Certificates created entirely by hand or typewriter.

These are considered distinct varieties.

Hand-composed certificates generally constitute the very earliest evidence of companies. They tend to be unique or nearly unique. Essentially all were legal documents. Only a handful of such certificates survive.

Generic certificates with corporate names added by hand, typewriter or overprint.

These are considered distinct varieties.

Generic certificates were commonly printed by large companies and sold in stationery stores. Most generic certificates were designed so they could be issued by hand or custom-printed by local printing companies. Generic certificates are still acquirable today.

While hundreds of companies might have used the same generic certificate for their purposes, seldom would any single company have issued more than 25 to 50 generic certificates. Once sufficiently successful, most startup companies either merged with larger companies or used custom engravers to produce subsequent certificates. Regardless of how company names might have been added to generic certificates, all are considered legitimate varieties.

Corporate names modified to other names.

These are considered distinct varieties.

When companies merged or consolidated with others, it was relatively common for them to use some remaining certificate for the new company. While companiesnormally ordered new certificatesfairly quickly, they often had to make do if they sold shares before new certificates arrived. In those cases, companies usually changed old names for new purposes. Hand-altered certificates are seen rather frequently.

Rubber-stamp name changes are uncommon. Another method, also seen only occasionally, was to have printers overprint new corporate names on old certificates. (See example top left.)

Transitional name changes (see bottom left) also fall into this category. Those are certificates which were issued days, weeks, or years prior to corporate changes and then changed some time after issuance. It appears that many transitional certificates had their names changed as they made their ways through the clearing house system. Stockholders themselves might even be responsible for a few name changes on certificates. Regardless of origin, transitional name changes represent official board decisions andclearly qualify for new variety numbers when found. In this catalog, named-changed certificates are always listed with new companies. Not also that certificates that show transitional name changes may be the only evidence that certain companies ever existed.

Changes to share par values.

These are considered distinct varieties.

When companies became successful, their share prices tended to rise. Overly expensive stock frequently became less attractive to small investors. In the United States, it seems common practice for companies to "split" stock once prices remain over $100 per share for extended periods.

Companies split their stock by lowering their shares' official par value and then issuing more stock. In other words, if the par value of a company's stock was $100 per share, but shares had been selling for $150 in the open market, that company might decide to split its stock "two for one." The company would issue new stock at $50 par and trade two of its new shares for each share of old stock. Theoretically, shares would then trade onstock exchanges for about $75. "Two for one" splits are common, followed by "three for one" and "four for one" splits.

Companies have other reasons for changing par values of their stock. The changing of par value (par value ultimately evolved into an accounting technicality) was quite common. As a rule, companies altered par value when they printed new certificates. They generally printed new shares ahead of time and had them ready to issue at the moment they announced stock splits. That must be the reason that certificates very rarely show altered par values. I consider certificates with altered par values to be a distinct varieties.

Changes to company capitalizations.

These are considered distinct varieties.

As successful companies grew, either by normal business expansion or by acquisition of other companies, it was common for their boards to increase company capitalizations. Although the reasons are more diverse, it was almost as common for companies to decrease capitalizations.

The most common types of altered capitalizations seem to be handwritten. Typewritten and rubber-stamped changes are less common. Except for the Little Miami Railroad, over-printed changes were even less popular. (The Little Miami is known to have issued six varieties of certificates with capitalization changes.)

It is very common to encounter only a tiny handful of certificates within a variety that show capitalization changes. The reason is not known, but it appears clerks grew bored with the process and often gave up after short periods of alterations.

Changes to pre-printed denominations.

These are considered distinct varieties when printed

Hand-altered certificate denominations are very common. Because those kinds of changes represent convenience, frugality, and laziness, I consider them to be of negligible importance.

On the other hand, if companies contracted with printers to alter large numbers of certificates, I consider those changes to represent formal corporate decisions. Alterations like shown at bottom left represent legitimate varieties.

Changes to certificate types.

These are considered distinct varieties.

Stock certificates from several companies are known to have been hand-altered from "capital stock" to "preferred stock" and occassionally to "common stock."

Preferred stock has very rights relative to both dividends and division of proceeds in the event of corporate failure. Even if notices of stock type are handwritten, alteration of certificate types deserves distinct variety numbers.

Changes to trust company names.

These are NOT considered distinct varieties.

