View source for Scripophily

{{Short description|Study and collection of stock and bond certificates}}
{{use mdy dates|date=July 2023}}
{{More footnotes needed|date=July 2023}}
{{Numismatics}}
'''Scripophily''' is the study and collection of [[share capital|stock]] and [[Bond (finance)|bond]] certificates.{{efn|"... scripophily, the collecting of stock certificates: a niche hobby{{nbsp}}...."<ref>{{cite web | title=For Sale: Souvenirs of Capitalism's Failures | website=The New York Times | date=January 25, 2021 | url=https://www.nytimes.com/2021/01/25/style/capitalism.html | access-date=July 29, 2022|url-access=subscription}}</ref>}} A specialized field of [[numismatics]], scripophily has developed as an area of collecting because of the inherent beauty of certain historical certificates, and because of interest in the historical context of many of the documents. In addition, some stock certificates serve as excellent examples of [[engraving]]. Occasionally, an old stock certificate is found that still has value, representing actual shares in the original or a successor company.

==History==
[[Image:Ezekiel Air Ship stock certificate 1902.jpg|thumb|Ezekiel Air Ship stock certificate|left]]
Scripophily, the collecting of old stocks and bonds, gained recognition as a [[hobby]] around 1970.{{cn|date=July 2023}} The word "scripophily" was coined by combining words from [[English language|English]] and [[Greek language|Greek]]. The word "scrip" represents an ownership right and the word "philos" means "to love".{{cn|date=July 2023}}

Today, there are thousands of collectors worldwide in search of scarce, rare, and popular stock and bond certificates.{{cn|date=July 2023}} Whether they are private investors or business people, many collectors enjoy scripophily as a hobby, while others consider it a good form of investment.{{cn|date=July 2023}}

Many collectors appreciate the historical significance of old certificates. Others prefer the beauty of older stock and bond certificates that were printed in various colors with fancy artwork and ornate engravings. In recent times, certificates issued by [[Dot-com company|dot-com companies]] and companies involved in scandals have become particularly popular amongst scripophilists.{{cn|date=July 2023}}

A recent addition to the hobby of scripophily is collecting shares issued in one's name. Common companies that issue personalized stock certificates include [[The Walt Disney Company]], [[Harley-Davidson]], [[McDonald's]], [[Starbucks]], [[Google]], [[Ford Motor Company]], [[The Coca-Cola Company]], and [[Berkshire Hathaway]].{{cn|date=July 2023}}

Many autograph collectors engage in scripophily, looking for certificates signed by historic or well-known figures. Certificates of this type include stock certificates issued by [[Standard Oil Company]] and signed by [[John D. Rockefeller]], [[Franklin Fire Insurance Company]] certificates signed by [[Henry Charles Carey]], [[Ringling Brothers and Barnum & Bailey Circus]], [[Atari Corporation]], [[Eastern Air Lines]] certificates signed by [[Eddie Rickenbacker]] when he served as the company's president, [[Tucker Corporation]], and many others.{{cn|date=July 2023}}

==As a hobby==
[[Image:Columbia Pictures Aktie.jpg|thumb|Columbia Pictures|left]]
A large part of scripophily is the study of financial history. Over the years there have been millions of companies that needed to raise money. In order to do so, the founders of these companies issued [[security (finance)|securities]]. Generally speaking, they either issued equity securities in the form of stock or debt securities in the form of bonds. However, there are many varieties of equity and debt instruments, including [[common stock]], [[preferred stock]], [[warrant (finance)|warrants]], and [[Bond (finance)|bond]]s of various types.

