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.

Let's cut to the chase –
What you will might receive when selling certificates

The prices listed in this catalog represent retail prices that customers should expect to pay if they buy single certificates from reputable and experienced dealers in the United States of America.

If you want to SELL certificates, you must realize that you will be selling at wholesale rates. Wholesale prices are usually half or less of retail. Expect common certificates to fetch lower percentages than rarities.

This table is a very rough approximation of potential sales. Your results WILL vary . Your results may differ substantially from these estimates. The fewer certificates you sell, the more unpredictable your results will be.

What percentage of retail to expect when selling

common certificates
scarce certificates
eBay (US)
to professional U.S. dealers
to professional European dealers
to amateur sellers
through professional American auction houses
through professional German/Belgian/Swiss auction houses
through other professional European auction houses



General rule - Remember, every so-called "rule" in this hobby has many exceptions.

eBay - Several years of analysis suggests that buyers often overpay for common certificates and underpay for rarities. Do not forget you must pay insertion fees and commissions based on final prices realized. If selling for yourself, use good photos and describe certificates as well as you possibly can including serial numbers, shares, folds, and conditions. Accept PayPal and guarantee your items.

Professional dealers - Because they attract loyal and experienced collectors, professionals need a constant supply of scarce and rare certificates for which they tend to pay generously. Most are already suffocating in common material and try to avoid buying more.

Amateur sellers - Amateurs tend to pay more for common material in order to bolster their inventories. In order to decrease risks of getting caught with expensive material they cannot sell, amateurs tend to pay less for scarce and rare certificates.

Professional auction houses - Professionals attract the highest classes of collectors and consequently attract higher bids. Only about 30% to 60% of lots will sell. You must pay seller's commissions for items that sell. Discuss illustrations and how to handle unsold lots. Common items are usually combined into multi-item lots to save time and entice better sales.

European sales - Prices are substantially higher in Europe than the U.S. and highest in Germany. That discrepancy represents a robust collector market for U.S. railroad items.


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.



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.

© Copyright 2021 by Terry Cox