An old stock certificate can be worth something in two completely separate ways, and it is worth answering them one at a time. First, it might still represent real shares in a company that exists today, perhaps under a different name after mergers, in which case its value is whatever those shares are worth now. Second, even if the shares are worthless, the paper itself may be collectible, a hobby called scripophily. Most old certificates are cancelled or belong to companies that failed long ago, and as collectibles they typically sell for approximately $5-50. The exceptions are certificates from famous companies, certificates signed by well known founders, early railroad and mining issues with fine engraving, and rare or very early pieces, which can bring hundreds or thousands.
The face of the certificate, the back and any holes or stamps on it tell you which of the two questions matters for yours.
Quick answer
- Cancelled certificates or defunct companies: worthless as shares, usually $5-50 as collectibles.
- Uncancelled certificates in a surviving company or its successor: possibly real shares, worth checking with the transfer agent.
- Famous company, famous signature or early railroad and mining issues: hundreds to thousands as collectibles.
How to check yours, step by step
- Look for cancellation. Check for punched holes, often through the signatures, a perforated or stamped "CANCELLED" or "PAID", or a cut through the paper. A cancelled certificate was surrendered and replaced, and it no longer represents shares.
- Read the company name and state. The full legal name and the state of incorporation are usually printed near the top. Write them down exactly, including "Inc.", "Corporation" or "Company".
- Find the owner's name, the number of shares and the date. These are on the face, filled in by hand or typed. A blank certificate with no owner name, number or signatures was never issued.
- Find the transfer agent. Look in the lower corners or margins for a line such as "Countersigned and registered" with a bank or trust company name. That is the transfer agent or registrar, the firm that kept the shareholder records.
- Read the back. Look for a transfer assignment, which shows whether the shares were signed over to someone else. A signed and dated assignment on the back can mean the shares were sold or transferred.
- Check the signatures and the vignette. Note who signed as president and secretary, and look at the engraved picture, the vignette, near the top. Note the printer's name in the bottom margin, such as American Bank Note Company.
Does the company still exist?
This is the question that can matter most, and it is worth an hour of research before treating the certificate as a souvenir.
Search the company name. Start with a plain web search on the exact name and the state. Many old companies merged, changed their names or were bought, and their shares turned into shares of the successor. An old certificate in a small company can occasionally represent shares in a large one today.
Check state records. The Secretary of State of the state of incorporation keeps business entity records, usually searchable online. They show whether the company is active, dissolved, merged or revoked, and often the date.
Check the SEC. The SEC's EDGAR database lists filings by public companies since the 1990s, and older companies can sometimes be traced through filings by their successors.
Contact the transfer agent. If the company or a successor exists, the current transfer agent can say whether the certificate is still valid and whether the shares are registered in the name shown. Many shares are now held electronically, so the agent may hold the record even if the paper is old.
Check unclaimed property. Shares, dividends and proceeds that could not be delivered are often turned over to the state. Search state unclaimed property databases under the owner's name.
Paid research. Firms that specialize in obsolete securities research will trace a company's history for a fee, typically tens of dollars to around $100 per company.
If the shares are real. Getting value from them usually requires the original certificate, proof of the owner's death and authority over the estate if the owner has died, and a Medallion signature guarantee from a bank or broker. The transfer agent will explain the steps.
The honest picture: most certificates found in family papers are cancelled, from companies that went bankrupt, or from companies that dissolved with nothing left for shareholders. Penny mining and oil companies from the early 1900s and dot-com era companies make up a large part of what turns up. As securities they are worthless; as collectibles they are worth a little.
What most certificates are worth as collectibles
| Certificate | Typical example | Approximate value |
|---|---|---|
| Common 20th century company, cancelled | Local manufacturers, banks, small oil companies | $5-20 |
| Large well known company, later decades | Big industrial and consumer brands, 1950s to 1990s | $10-50 |
| Railroad certificate, 20th century | Penn Central, New York Central and similar | $10-50 |
| Mining and oil certificate, early 1900s | Western mining towns, Texas and Oklahoma oil | $10-75 |
| Famous failures and scandals | Enron, WorldCom, Lehman Brothers | $20-100 |
| Certificate with an attractive vignette, good condition | Trains, ships, allegorical figures | $20-100 |
| Specimen certificate | Perforated "SPECIMEN", printer's sample | $20-150 |
The certificates that bring more
| Certificate | Why collectors want it | Approximate value |
|---|---|---|
| 19th century railroad issues with fine vignettes | Early railroads, rare lines, strong engraving | $50-500+ |
| Old West mining companies, especially with town names | History, scarcity, small issues | $50-1,000+ |
| Early automobile, aviation and technology companies | Pioneering industries | $50-1,000+ |
| Standard Oil, signed by John D. Rockefeller | Famous founder signature | Thousands |
| American Express or Wells Fargo, signed by Henry Wells and William Fargo | Founders' signatures | Thousands |
| Signatures of other famous financiers and inventors | Vanderbilt, Gould, Flagler, Edison and similar | Hundreds to thousands |
| 18th and early 19th century certificates and bonds | Very early American finance | Hundreds to thousands |
| Walt Disney Productions | Popular with Disney collectors | $50-200, more for early issues |
Signatures need care. Many certificates carry printed facsimile signatures that are part of the design, while famous signers actually signed only certain issues. An autograph in ink, on an issued certificate, is what carries the premium.
