Fractional stock certificates represent ownership of less than one share of stock. Fractional certificates are most common among railroads that sold stock with $100 par values.

Fractional stock certificates often include the word scrip in the title. Although the origins are seldom stated on certificates, most probably represented dividend payments made to stockholders, but which were redeemable only by the purchase of more shares.

Fractional certificates seldom show vignettes. Generally, collectors pays significantly less for fractional certificates than regular stock certificates unless the companies are extremely rare.