The Walkman share

In the movie Guardians of the Galaxy, underdog Peter Quill “Star-Lord”, portrayed by Chris Pratt, faces the galaxy’s worst criminals. Using a Walkman he listens to Rupert Holmes’ catchy Escape (Piña Colada) song in order to stay connected with the Earth and the family he lost. 

SONY introduced in 1979 the Walkman, a portable cassette player that allowed you to listen to music while on the move with a small headset. The player fit in your hand and you could clip it onto your belt. By the time Sony had stopped production, 30 years later, they had built about 200 million cassette-based Walkmans.

This SONY specimen share certificate was printed by the Dai Nippon Printing Company and dates from 1975. The red characters in the center are 見本 : Mihon, meaning ‘specimen’. Note the odd denomination of 1-99 (number of shares) which suggests that the certificate was a presentation model. 

Masaru Ibuka and Akio Morita both served in the Imperial Japanese Navy during WW II. In 1946 they formed Tokyo Tsushin Kogyo (Tokyo Telecommunications Engineering Corporation) which became Sony in 1958.

The company would become world famous with electronic products, such as the portable transistor radio, cassette players, televisions, video recorders, the Discman, digital cameras, Vaio laptop computers, Playstations and humanoid robots. SONY Corporation is now owned by SONY Group Corporation which is, among many other things, one of the largest music companies and film studios today.

Sony’s stock was first listed on the Tokyo Stock Exchange in December 1958. It became a part of the Nikkei 225 stock market index. Sony was listed on the NYSE in September 1970 as the first Japanese company to appear on an any American stock exchange.

Collecting Japanese shares is challenging, especially if you don’t read the language. Luckily modern ones are bilingual showing the text in both Japanese and English. You can read that the certificate illustrated above mentions a capital of 424,000,000 shares of 50 Yen with date of issuance Nov 1, 1975.

I cannot read Japanese but with the help of a dear collector friend I’ve learned to recognize some “phrases” on antique bonds and shares from Japan. The older certificates have to be read in a “right to left and top to bottom” direction. Modern certificates print Japanese from left to right, as is the case here. 

The bold characters in black are ソニー株式会社株券.  

This can be split into three parts:

• ソニー, SONY; 
• 株式会社, kabushikigaisha, Corporation or ‘Co Ltd’ , which is in turn formed by 
• 株式, kabushiki, stock 
• and 会社, kaisha,company; 
• 株券, kabuken, stock certificate. 

Together it says “stock certificate of the SONY Corporation”.  

In the lower right corner, you see the western facsimile signature of President Kazuo Iwama (1919–1982). He was a geophysics engineer lured away from his research job at the seismology research center of Tokyo University by his brother-in-law and SONY co-founder Akio Morita. Kazuo Iwama’s Japanese signature is shown in black right above the lower border: 岩間 和夫.

Japanese shares usually show red seals. These are carved in a traditional formal font style and are hard to interpret by most people. These official seals have a legal impact and must be registered with the local authorities and are used as a formal signature with all kinds of business transactions.

The red rectangular seal is the official company seal with characters written in the traditional way (special font, left to right/top to bottom). It says “seal of the Sony Corporation”. The red round seal has an outer ring mentioning the name of the company, thus ‘SONY Corporation’. The inner circle says ‘seal of the president’.

Finding SONY scripophily is not straightforward. Not often, an ADR stock certificate becomes available on the collectors market. These were printed by the American Bank Note Company in American standard format and with a vignette of a woman encircled by electrons. This specimen ADR dates from 1995. American Depositary Receipts (ADR) are negotiable securities issued by a bank that represents shares in foreign stock. ADRs trade on a American stock exchange. 

As for the Guardians of the Galaxy movie, Sony Pictures Imageworks, a Canadian unit of Sony Pictures Entertainment’s Motion Picture Group, provided some of the visual effects and digital animation for the film.

FL

This post is based on an article written for Scripophily magazine, published by IBSS.

Previous posts

• Reading Japanese dates on stock certificates  
• Exhibition : From Peking to Hankow 

Italian State securities on the menu

Last year, the scripophily public welcomed a new edition of Alex Witula’s reference catalogue on Italian state securities. Titoli di Stato will be a delight to anyone interested in the collection, valuation and study of bonds and securities issued by the Italian government and the pre-Italian unification states as early as the 16th century. More than reason enough to have a talk with one of the most prolific authors in our field !

