Collectible Stocks and Bonds from North American Railroads     by Terry Cox

A guidebook and catalog of prices
(I do NOT buy or sell certificates on this website)

Search this website for information about collecting stocks and bonds.


Search the Coxrail database for descriptions of 23,700+ certificates from over 7,400 North American railroad companies.

Why do some prices seem out of line with the numbers of serial numbers recorded?

As explained elsewhere, it is crucial to understand that demand establishes price, NOT rarity.

Nonetheless, there are numerous examples in this database where prices seem abnormally low relative to the numbers of serial numbers recorded. There are a number of possible reasons:

  • Price usually reflects desirability, meaning that:
    • Generic certificates rarely attract high prices,
    • Intricate vignettes attract higher prices,
    • Certificates from heavily populated states attract lower prices.
  • Many more certificates are known to exist, but their serials have not been reported.
  • I do not record items priced below $19.50.
  • Items might be known only from ebay sales where prices tend to be abnormally low.
  • There are great disparities between listed prices, real prices and collector's estimates.
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(Last updated Sep 13, 2014)


I strongly recommend buying the Cox Catalog 3rd Edition from your favorite SCRIPOPHILY DEALER. Catalog cover
If they do not carry, or are out of stock, you may buy directly from me. Simply click the buy button below.



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