Waffling Around

QUESTION: I recently purchased an old electric waffle iron at a garage sale. Are these things collectible and can I still use it?

ANSWER: Mmmmmmm. Just the mention of waffles reminds me of the smell of them baking on a cold Sunday morning, then smothered in butter and warm maple syrup, and perhaps topped with strawberries and whipped cream. But I digress...

Depending on the age of your electric waffle iron, it has the potential to be collectible. Small appliances like this are just coming into their own as collectibles. However, if you plan to use it, you had better have the appliance checked out and the wire replaced with a higher-voltage cord by a certified appliance repair dealer. Once that’s done and the waffle iron cleaned up, you should be able to enjoy delicious old-time waffles whenever you like.

Before the waffle iron became electrified, the making of waffles had an interesting history. Traditional waffle irons consisted of two hinged metal plates, molded to create the honeycomb pattern, which the maker held over a wood fire to bake the batter poured between them, one side at a time. Knowing when to turn the iron took skill learned by trial and error since these early waffle irons had no temperature controls.

Some historians believe the waffle dates back to ancient Greece, when Athenians baked obelios—flat cakes held between two metal plates—over hot coals. The word waffle evolved from wafer, one of the only foods early Catholics could eat during fasting periods because they contained no milk, eggs, or animal fats. Monks were the only ones making these wafers until the late 12th century, when lay bakeries began making a tastier version which they called waffles.

Eventually, waffle iron makers molded the plates with religious symbols and the familiar honeycomb pattern, which was supposed to represent interlocking crosses. In 1270, an special guild to train the street vendors who sold waffles came into existence.

Peasants soon began making their own flour and water waffles, although some started adding eggs and honey to make them lighter and sweeter. Even Geoffrey Chaucer mentions waffles in his Canterbury Tales: "He sent her sweetened wine and well-spiced ale/ And waffles piping hot out of the fire."

Waffles became a staple of the Dutch diet by the 1620s and early immigrants brought them to New Amsterdam, eventually to become New York..

But the waffle wouldn’t achieve nationwide appeal until Thomas Jefferson brought a waffle iron back from France in the 1790s as a souvenir. He had his cook make and serve them at the White House, which helped popularize "waffle parties."

It wasn’t until 1869 that Cornelius Swarthout patented the first waffle iron in the U.S.. What made his waffle iron unique was that he joined the cast iron plates by a hinge that swiveled in a cast-iron collar.

Soon after the invention of electricity came the electric waffle iron. Lucas D. Sneeringer eventually designed the first electric heating elements that used a built-in thermostat to prevent overheating, a common problem with early versions. With his revolutionary design and General Electric funding, the first electric waffle iron rolled off the assembly line on July 26, 1911.

While the first electric waffle iron did the job—the process of making waffles this way is a relatively simple one—it didn’t look very pretty. So designers set about making the exterior of the waffle iron more attractive. Other innovations, like an iron that could cook two waffles at the same time, soon followed.  Charles M. Cole invented the first twin waffle iron in 1926, but it wasn’t until 1939 when Karl Ratliff designed the "Twin-O-Matic" for the New York World's fair that it really caught on with the public.

By the time the New York World’s Fair rolled around, Art Deco design had influenced everything from dishes to utensils and small appliances. Some waffle irons, like the Hotpoint waffle iron by Edison General Electric, became works of art in themselves. Some resembled flying saucers, having lost their legs and taking on a lower, sleeker look. One of these was General Electric’s Diana, designed by August Propernick. Toastmaster and Sunbeam soon got in on the act and began producing their own electric waffle irons.

It’s said that in the Midwest, the waffle iron holds a special place in marriages. It seems that the nuptials aren’t complete until a  relative gives a waffle iron to the happy couple. As long as the waffle iron remains intact and in use at least once a year, the marriage will prosper. If the couple neglects the waffle iron or lets it fall into disrepair, then so will same happen to their marriage.

Investing in Old Stock Certificates

QUESTION: I’ve been unpacking some old boxes of things left to me by my father. In one of them I discovered some old stock certificates. Are they worthless or do they have investment value?

ANSWER: Old stock certificates, especially those from defunct companies, are only worth the paper that they’re printed on. But some, especially those with signatures from famous people, famous companies, or those involved in major scandals, can be worth quite a bit.

What exactly is a stock certificate? A stock certificate is the physical piece of paper representing ownership in a company and includes the number of shares owned, the date, an identification number, usually a corporate seal, and signatures. They’re larger than a standard letter-size piece of paper and many also have elaborate engraved designs to discourage counterfeiting.

Stocks represent partial ownership in a company. Today, most companies keep records of ownership electronically but some allow their shareholders to request a paper version. Each certificate starts out as a standard design to which the company adds the date of issue, identification number, and other information, including the printed signature of the chief executive. Executives on older certificates signed them in ink.

According to financial historians, partnership agreements dividing ownership into shares began to be used in northern Italy during the Middle Ages. However, these early shares were only intended to be in effect for a short time and only included a small group of people. Eventually the idea of shareholding spread to Belgium, and it’s believed the concept caught on in the trading town of Bruges. It was here that the idea of the stock exchange originated.

Eventually, shareholding took its next big step in Amsterdam in the early 17th century when the Dutch East India Company, formed to encourage trade in spices from Indonesia, issued shares that were tradable. The company compensated its shareholders well for their investments. In 1621, the market saw the issuance of shares for the Dutch West India Company, and much financial innovation ensued. Stock exchanges in the New World didn’t appear until 1790 in Philadelphia and then two years later in New York.

Collectors love canceled stock certificates because of their beautiful and elaborate graphics, as well as their connection to the historically significant companies they represent.

Old certificate values vary depending on their rarity, beauty, collector interest, historical importance, and  autographs, and industries for which they’re issued. Like all collectibles, supply and demand determine value.  Interesting pieces create a lot of demand while supplies vary.

What affects the market for stock certificates? Above all, general economic conditions tend to influence the prices of old stock certificates because many collectors of them are also involved in the real stock market. The law of supply and demand, as with other collectibles, governs this market as well. And Internet auctions have increased not only the availability of old stock certificates but their ease of purchase.

What determines the pricing of old stock certificates? Two important price boosters are signatures of important people and newly formed companies. For example, a Standard Oil Company certificate that John D. Rockefeller signed is worth nearly $8,000 today. Prices have leveled off in the last few years and finding rare certificates at reasonable prices has become a real challenge.

As with postage stamps, pricing can be affected by the rarity of a certificate—the rarer it is, the higher the price. An autograph of someone famous of the stock company with which he was involved also raises the price. Whether a stock certificate has ever been issued also influences it value, as does its age and decoration. The location and history of the company don’t affect the price of a certificate as much as, say, its condition and whether its canceled or not.

However, no one point is always in control of a certificate’s value. For example, a Cody-Dyer Arizona Mining & Milling stock certificate, from a failed gold mine, signed by Buffalo Bill Cody currently is currently valued at approximately$4,000, while a rare unsigned Buffalo Bill's Wild West Co. stock certificate sold for $20,000 at auction in 2008.

As with any collectible, you should always collect stock certificates that are in excellent condition, have been issued, and are uncanceled. You should also collect certificates from industries that you’re familiar with or in which you’re interested. Early companies issued their stocks in small quantities, thus limiting the number of their certificates in today’s market. But there are lots out there for sale at low to reasonable prices.