Each certificate is a piece of history about a company and its business. Some companies became major successes, while others were acquired and merged with other companies. Some companies and industries were successful until they were replaced by new technologies. Some companies have been the center of scandal or fraud. The color, paper, signatures, dates, stamps, cancellations, borders, pictures, [[Vignette (philately)|vignette]]s, industry, stockbroker, name of company, transfer agent, printer, and holder name are all of interest to scripophilists.{{Citation needed|date=September 2022}}

Many companies either were never successful or went bankrupt, so that their certificates became worthless pieces of paper until the hobby of scripophily began. The [[mining]] boom in the 1850s, [[railroad]] construction in the 1830s, the [[oil boom]] in the 1870s, [[telegraphy]] in the 1850s, the [[automobile industry]] beginning around 1900, [[aviation]] beginning around 1910, electric power and banks in the 1930s, the airline wars and mergers in the 1970s, cellular telephones beginning in the 1980s, long-distance telephone service in the 1980s and 1990s, and most recently the [[dot-com era]] and [[Enron]] all resulted in historically significant certificates being generated and issued.{{Citation needed|date=September 2022}}

Today, stocks and bonds are typically issued electronically,{{cn|date=July 2023}} meaning fewer paper certificates are issued as a percentage of actual stock issued. The Internet has played a role in raising awareness of the hobby.{{cn|date=July 2023}} A number of websites now exist that sell old stocks and bonds.{{cn|date=July 2023}}

==Guidelines==
[[Image:B&O RR common stock.jpg|thumb|200px|[[Baltimore and Ohio Railroad]]]]
There are many factors that determine value of a certificate. These include condition, age, historical significance, signatures, rarity, demand for the item, [[aesthetics]], the type of company, the original face value, bankers associated with the issuance, transfer stamps, cancellation markings, whether the certificate was issued or unissued, printers, and the type of engraving process.

==See also==
{{Portal|Numismatics}}
*[[Stock certificate]]

==Notes==
{{notelist}}

==References==
{{reflist}}

==Further reading==
* {{cite journal | last=Drezen | first=Richard S. | title=The Art of the Market: Two Centuries of American Business as Seen Through Its Stock Certificates | journal=Library Journal | volume=124 | issue=20 | date=December 1, 1999 | issn=0363-0277 | pages=154 | url=https://go.gale.com/ps/i.do?id=GALE%7CA58915895&sid=googleScholar&v=2.1&it=r&linkaccess=abs&issn=03630277&p=LitRC&sw=w&userGroupName=anon%7Ef4a4865a | access-date=July 29, 2022}} {{subscription required}}
* {{cite journal | title=Accounting history hobbies; Scripophily | journal=Accounting Historians Notebook | publisher=Academy of Accounting Historians | date=Spring 1985 | volume=8 | issue=1 | url=https://egrove.olemiss.edu/aah_notebook/vol8/iss1/7 | access-date=July 29, 2022| last1=Accounting Historians | first1=Academy of }} {{subscription required}}
*{{cite magazine|magazine=Changing Times: The Kiplinger Magazine|date=August 1981|title=The Worth of Worthless Stock Certificates|pages=51–52|url=https://books.google.com/books?id=ugQEAAAAMBAJ&pg=PA51|author=<!--none listed-->}}
*{{cite web|url=https://www.bloomberg.com/news/articles/2019-07-09/collectors-are-shelling-out-395-for-bear-stearns-stock-certificates|title=Collectors Are Shelling Out $395 for Bear Stearns Stock Certificates|website=Bloomberg|first=Michael P.|last= Regan|date=July 9, 2019|access-date=July 24, 2023 }}

==External links==
{{Commons category|Scripophily}}
*[http://www.scripophily.org/ IBSS International Bond & Share Society]
*[http://www.oldstocks.com/hobby.htm About the Hobby of Collecting Old Stocks and Bonds]
*[http://www.oldstockexchange.com Old Stock Exchange - Examples of Old Stock and Bond Certificates]
*[http://www.scripozine.com Scripozine] Scripophily magazine (PDF, free of charge)
*[http://www.scripomuseum.com Museo digitale della Scripofilia - Digital Museum of Scripophily]
*[http://www.psta.com Professional Scripophily Traders Association]

[[Category:Numismatics]]
[[Category:Securities (finance)]]