The volume starts with several chapters on the aspects of collecting antique securities. The actual cataloguing part is divided into the following chronological sections : Italian preunification states (pre-1861), Kingdom of Italy (1861-1946), Italian Republic (1946 – present). Each one of these is in turn subdivided into categorizing chapters. Titles are ordered by their authorizing law date and then by issue date. Each issue is described with name, denominations, place, vignette, color, possible variations, etc and also a value indication. The bulky compendium features about 700 images and historical paragraphs including maps.

Titoli di Stato – Italian State Bonds

Author: Alex Witula

Published by : Portafoglio Storico

FL Mr. Alex Witula, welcome in my virtual studio. Please tell me, what is your new book about?

ALEX The 5th edition of the catalogue of the “Italian public debt” is now available under its new name: “State bonds”. The change of the title of this book has a psychological reason: the collective consciousness in Italy considers the public debt as something negative. In this way I hope to get more readers not only from the collector’s side but also from the general public.

Repubblica Italiana 

Certificate for 20 Treasury bonds of 5,000 Lire, 1962 

Vignette : Nettuno offre doni a Venezia, by Giambattista Tiepolo (1696-1770) 

FL Why did you decide for another, 5th, edition ?

ALEX The result of this catalogue is a teamwork of several dozens of collectors with contributions of colleagues and friends. The previous, 4th, issue is dated 2012 and it took 5 years to get the new catalogue as near as complete, at least in its structure. The listing of all principalities and small states in the Italian peninsula before the unification of 1861 is now complete. For example, we’ve included certificates that have not even appeared yet on the market, for example, those from the Republic of Genoa. Many new certificates were added in the new issue. We increased the number of pages from 558 to 736. Last but not least: for the collectors it is important that they know new valuations of their bonds.

Monte di Pietà della Cità di Firenze

Nuovo Monte non vacabile, a loan for 4 luoghi of 100 Scudi, 1700, 

illustrated with two vignettes of Jesus and the coat of arms of the Medici in the middle

FL Alex, the book also covers scripophily from the Italian pre-unification states. I was surprised to see that the chapter for Granducato di Toscana, counting 74 pages with securities from 1591-1860, is the biggest part. Why is that?

ALEX Under the dynasty of the House of Medici (1494 – 1737) the Grand Duchy of Tuscany became a wealthy state. Their bank, the Medici bank, was the most important financial institution in Europe. The Medici’s introduced a system of irredeemable loans with strong written rules. For each loan the statutes were published in a form of a booklet called “provvisione” and each loan was guaranteed by income from taxes. For example, at the front page of the “Nuovo Monte del Sale”, page 40 in the catalogue, its guaranty is included in the name of the loan sale which means by taxes on salt.

ALEX Each loan was divided into certificates called luoghi with a unit value of 100 Scudi. A fraction of one luogo, not less than one-quarter, was offered in order to facilitate purchase by the less well-of. Once the bonds were placed, a new booklet was printed with the names of the holders and the number of certificates purchased. Printed on vellum the luoghi represent the origin of issues of state bonds.

The Monte di Pietà, founded in the 15th century, was the first church-run lending institution. It became a model for many charity institutions, called “Monte’s” which obtained their funds by means of bonds called “Luoghi di Monte”. These organisations evolved into banks and lending institutions. The bonds were registered, and guaranteed the investor a type of annuity. Some of these securities were transferable and redeemable but most were not until the death of the creditor.

In scripophily the term Monte can refer to the bond or to the issuer. This Monte Pubblico, a 4% 1000 Lire annuity bond from the Duchy of Milan, dates from 1770. 

FL When Italy becomes a kingdom, I see that the securities get more standardized in terms of layout, text, border and vignette design. What were the main printers of the Italian state bonds ?

ALEX Bonds issued before Italy’s unification have no indication of the printer. After 1861 a government printing office was established. On all state certificates there is a small indication of this printer: Officina Governativa delle Carte Valori Torino. Since 1928 its name changed to Istituto Poligrafico dello Stato – Officina Carte Valori.