While trust company names changed frequently on long-lived certificate varieties, the exact reasons for their changes will never be known. In some cases, changes might reflect board decisions. In general, though, trust companies (including investment, savings and retail banks) changed corporate identities and went out of business just like railroad companies. Mergers, consolidations and bankruptcies were common. Since those kinds of companies were independent of railroad companies, their names on certificates are generally considered unworthy as a determinant for varietization.

There are few extraordinary exceptions where certificate designs changed at the same time as trust/bank company names. In a few rare cases, design differences are harder to identify in poor quality photographs than trust/bank company names. In those cases, varieties are identified by the most blatant differences, even if those features are trust company or bank names.

Changes to pre-printed dates.

These are NOT considered distinct varieties.

In order to improve consistency and decrease oversights, companies commonly pre-printed repetitive parts of dates. The most commonly seen pre-printed dates include "1____" , "18___" and "19___." Pre-printed dates such as "185__", "186__", "187__" and "188__" are fairly common, but often altered to accommodate issuance as long as sixty years after those decades had elapsed. Since those kinds of modifications had no importance to boards of directors, changes to pre-printed dates are ignored for the purposes of establishing varieties.

Changes to printed signatures.

These are NOT considered distinct varieties.

Decisions about high-level employment positions were certainly made at the board of directors level. Yet, no matter how important certain individuals might have been, changes in personnel were nothing more than normal and ordinary business decisions common to every company.

20th century certificates frequently show differences among facsimile signatures of corporate officers. It is true that certificates with various were prepared and printed separately, sometimes five or ten years apart. However, each change still represented ordinary day-to-day operation of companies. For that reason, I consider variations in pre-printed corporate signatures to be ordinary "course of business" variations at the level of minor importance.

Type of alteration: Overprint changes to bond and stock conditions.

These are NOT considered distinct varieties.

Bonds are official, contractual obligations between companies and debt-holders (people who owned bonds.) Theoretically, bonds could not be modified without the agreements of both parties. Official corporate changes to bonds are rare.

On the other hand, numerous overprints are known on bonds and small numbers of stock certificates where repayment or ownership conditions were altered by courts during bankruptcy proceedings. The most common changes to bonds indicate amounts of partial repayments made to bondholders after dissolution or sale of assets. Many of those alterations have been erroneously recorded as cancellations by sellers. Because those marks often recorded partial bond repayments, they constitute a form of partial cancellation. Nonetheless, bonds still retained partial value after the last overstamp, so we cannot consider them officially "cancelled."

Regardless of purposes, such overprints of overstamps represent changes to certificate terms and conditions well after companies and boards of directors ordered certificate printing. Consequently, I cannot consider them to be separate varieties.

Differences in applied paper, foil and embossed corporate seals.

These are NOT considered distinct varieties.

Prior to the last few decades of paper certificate issuance, it appears that most states required impressions of corporate seals into stocks and bonds as conditions of legitimate issuance. The application of ornamental paper and foil seals, however, seems to have been unofficial andcarried no particular importance. At the very least, there was not consistent use of paper or foil seals across state borders, companies or decades.

It is as yet unknown whether particular colors or types of paper seals carried any corporate significance for single companies. So far, variations have appeared so great that it seems absurd to assign varieties on the basis of applied seals.

There is a question, however, whether differences in embossed seals would be cause for varietization. As an observer and cataloger of the hobby, I must conclude, "yes." Corporate seals are very much official requirements of incorporation and changes in embossed corporate seals must, therefore, represent changes in incorporation. Different seals equal different incorporations equal different varieties.

There is, however, an overwhelming problem in using embossed seals to determine varieties. Embossed seals areimpossible to see except in the best, highest-resolution, specially-staged photographs. I have never seen a seller mention details of embossed seals. So, instead of basing varieties on embossed seals (IF they are ever reported) I will suggest that divisions be made simply on the basis of issue dates.

Changes to place of issuance.

These are NOT considered distinct varieties.

A substantial number of companies pre-printed places of official issuance on their certificates. Those places were occasionally altered when certificates were issued elsewhere. Place of issuance, however, was strictly informational. To my knowledge, printed place of issuance never carried legal ramification. As long as certificates were issued from the states where companies were incorporated, issuance from different places was immaterial.

Still, places are often very important to collectors. Therefore, I try to describe altered places of issuance when discoverable. I do not, however, consider places of issuance to be worthy of separate variety numbers.