Hndling

Basically...

Scripophily is different than most collecting hobbies. Unused certificates are worth LESS than used items.

Understand that Scripophily is a hobby dedicated to collecting old securities. Unused certificates were NEVER securities.

Yes, blank certificates were intended to be used as securities. However, unless they were properly signed and issued, they remain as merely printed pieces of paper. Unissued stocks and bonds are still collectible, but collectors value them much less than issued certificates. Such unused documents are commonly called "remainders" because they remained other certificates were issued and used.

Of course, most issed certificates were destroyed after they were redeemed or after companies went bankrupt. If fact no issued certificates are known for the majoritiy of railroad and coal companies. In those cases, remainders may be the only collectibles possible. Therefore they do have collectible value, just not the highest.

Consequently...

Documents that became true securities were touched by human hands. They may have been touched more than a hundred times. Consequently, fully issued certificates should show evidence of handling. There should be signatures of officers . There should be embossed corporate seals. If stock certificates were traded, they might be signatures of registrars and trust companies. If stocks were traded, there might be signatures of stockholders. Cancellation marks of all sorts are normal. Staple holes are common. Folds are common. Ink smudges are common. In other words, evidence of human handling and paper damage is a reality of the hobby.

Issued certificates should show signs of use. So one really needs to question...

Do we need to handle certificates with white cotton gloves?

I'm not going to take a position on that question. Every collector should know implicitly that we are merely custodians. We hold certificates for awhile before handing them over to new collectors. I advise that we try to prevent further damage to our collectibles. It is not that hard to:

• Wash hands before handling.
• Clear the work area.
• Move food and drinks far away while working..

Opening packages

Most collectors will buy certificates remotely and receive them through the mail. Items purchased from major auction houses and professional dealers will be packaged appropriately. Nonetheless, open packages with care.

Packages received from eBay sellers requires more care because packaging is so unpredictable. As a rule, eBay sellers over-package. I've received items that looked like they could have survived delivery to the front lines of a rain-soaked battlefield. Some packages have taken over five minutes to open. That's crazy!

Padded bubble envelopes

Well-meaning eBay sellers often send certificates inside padded bubble envelopes. That seems Innocent. But too collectors remove certificate from bubble envelopes and find them embossed with impressions from polyethylene bubbles. Bubble envelopes are liabilities in the scripophily hobby. Bubble envelopes should be rigorously avoided. When buying from eBay, ALWAYS send messages telling sellers NOT to send certificates in bubble envelopes.

Taped poly bags

eBay sellers also like to send certificates in poly bags and they like to seal those bags with tape. I know it is a protective logic. Poly bags are good in case it is raining when packages get delivered. But why tape them? Are certificates going to miraculously escape poly bags during transit?

I warn against tape because It is really easy to get tape stuck to certificates during extraction. Consequently, I advise collectors: do NOT try to save poly bags! Simply cut certificates out of bags and discard. Is it worth rescuing a poly bag rescue only to damage a valuable certificate?