FL Were there particular artists and designers involved in the production of state bonds?

ALEX During the Kingdom of Italy (1861-1946) the portraits of the Kings were designed by employees of the printing office, but only Lodovico Bigola became famous at the national level. Many treasury bonds issued after 1958, display parts of famous works from artists like Antonello da Messina, Tiepolo, Leonardo da Vinci, Raffaello and even Rubens.

With the unification of Italy, the government set up the Gran Libro - 'Great Ledger of the public debt of the Kingdom of Italy' - in which all debts of pre-unitary states were collected. This 3% bond from 1871 depicts Victor Emmanuel II (1820-1878), King of Sardinia from 1849 until 17 March 1861 when he became King of Italy. The portrait was designed by artist Lodovico Bigola, designer and engraver of Italian state bonds and stamps.

FL Alex, the catalogue also features Austro-Hungarian loans from the period 1868-1918. Can you tell us why these are included in your book?

ALEX In that chapter’s preliminary notes you will read that after WWI citizens who were resident in zones occupied by Italy, and accepted Italian citizenship, could exchange their Austrian and Hungarian State bonds for the Italian 5% Consolidated Loan. To prove this on the exchanged certificates you can find different fiscal stamps like those documented on pages 532-533. By the way, the two Corone stamp, page 534, is very rare and its value is about €150. Unfortunately, I’ve had only few of them.

The red revenue stamp with ‘ITALIAN TESORO’ annulation stamp, cancelled this 5.5% 7th Austrian war loan from 1917, indicating that it was exchanged for an Italian state bond.

FL Over the past decade have you seen any trends in collecting Italian government securities?

ALEX Rare items are available usually at auctions, while the price of commonly seen certificates has dropped down. Since Udo Hielscher’s book “Die Florentinischen Monti” was published by Verlag HWPH AG, there is interest especially on bonds issued by different Monti.

FL What is the item in your catalogue that realized the highest price so far at auction?

ALEX That was a Monte San Giovanni Battista – page 124 of the catalogue. It sold at €3,500 plus 20% auction fee at our 27th auction in 2012.

FL Alex, a catalogue like this stands for a lifework, something I have a lot of admiration and respect for. What was for you the most difficult step in producing the catalog? And do you have any tips for potential authors?

ALEX The catalogue is the result of team work. Sincerely it was not so difficult for me because of the enthusiastic cooperation of collectors specialized in state bonds. A tip for a potential author: just start and create synergies!

5% Regno D’Italia Prestito Redimibile, redeemable loan of the Kingdom of Italy, 1937 

Illustrated is Victor Emmanuel III, flanked by two fasces. He ruled Italy from 1900 to 1946, Ethiopia from 1936 to 1941 and Albania from 1939 to 1943. During his reign Italian Fascism rose and perished.

FL What is your most pleasant anecdote when producing the catalogue?

ALEX The co-author of the first and second edition of the catalogue was Mario Cecchi, who unfortunately has passed away. At that time he was a well-known certified public accountant in Siena and his office was located in the historical town center, on Piazza del Campo. We finished both editions exactly during the day of the Palio of Siena – the traditional world-famous horse race run since the thirteen century. After we terminated the work we watched the horse racing from his balcony: a great experience, specially seeing the event from the sixth floor and not from the ground!

FL Alex, did you use any particular sources, books, manuals and the like, for researching Italian securities? Are there stock exchange year-books available for Italy, comparable to Moody’s (USA), Saling (Germany) and Van Oss (the Netherlands)?

ALEX Yes, of course. The catalogue has a bibliography. The Manuale Hoepli “Il Debito Pubblico Italiano” is a kind of a handbook of Italian state bonds. But in my opinion the most important and interesting book, especially for the pre-unification period, is professor’s Felloni “Gli investimenti finanziari genovesi in Europa tra il Seicento e la Restaurazione”. Prof. Giuseppe Felloni, a professor emeritus of the University of Genoa, having access to the archive of the Banco di San Giorgio, could publish interesting statistics, for example, on the investments in different Monti bonds of the Grand Duchy of Tuscany by the Banco di San Giorgio and the Papal State and on investments of many European rulers in the Banco di San Giorgio.

Yearly income bond from the Papal States, issued in 1832.

