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What is Scripophily?
Scripophily is the hobby of collecting old stock and bond certificates. Scripophily is a youngster in the collecting world. Only a few individuals collected old stock and bonds in the 1960s. The hobby started in Germany, spread to England and then the U.S. Scripophily began to grow rapidly with the discovery of several large hoards (for example, the Pennsylvania RR bankruptcy hoard) that were dispersed through auction house glossy catalogs. Today, tens of thousands of collectors participate in a rapidly growing collectible area.
Why would one collect old stocks and bonds?
Scripophily offers a richer collecting experience compared to stamps, coins and other areas. First, the vignettes on many old certificates are often stunning in their aesthetic beauty, depicting old industrial facilities, railroads and railroad stations, seaports, street scenes at the turn of the century, mining facilities and more. Secondly, the historical link is more direct with stocks and bonds compared to stamps and coins. Stocks and bonds are intimately linked with economic development, and historical events and people. A stamp or coin may commemorate a historical event or person, but a stock certificate signed by the individual who made history is a much more direct link to the past. Finally, many old and attractive certificates are reasonably priced. A stamp or coin with only a few hundred printed or minted often trades for hundreds or thousands of dollars. In contrast, many similarly scarce certificates are available for $100 or less.
What determines the value of a collectible stock or bond?
The value of a certificate reflects a variety of factors, most importantly, rarity, age, aesthetic appeal, condition, and whether it is signed by an important entrepreneur, politician, or other famous person. In the long-term, the more desirable material likely will appreciate, perhaps a lot. But other certificates may not appreciate much. And, there will be surprises on the upside as well as the downside. For example, Packard Motor Car certificates once were relatively scarce and sold for several hundred dollars. Then, a large group of them was found. Today, they sell for $15 to $20 each. The implication, in my view, is that one should collect for the enjoyment certificates provide, not because one anticipates price appreciation. There are better, less risky, ways to invest. Still, I think that if one puts together a coherent collection of stocks and bonds over a long time span, that person is likely to do well.
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