The word Scripophily was the result of a contest held in England; a search for an identifiable term for the hobby. It's root word is scrip, which means, a certificate of a right to receive something, such as a stock or equity ownership in a company.

The hobby had it's international recognition in Germany. In 1976 two lists of foreign bonds were published. Though there are many individuals who have collected over twenty-five years, the preceding was the international foundation for what we have today.

My personal involvement in the hobby came about as a by-product of collecting business history books in the 50's, 60's, and 70's. One of the book dealers I purchased business history books from, also sold antique stocks, bonds, and debentures. Consequently, I was able in some cases to match stocks and bonds with the various business history books. At the time I was manufacturing automobile parts and equipment, so I framed several early automotive stocks and displayed them on my office walls.

One reason for this fascinating hobby's success is that it is a pure collectible, it is not a branch or offshoot of any other hobby, it is an original conception. Though thousands of pages have been written about scripophily, two words capture the true feeling of this great hobby... It's Fun!

With over 100,000 active collectors worldwide. There are no price guides and very few knowledgeable texts in the field and many items can be found at prices well below their actual value. Aside from dealers in stocks and bonds, there are many places where antique stocks and bonds can be found, flea markets, antique and collectible shows. Estate sales can furnish the collector with a plethora of great material. This treasure hunting can be enjoyable and very profitable.

The owning and acquisition of material is just one aspect of the hobby. Another equally important factor is research. It is an education in the economic history of the United States. A trip to the library will provide you with insight into the financial creativity and adaptability through the use of capital, and this data can augment any collection.

Several reference books that can be used are Poor's or Moody's (1) Manual of Railroads, (2) Public Utilities, and (3) Industrials. These books are within themselves collector's items that are both desirable and scarce. When available in marketplace, they are eagerly sought after for both their collector value and content. Contact your local antiquarian book store and have them locate them.

Personal research is only one aspect of scripophily, in this short article, we will touch on several other areas pertinent to the collecting of antique stocks, bonds, and debentures.

Securities engravings (vignettes) are not only significant to their corporate association, but are also an accepted form of business art. Collecting toward this end is quite in vogue and extends from the executive board room to the private den. Interior decorators understand their impact and are using framed financial instruments to compliment various motifs. Stocks and bonds from the late 1700's to present day can cover all periods of furniture and decorator themes. This is one facet of collecting and many Scripophilists prefer to display their personal collections in albums.

There are seven basic considerations that generally help determine a stock or bond's value; (1) The Engraving or Vignette, (2) Age, (3) Condition, (4) Autograph, (5) Significance of the Company, (6) Rarity (7) Country.

As a general rule these are the seven parameters that should be considered when purchasing. Though this applies to all price levels of purchasing, it is more specifically meant for purchases in excess of $40.00. Depending on these seven criteria, stocks and bonds can vary in price from a few dollars to several thousands.

Collecting is as varied as individuals, however, the first three listed are in the forefront; (1) Railroads, (2) Autographs, (3) Auto, (4) Transportation, (5) Mining, (6) Oil, (7) Engraver, (8) Geographic Locale, (9) Era (pre-1900, modern, etc.), (10) Low Numbered Certificates, and in some cases the value printed on the stock or bond can vary the price significantly. Stocks, bonds, or debentures printed by the American Bank Note Company are always in high demand.

There are as many different collecting themes as there are individuals who can dream them up, however the above are some of the more popular.

The condition can sometimes play an important part in the value of a given rare stock. The extremely close scrutinizing of a stock or bond is usually restricted to the really expensive and rare items, as their station would warrant. The grading system used is similar to that of coins and currency; from Good (G), Fine (F), Extra Fine (XF), Almost Uncirculated (AU), Uncirculated (UNC) or (Mint), Choice Uncirculated (63), to Gem State (65).

It goes without saying, the finest condition should be sought. Cancellation holes or stamps, staple holes, and folds for the most part are unavoidable. Excessive cancellations, staple holes and perforations in the vignette area should be avoided if possible. However, the entire series of a company's stocks or bonds may have these imperfections, so here, common sense must prevail.

Most stocks and bonds are printed and issued for specific companies and are not mass produced by or for printing supply houses. These privately printed stocks and bonds are of superior quality. Bond paper is tantamount to currency paper used by banknote engravers; the stock or bond is intended for heavy usage and handling.