Usually, the emblem of the Pope shows a tiara, but, as in this case when the certificate was printed, 

the version with an umbrella is put in place after the death or a resignation of a pope.

FL Do you collect yourself?

ALEX Yes, since many years I collect State bonds. A collection definitely helps to organize a catalogue.

FL Dear Alex, now I have to ask you a last but very serious question. Suppose you were convicted for excessive scripophily and exiled to a deserted island. What is your most favorite Italian government security that you would take with you?

ALEX I love to visit islands, but believe me, on a deserted island instead of a bond I’d prefer a survival kit!

FL Alex, I want to thank you for this interview and wish you a lot of success with the book.

Alex Witula's book Titoli di Stato, written in Italian, is published by Portafoglio Storico.

Price €65, IBSS members receive a 25% discount.

More info: www.portafoglio-storico.it or [email protected]

F.L.

An interesting read? Why not sign the Guest book ?

Internet Scripophily Museum of Computing in the making

I've been blogging about computing before on this site. Click the label computers in the left margin to find some related content. There is so much to reveal on this field of scripophily. Yet, the nature of a "general" blog like this one doesn't lend itself very well for providing much information at one time. That is why I decided to set up a dedicated website.

Intel Corporation, specimen bond from 1980

Intel is known as a maker of semiconductor chips and became famous 

for its microprocessors like the 8086, 80386, Pentium and Itanium. 

The organization also made early microcomputer kits and since the 1980s supercomputers.

The ISMOC project is about scripophily and computer history. ISMOC stands for Internet Scripophily Museum of Computing. That's right. I'm working on a virtual museum of historical securities from organizations involved in digital computers. Though still in an early stage, you can have a look there. 

So far the following entries have been put online :

• organizations
• Addressograph-Multigraph Corporation
• Gould Inc.
• Idaho Maryland Mines Corporation
• International Business Machines Corporation (IBM)
• PolyComputers Inc. 
• people
• Cary, Frank Taylor
• Opel, John Roberts
• Ylvisaker, William Townend

ISMOC has a Site History page informing about further developments. You can also follow along on Twitter, here.

Some concepts in scripophily can not be illustrated with a single image. Here is a video showing an Intel specimen bond and a production model for a stock certificate, both from the Security-Columbian US Banknote Corporation. A specimen is a printed sample of the real thing. An example of that is shown at the right. The item on the left is a production model for a possible design of an Intel stock certificate. Designers of securities used to cut up portions of existing engraved items such as company logos, vignettes, scrollwork, borders, titles, corporate seals, text, et cetera.These items were then reapplied (pasted) in a different design, a new model. When the model was accepted, a proof, basically a printed prototype, could be printed.

In the video you will notice a transparant plastic overlay on the production model. That overlay also contains printing elements. In this case, it contains a standard 'CERTIFICATE OF STOCK' line. The overlay simulates the underprint for the main certificate text. In case the text changes, like in the case of a bond, only the overlay needed to be changed to 'REGISTERED'. 
At the end of the video, I focus on the facsimile signature of Intel's Chairman of the Board. Ever heard of Moore's law. Yep, that's the man. When working as R&D Director at Fairchild Semiconductor, Gordon Earle Moore observed that the number of electronic components in an integrated circuit would double every year. Later he revised the forecast to every two years. 

It will take me several years to complete the ISMOC project. Frankly I hope this turns out to be a neverending story. This is a scripophily venture that will take me on a worldwide journey through modern times. Will you join me on the ride once in a while ?

F.L.

Signed the Guest book yet ?

Related links

• See more about proofs and specimens here.
• Internet Scripophily Museum of Computing (ISMOC) 
• ISMOC on Twitter

Walker's Manual of Unlisted Stocks

Some stock certificates are not listed on an official stock exchange, but can still be publicly traded. These are called Unlisted Stocks. These stock certificates are traded off-exchange or over-the-counter (OTC) between two parties without any supervision of an exchange. In the US, OTC trading is carried out by brokers using an electronic service like the OTC Bulletin Board.

The movie The Wolf of Wall Street (2013) is based on the true story of stock-broker Jordan Belfort. In one of the first scenes, we see Belfort, played by Leonardo DiCaprio, working in a small office at a mini-shopping center. The low value stocks, he sells there impressively over the phone, are unlisted stocks.

