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.

I have seen "Less Than 100 Shares" certificates altered and used for larger amounts. Are they worth more than un-altered examples?

I have NOT seen any evidence that collectors will pay more for such examples.

Overall, altered certificates are not particularly uncommon. Heavy block-trading really didn't kick in until the market run-up prior to late 1920s. By that time, most of the large companies had ceased printing "odd-share" certificates and were instead issuing "100-share" certificates and "less than 100 shares" certificates.

So when someone (or more likely, a mutual fund company) wanted to trade a few thousand shares, companies really had no choice but to alter their "<100-share" certificates.

Certificates were also altered for buyout situations when companies such as the Penn, the MoPac, the New York Central, and other heavy-hitters bought out smaller, regional railroads.

Having said that, I do know a FEW collectors who buy large-share certificates. So far, none of them have indicated to me that they pay significant premiums for such items, however.


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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