At the other end of the spectrum, some printers or lithographers use lesser grades of paper. They make books of bonds or stocks for non-contracted companies, with company name to be printed after purchase. This lower grade paper may require closer scrutiny while repairs are being effected. Repairing stocks or bonds is not looked at with the same disdain as doctoring a coin or washing and pressing a banknote.

Stubs:
Most glues used for attaching stubs are water soluble, as it's the least expensive. Stubs can be removed by soaking only that portion of the stock in warm water. After a few minutes, remove. Place stock on non-porous surface and rub glue area with terry cloth (wet) rag. Scrub glue off, wipe off excess water from both sides and place in thick book between two pieces of clean, white paper. If you wish, you can add a few books on top of the pressing book to assist in complete flattening of the stock.

Removing Rust:
Residue Ferrous Oxide can be removed by applying a diluted solution of Hydroflouric Acid. This is obtainable in many stores under the name 'Whink' (brown or yellow bottle). A drop on a cue tip is sufficient. Rub onto affected area and set aside. Dilute area after desired results are seen with water on cue tip. CAUTION: This treatment should be practiced on low priced stocks or bonds and never used on rare stocks or bonds until you have developed some expertise.

Removing Folds:
All stocks and bonds are usually folded for mailing or storage, to remove folds, lay the stock on ironing board and cover with white paper, cotton towel, or linen. With iron on hot setting, go over lightly, always checking after each stroke. If the iron is too hot it may scorch the item, so be careful.

Repairing Tears:
Unless the stock has large or many tears, it is best to leave this alone, but with past rough handling damage may have been caused, use archival tape only. The non-acidity of archival tape will ensure no future discoloration. Available from some art stores and rare book, or manuscript dealers.

All of the above will work to some extent to improve the appearance (glue may come off, but stain may be permanent, etc.). The best philosophy is when buying a stock, consider that is it's final condition. Then when any improvements are made, the results are that much more satisfying. Never is it recommended to try to remove excessive ink, as bleaching may cause paper softness or stretching and permanent discoloration.

In many cases issued pieces are worth more than unissued ones if their historical significance is partly due to date, corporate officers, and customer. Type of cancellation and it's date can also be appealing.

Many situations exist where the entire run of stocks may be unissued or those issued pieces never surfaced, were destroyed, or in condition unsuitable for collecting, due to storage damage.

By no means should unissued pieces be shunned. Adding to your theme collection is requisite and unissued pieces should also be considered. One further justification is that unissued pieces are generally in a crisp state of preservation. In many cases an unissued stock or bond can be much rarer than an issued one, like all collecting rarity is one of the major foundations of price structure. We have several collectors who only purchase unissued stocks or bonds.

Usually before a printing contract is finalized, a small number of Specimens or Approvals are sent to the issuing officers for inspection. These may be in the form of the design intended and/or secondary choices with different vignettes, type fonts, or border designs.

Specimen samples are labor intensive, therefore costly to the printer or engraver and subsequently to the party purchasing. Even if the basic plate has already been engraved, the word Specimen and sometimes 'zero' serial numbers require additional compensation as it is a special printing run. On the average, though, only a small number of them are represented gratis.

Extra specimens are often printed to accommodate officers of the executive, treasurer's and legal offices. They are sometimes given as gifts to various concerned parties, but are always produced in quantities that are quite small in comparison to those intended for general market trading.

This desirable area of collecting can be very lucrative. The physical condition of these presentation pieces are superior and that some secondary designs may never have been issued, making them unique, extremely rare, and very expensive.

There is no known formula to determine what is or what will be available in the marketplace due to so many variable factors, but a generally accepted figure is that 95% to 98% of all stocks and bonds that have been issued are destroyed.

This statement is somewhat of a paradox because some companies will never have their cancelled financial instruments surface, while others will be available to some extent.

The surfacing of a large quantity of stocks, bonds, or debentures can have a impact on the marketplace, though for the most part, that works to the advantage of the collector. The key reasoning for this is the all-important Price Factor.

The large grouping is subsequently divided among many dealers, causing a lowering in the retail price and eventually making it available to all collectors, even those with small budgets.

The other side of the coin is the surfacing of a rarity in quantity (items that have gained their notoriety due to the demand by serious collectors and investors). A recent example of this is the Titanic Companies stock. Some dealers are selling this stock for as much as $150.00 each, while we have them listed for less than $50.00 each.