Walker's Manuals

Since the early 1900s Walker's manuals have been published for Pacific Coast Securities, California Securities and later also for Western Corporations. The first Walker's Manual of Unlisted Stocks was published in 1996. The book contains profiles of 500 unlisted companies and investment partnerships (funds), traded at or over $5 per share. A similar manual for companies traded under $5 is brought out as the Walker's Manual of Penny Stocks and a special manual exists for unlisted community banks. 

• Title : Walker's Manual of Unlisted Stocks - 1998 3rd Edition
• Author : H. K. Eisenberg
• ID : 0-9652088-6-9, published 1998 by Walkers Manual, LLC
• Languages : English
• Number of pages : 526 excluding indexes
• Images : no images
• Index : 1. Company name, 2. Geographic area, 3. SIC code (theme). Additional indexes by a number of financial indicators such as total revenue, market capitalization, price/earnings ratio, etc. A separate index is provided for the section of the investment partnerships

Every company profile contains a single paragraph describing the company, a table with the financial indicators over the preceding four years, a comment on the company's evolution, and an overview of its officers. Both new and long existing businesses are included from all economic sectors. 

Rochester and Pittsburgh Coal Company

Stock certificate for common shares, issued 1985

-

This is one of the unlisted companies from this volume. 

The company mined bituminous steam coal in Pennsylvania since 1881. 

ROC-295 in the Coxrail database

image from eBay seller jpm8282

Is this large format book worth purchasing ?

The book was compiled for investors and in that context, absolutely. For scripophily research purposes, it depends. If you are into current American stocks, you might discover something of interest. However, the book contains only 500 profiles: a small chance to find out more about a particular type of companies you are curious about. 

TIP: Amazon.com regularly sells second-hand Walker's Manuals. 

F.L.

Related link : Investopedia's Over-The-Counter

Signed the Guest book yet ?

What is a share certificate, what is a stock certificate ?

Share certificates are no testimonies of charity, nor are stock certificates a special kind of inventory lists. But what are they? If you are not really into finance, you might not know what these objects stand for. 

The Millar Loom Company Limited

Share certificate for 100 shares of £1, printed by Howard and Jones, London

double-click image to enlarge

-

The Millar Loom Co Ltd was formed to buy patents for a new type of loom.

This particular share issued in 1898 mentions that Lieutenant-Colonel Ernest Richard Hope Torin
is the Registered Proprietor of the certificate. From 1874 to 1884 he served 
with the 13th Hussars cavalry (Baden-Powell) in India and Afghanistan . 

You can see Torin's picture here. 

Synonyms

Both terms, share certificate and stock certificate, mean the same. They are synonyms. The former is more widely used in Commonwealth of Nations countries (e.g. UK, Canada, Australia, India), the latter is preferred in the US. The word stock refers to the capital stock of a company.

Here are the terms in some other languages :

aandeel , action, actie, Aktie, részvény, azione, acción, ação, osake, acțiune, hlutabréf, hisse senedi, aktiebrev, АКЦИЯ, АКЦIA, μετοχή, תעודת מניה, शेयर, 股權證書, 株券, 주권 , شهادة الأسهم

Just like in English, probably every language has its own synonyms. In Germany we speak of Aktie and Anteilschein, in France of action, part or titre, in Swedish aktie and aktiebref, in Spain acción, parte and cédula.

Minas de Cármenes Sociedad Anonima

Share of 500 Pesetas, série A, Gijon, 1903

-

A bearer share certificate, in Spanish:acción al portador, 

is issued without mentioning the shareholder's name. 

The lower half of the certificate shows 32 dividend coupons.

Ownership in a company

In order to explain what these certificates are, I must tell you first about companies. Suppose you want to start a business. Then you will need an amount of money to get your business up and running. You likely will have to lease or invest in business assets, pay for work or services, buy consumer goods, and lots of other things.

But your financial resources may not be sufficient; or, you might want to share the investment risk with others. These are the main reasons why you form a joint-stock company. In that case, you allow others to participate when they co-invest in your company. In return they receive share certificates in your company in proportion to the amount invested. So, a share certificate represents ownership in a company.

