchronous rotator an
d is probably in contact with its critical lobe. The Be star was belie
ved to be a rapid rotator based on extremely wide absorption lines, bu
t new spectra show that these lines arise from the circumstellar envir
onment. Hydrogen emission, also circumstellar, is many times stronger
than the continuum. Near-ultraviolet light curves exhibit a 0.5 mag di
p near phase 0.75, but there is no such variability at longer waveleng
ths. Gas flow trajectories from the cusp of the K star toward the Be s
tar provide a simple explanation for the photometric and spectroscopic
behavior. We may have found a decreasing orbital period, but more dat
a are necessary to confirm this result. We present several models for
AX Mon based on (1) new and archival visible photometry, (2) archival
ultraviolet spectroscopy, (3) new and archival visible spectroscopy, (
4) new visible polarimetry, and (5) new radio photometry. Future obser
vations, including optical interferometry, are proposed.