The price neutralization of a rarity is uncommon. The crux centers around 'quantity' VS. 'interested collectors'. Even in very rare items, there must be enough items available, so that it can be promoted and marketed.

Many people collect only stocks and justify their reasoning with, bonds (which are usually larger) may not fit my album well.

It is illogical to assume that if an item is large, it should not be collected, or collected only on a limited basis. Quite the opposite, bonds are not only issued in a smaller numbers than that stocks, but equal or surpass the historical significance of their counterpart.

STOCK: A legal instrument that shows part ownership or capital investment in a business or corporation.
BOND: A legal instrument showing a guaranteed loan to a company by an individual or another company.

Business profits are of primary importance to stock holders. If profits are substantial, the stockholder gains by dividends or rising stock value. If the business performs poorly, their stock prices fall.

A bond is guaranteed by the assets of the issuing company and the bondholder, or lender, will receive his agreed rate of interest, no matter how the company does. Even if the company goes into bankruptcy, bondholders may receive some of their money back, common stockholders may not.

Collecting autographs found on stocks or bonds can be lucrative. Signatures of prominent people like; John D. Rockefeller, Vanderbilt, Collis P. Huntington, Jay Gould, etc., epitomizes the high dollar stage of collecting. It is evidence of economic history; the stories of power struggles which pitted capitalist business giants one against the other in endless money games and it still continues today.

Stocks or bonds signed by famous individuals are always worth a great deal more than the same stock or bond signed by a nobody (a Hollywood term).

Rare signed legal instruments are more than sentimental relics, they add an investment potential which grows with the field of collector interest, it captures the celebrity on paper.

Stocks or bonds issued to a celebrity, business tycoon, or well known national figure can have more value than unknown persons, even though their name is just typed in and not signed. In many cases they may sign the stock or bond if transferring it.

During the Industrial Revolution and even before, large quantities of securities had to be, (1) printed in the shortest amount of time, (2) be attractive, (3) personalized for individual companies, and (4) produced in quantity without the fear of counterfeiting.

Wood block engraving did not satisfy requirements due to wear factor and also because they were not able to meet the demands of companies requiring ornate presentation. The debut of 'steel engraving' in the early 1800's and 'lithography' changed the printing industry forever.

Steel engraving is a design drawn and then etched into soft metal. This original steel die was then hardened, conveyed to a transfer plate which showed the design in relief, and then placed on a printing plate with the design recessed as it was when originally etched.

Lithography works on the principle that water and oil do not mix. A printing plate is water covered and the surface wiped dry, leaving the engraved area wet with ink. The ink, being oil-based, is rejected by the wet surface area and accepted by the engraved surface.

When the printing plate is pressed against the paper, the paper is pushed into the engraved surface and picks up the ink in the engraved section.

Seven engraving companies combined during the Civil War to form the American Banknote Company (ABN). Not only did they print much of the U.S. and World Paper Money, they also created special vignettes and printed stocks, bonds, and checks for many companies. They were well known for using quality paper and very beautiful vignettes. Consequently, American Banknote Company printed products are highly collectable in any form.

A beautiful wall display for home or office can be made by colored matting and framing. After receiving your stocks or bonds, check with your local picture framing company. They will have dozens of combinations of matte colors, frame sizes and styles. Costs can vary from $10.00 for simple one matte frames to over $75.00 for high style frames and multi-layered mattes (2 or more colors).

Scripophily is a good deal more than just collecting ornate printed paper. It educates as it offers mental challenges. It encompasses theory, conjecture and fact. Its limits are only those considerations by the collector and their collectable themes are endless.

In our site, at the top of each companies page you will find the vignette that the company had created for them, or in some cases came from a collection of vignettes that the printing company had on hand.

Vignettes are truly Business High Art and are the major visual impact of every stock, bond, or debenture.

I Many of the bonds and debentures are larger than the average 8x12 inch stock, so we have taken only the top half with the vignette to put online. In all cases the bottom half is only the printed legal information required by law.

On many items we only have one or two stocks or bonds of a given company, so if you want it, don't wait, buy it now.

Those of you who purchase stocks and bonds regularly know that we are extremely price competitive and we appreciate your continued support.

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