Ypersche Weverij Naamloze Vennootschap

Le Textile Yprois Société Anonyme

English : Ypres Textile Company

Registered founder's share, 1924

-

Registered shares mention the name of the shareholder,  

which is also recorded in the company's shareholders register.

It is an effective method for the company to stay informed 

about its shareholders.

Physical papers

A share certificate is a piece of paper that mentions the name of the company, the number of shares owned, the date of issue and an identification number. To avoid forgery, their designs contain a number of security features such as legal signatures of company officers, corporate seals, water marks, engine turned designs, etc.
Share certificates were created decades and even centuries ago. The lucky ones that have survived such a long, often remarkable journey through time are now residing comfortable with other companions in a collection or even a museum. Now, share certificates have mostly been replaced by electronic accounts in today's financial networks.

NV Tagalsch  Prauwenveer

Registered share of 600 Gulden, Batavia (Jakarta), 1902

- 

The company operated a proa ferry and ship unloading service

 at Tegal at the north coast of Central Java. 

The rear side (right image) tells us that the share 

was transferred to a new owner in 1920 and later in 1938. 

double-click image to enlarge

Being a shareholder

Shareholders are only liable for the company's debts to the value of their shares. This concept of limited liability is one of the success factors of this type of business organization. Shareholders have voting rights at the company's shareholder meetings. And they can expect to receive a proportional share in the company's profits. When the company dissolves, they receive a proportional share of the liquidation proceeds.

Walther Electronic Aktiengesellschaft

1 Share of 50 DM, issued Gerstetten 1979, with corresponding dividend coupon sheet

This company originates from 1886 when it started manufacturing tools and guns. 

In the 1970s Walther produced electronic calculators and text processors.

-

Many German shares are bearer shares stating that Der Inhaber dieser Aktie 

ist bei der Aktiengesellschaft nach Massgabe der Satzung als Aktionär beteiligt,

which means that the owner (Inhaber) of this share is a shareholder 

of the company in accordance with the company's rules. 

Registered versus Bearer 

When the name of the shareholder is registered in the company's share register, the issued certificate will state his/her name and therefore is called a registered certificate. When it is sold, the name of its owner will be replaced in the company's share register. Either a new share will be issued for the new owner and the old certificate will be cancelled, or the name of the previous owner will be overwritten on the certificate, and a statement of ownership transfer is written on the rear.
Bearer shares, on the other hand, do not mention the owner's name. These are owned by an anonymous "bearer". Such shares can be sold to another party without the knowledge of the company. Bearer certificates have been popular because they were easy to sell (without transfer taxes).

Chicago, Burlington and Quincy Railroad Company

Stock certificate for 100 shares issued in 1903 to Henry Clews & Co.

- 

Almost all American stock certificates are "registered" and state that 

shares are transferable only on the books of the company in person or by attorney...

Dividends

A company usually distributes a fraction of its profits among its shareholders. A certain amount for each share will then be allocated. The income received from the ownership of shares is called a dividend.

• In case of a registered share certificate, only the officially registered shareholder receives dividend payments. Dividend payments were often written on the rear side of the certificate. 
• Bearer certificates have a sheet of dividend coupons. In return for a clipped coupon, a shareholder receives a dividend payment. By counting the number of missing coupons, one can tell how many dividends have been paid out.

Vereenigde Oost-Indische Compagnie (VOC)

In 2010 Ruben Schalk, history student at the Universiteit Utrecht, 

discovered the so far oldest share in the world in the Westfries Archief in Hoorn. 

The certificate dates from September 9th, 1606. 

The second page records the payments of dividend.

Source: Wikipedia.

Amazing, exotic and even weird species

The world of share certificates would certainly have interested Alexander von Humboldt whose work on botanical geography laid the foundation for the field of biogeography. As centuries passed, share certificates adapted to new political, economical and regional conditions and evolved into several types (founding shares, preference shares, et cetera) and local varieties. 

Do they teach scripogeography at Oxford ?

Stationery Industries (Société Anonyme Egyptienne)

Titre Nominatif de 25 Actions de L.E.4

English: Registered certificate for 25 shares of 4 Egyptian Pounds

Alexandria, 1956

-

This "hybrid" share certificate has some bizarre characteristics. 

a) It is a registered certificate, yet there is a dividend coupon sheet attached 

(partly visible in the upper image). 

b) Although it is a registered certificate, the name of the registered shareholder is not mentioned.

