Scripophily is the collecting of old securities certificates, and sometimes other old financial documents, such as bond certificates. Scripophily is pursued mainly as a hobby, particularly by history and art buffs (many old stock certificates are beautifully decorated), although some consider it an investment activity as well. Although there have always been those who kept and valued old financial documents, stock certificates as collectible items seem to have gained greater recognition in the mid-1970s. It is not unusual for collectors to organize their collection around themes that reflect their personal interests. For example, old railroad stock certificates are popular, a reflection of the romance associated with train travel. Other collectors pursue stock certificates autographed by financiers like John D. Rockefeller. Collectors don't limit their interests exclusively to US stock certificates. The stock certificates from other countries can be notable for their artistic style, and some collectors specialize in acquiring world stock certificates that reflect certain art movements (e.g., Art Nouveau). Stock certificates that have some connection with recognizable historical events or figures are also highly collectible. Since scripophily is newer, or at least less well-established, than philately or numismatics, collectors of old stock certificates should expect the market for collectible stock and bond certificates to be less stable, and harder to assess over the short and long term than those for stamps and coins. For example, there are at least 100 dealers of old stock and bond certificates, as well as private sellers, and items sold at auction and at shows, but prices for equivalent items may vary widely from seller to seller. Buyers are advised to check multiple sources for an item to find the best price. |