What makes a certificate collectible
Vignettes and engraving. Many certificates were engraved by security printers such as American Bank Note Company, using the same intaglio process as banknotes. Fine vignettes of trains, ships, factories, miners and allegorical figures attract collectors who buy for the image, and the same company may have issued plainer and finer designs.
Industry and history. Railroad and mining certificates are the two largest collecting areas. Collectors also seek early automobile, aviation, telephone and film companies, and certificates tied to famous events, bankruptcies or frauds.
Issued versus unissued. An issued certificate, with an owner's name, share count, date and real signatures, is generally preferred by collectors because it has a story. Unissued blank certificates, often found in quantity from company archives, usually sell for less. Specimen certificates, printed as samples for the company or the printer, have their own following.
Cancellation holes. Punch holes and cancellation stamps are normal and accepted by collectors, but holes through the vignette or a key signature reduce value. Clean, light cancellations are best.
Condition. Folds are normal, since certificates were folded and stored. Tears, stains, missing pieces, tape repairs and heavy fading lower value. Framing in direct sunlight fades the inks.
Old certificates often turn up with other paper money and documents; the guides to Confederate money, old dollar bills and inherited stamp collections cover those.
Bonds, receipts and other financial paper
Family papers often hold more than stock certificates. Old corporate and railroad bonds, with rows of small detachable coupons along the bottom, are collected the same way and sell for similar amounts, with early railroad and foreign government bonds in demand. Bonds with coupons still attached are generally preferred by collectors. Matured or defaulted corporate bonds are almost never payable today, but the same research steps apply if a company still exists.
US savings bonds are a different matter and should never be treated as collectibles. Series E bonds from WWII onward, and later Series EE and I bonds, are obligations of the US Treasury and can be redeemed even long after they stopped earning interest. Lost or destroyed savings bonds can sometimes be replaced through the Treasury if the owner's details are known. Check any savings bond with the Treasury before doing anything else with it.
Dividend checks, stock receipts, proxy cards and annual reports are clues for research rather than collectibles. A recent dividend check or statement in a relative's name is a strong sign that shares still exist and are held somewhere, often electronically, so note the company and the transfer agent and follow up.
Common mistakes
- Throwing away an uncancelled certificate without checking whether the company or a successor still exists.
- Assuming a cancelled certificate still represents shares. The punch holes or stamp mean it was surrendered.
- Treating the share count or face value as the collectible value.
- Mistaking a printed facsimile signature for an autograph.
- Trimming, laminating or taping a certificate, which lowers its collector value.
- Paying a research firm before doing a basic state record and web search.
- Signing the back of an uncancelled certificate, which can complicate any later transfer.
What to photograph
- The full front, flat, in even daylight, with the company name and vignette readable.
- The full back, including any assignment or transfer wording.
- Close-ups of the signatures, the date, the share count and the owner's name.
- Any cancellation holes or stamps.
- The printer's name and the transfer agent's countersignature.
- Folds, tears and stains, so condition is clear.
When to get it looked at in person
If the certificate is uncancelled and the company or a successor exists, the transfer agent is the right first contact, and asking costs nothing more than the time. A stockbroker or estate attorney can help with the transfer paperwork, and attorney time typically runs $150-400 an hour, which makes sense only when the shares are worth more than that. For collectible value, scripophily dealers and auction houses that hold paper money and financial document sales review photos and charge a seller's commission, roughly 10 to 20 percent. A written appraisal costs about $100-300 and is worth it for certificates with famous signatures, very early dates or a large collection. For common cancelled certificates, sold listings for the same company are enough.