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.

Certificates with values as securities

Some certificates retain value as securities

A few antique certificates still hold value as securities, even though they are no longer traded on stock exchanges.

I do NOT estimate the value of such certificates. That is beyond my expertise.

Yes, some certificates definately retain security value. You can research your certificates on your own, but it will be challenging. If thinking about doing your own research, check out the advice on this page on Investopedia.

Even though I'm a research guy, researching security values is one area of endeavor where I unquestionably leave the work to the pros. I currently know of five companies in the United States (arranged alphabetically below) that actively research the values of old securities on a fee basis.

Investment Research Institute
e-mail: antique


Old Company Research
website: http://www.old


Old Company Research
website: http://www.old


Stock Cert Expert


Stock Research Services
subsidiary of America West Archives


Stock Search International Inc.


Before contacting any of these services, re-check your certificates carefully. Are they cancelled in any way? If they are cancelled, no matter how lightly, then they no longer have value as securities. (See Recognizing cancellation. for more insight.) Moreover, just because they are not obviously cancelled does not mean they retain value as securities. Go into this process with your eyes wide open.

Cancelled certificates do not have value as securities...

... but they still have value as collectibles. Search the database for information about estimated collectible prices. Also, read about the pricing of certificates as collectibles. If you find your certificates are still not listed, PLEASE send copies.

Uncancelled gold bonds

I reserve my strongest possible warning about buying and selling uncancelled gold bonds as investments. Please be warned that...






There are very specific U.S. laws (see Gold Bonds) that outlaw redemption in gold. If you encounter anyone offering to sell gold bonds as investments, STOP! Contact an assistant U.S. attorney immediately! The Justice Department and Treasury Department want to stop these criminals.

This is nothing to mess around with.

Don't believe me? Want to believe in fairy tales? Go right ahead. Just don't say I didn't warn you.

Be aware that some U.S. citizens lost substantial money on gold bond schemes in the late 1990s. As of this writing, I am receiving an increasing amount of correspondence concerning gold bonds, so it seems new scams are under way. I beg you to visit the U.S. Treasury Department's website for in-depth information and what to watch out for. That site also has links to other sites that describe similar non-U.S. and European schemes.

I also discuss the purported values of gold bonds elsewhere on this website. See Gold Bonds and Scams and Hypes.

Send an email message with corrections, questions or comments about this page.
(Last updated October 31, 2015)


I strongly recommend buying the Cox Catalog from your favorite SCRIPOPHILY DEALERS. Catalog cover
If they do not yet carry, or are out of stock, you may buy directly from the author.



Papermental logoHelp support this free site! Please visit my eBay store called Papermental by Terry Cox. My inventory includes railroad passes, railroad ephemera, newspapers, magazines, engravings, and all sorts of paper collectibles.

Please contact me if you have certificates not yet listed. (See How You Can Help.)

I suggest using WeTransfer or similar file transfer sites when sending large files or large numbers of files.

PLEASE contact the many fine dealers listed on my dealers page to buy certificates.