Do Old Stock Certificates Have Any Investment Value?

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 cancelled 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 uncancelled. 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.

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More on Organizing Your Collections

You’ve figured out a numbering system and assigned numbers to the items in your collection. The next step is to apply them to your objects. Whichever technique you used depends on the surface of the object. The labels must be removable in case you sell an item from the collection, but they must also be durable and long-lasting. Choose a place for the label on the bottom or back of objects, being careful not to obliterate any trademarks, serial numbers, patent dates, or maker's signatures. Use a thin pointed Sharpie marker to print the numbers on the labels. Removable labels work the best.

Paper items can be labeled with a soft pencil, never with ink or a rubber stamp. Apply the label in an inconspicuous place, preferably on the back, always keeping in mind that it may have to be removed. Place the label on a sturdy portion of the paper, not so close to the edge that the paper will tear if the number is erased.

For such textiles as rugs, quilts, samplers, wall hangings, and clothing, use small fabric labels numbered with a laundry pen or fine ballpoint pen. Always test the pen first on a piece of scrap label to make sure that the ink does not bleed or smear. Attach the label to the fabric with only one or two stitches at each corner so that the label can easily be removed without damaging the fabric. Although self-adhesive labels or iron-on tape may seem quick and easy, they are not recommended because they fall off in time. They sometimes permanently discolor the object or leave a residue that can damage it.

If you recorded your collection on cards or in a looseleaf notebook, you can break it down into individual classifications for filing purposes. You may wish to even break down those classifications further.  Some specialties may not require such complete listings, and some individual headings may need to be expanded. For example, if the specialty is Eastlake-inspired furniture, subheadings can be added in the furniture category to identify makers or types of furniture. In the case of bottles, for example, specify the type of glass, blown or molded, the color and shape, and the type of bottle—whiskey bottle, flask, bitters bottle, or house-hold bottle. The contents of your collection and your planned future acquisitions will determine the headings you choose.

Using a digital camera or camera-equipped smartphone, you may wish to add photos of the items in your collection to your listings or database. Photograph the items individually. If you’re working with small objects, consider buying or making a lightbox—a box with white paper on three sides and bottom—in which you can photograph them. Save the originals as is, but make copies of all the photos first and rename them using the catalog number you’ve assigned to that object.

Most growing collections represent substantial investments of time and effort as well as money. Besides its obvious uses for insurance claims, a carefully kept catalog is valuable to those who may buy or inherit your collection. Cataloging is also a way of becoming intimately acquainted with all the objects in your collection, identifying the collection's strengths and weaknesses, and  taking the time to enjoy it thoroughly.