Was this an error in the print design?

c) Even though the first owner is unmentioned,  we see on the rear side 

dates (date de la cession) and names of new owners for two share transfers (lower image).

F.L.

Related links

• Book : Shares & Co. - A journey through the world of securities and the history of capitalism, published by Wertpapierwelt
• International Bond and Share Society 
• Wikipedia's Joint-stock-company 
• What is Scripophily ? 

PS 😉 : Who is in 2016 the most known person in the world ? Tip: it is a shareholder.

Trump Hotels & Casino Resorts, Inc.

This certificate looks like and is produced in the same way as a share certificate, but it isn't one. 

It is a specimen certificate. More about specimens in Euratom specimen or proof ?

Image courtesy : Scripophily.com 

Exhibition: Gedruckte Werte

Museum für Druckkunst Leipzig illustrates the making of securities
The German city of Leipzig has a rich tradition of bookmaking and publishing. Its Museum für Druckkunst Leipzig (Museum of the Printing Arts Leipzig) is home to functioning machines, tools and presses demonstrating the techniques of copperplate printing, lithography and letterpress. Recently the museum has set up an extraordinary exhibition titled Gedruckte Werte (Printed Values).

Grosse Leipziger Strassenbahn
1000 Mark share, Leipzig, 1895
printed by Giesecke & Devrient
image courtesy : Museum für Druckkunst Leipzig
double-click image to enlarge

From design to production
The exhibition illustrates the history, design and production of commercial securities. On display are approximately 50 bond and share certificates mainly from Leipzig and Saxony of the last 200 years, together with printing proofs, cheques, stamps, wood engravings, printing plates, guilloche and frame dies, sample and order books, and other historical printing forms. The show also explains how Giesecke & Devrient, Germany's most important printer of banknotes and securities, developed a standardized process for the production of artistic and counterfeit-proof securities. 

Guilloching tool, dated around 1900
source: Giesecke & Devrient, Leipzig
image courtesy : Museum für Druckkunst Leipzig

One of the exhibits is a manually operated guilloching tool, see image above, from the Giesecke & Devrient security printing house in Leipzig. A tool like this was used to engrave a guilloché, an ornamental pattern formed of repeating, interlacing lines in a circular design. When printed on securities and banknotes, designs like these were almost impossible to counterfeit. The guilloché pattern shown just below at the left, is a detail from the image beside it, another object in the exhibition : an advertising, ca. 1910, for Giesecke & Devrient, designed and printed as a share certificate.

source: Sächsisches Staatsarchiv Leipzig 

image courtesy : Museum für Druckkunst Leipzig

The exhibition is a cooperation between the Museum and the “Firmenhistorisches Archiv” of the Giesecke & Devrient GmbH (Munich). Some loans are also from the State Archives of Saxony in Leipzig.

Giesecke & Devrient printing plate for a share
of the Actien-Brauvereins zu Plauen (see also image below)
image courtesy : Museum für Druckkunst Leipzig

Practical info

• Duration : 16 March to 14 August 2016
• Location : Nonnenstrasse 38, Leipzig, GERMANY
• Opening hours : Monday to Friday, 10:00 a.m. to 5:00 p.m. ; Sunday 11:00 a.m. to 5:00 p.m.
• Entrance: 6€ for adults, 3€ for students and 1,50€ children, 4€ for owners of a Leipziger-Card
• Guided tours on the following Sundays at 12:00 a.m. : 8 May, 22 May, 12 June, 26 June, 24 July and 14 August
• Special 60 tours on the following Tuesdays at 3:00 p.m. : 19 April and 21 June.
• Hans-Volkmar Gaitzsch holds an evening talk Leipziger Wertpapiere on Thursdag 19 May at 7:00 p.m. , free entrance
• The Museum also organizes a one-day conference Gedrucktes Vertrauen on Friday 24 June, more info in German, see here.
• Further, there is an accompanying 60-pages book, in German, availble at the price of 8,80€ excluding shipping cost (but more on that in my next article).

Actien-Brauverein zu Plauen
in English : Plauen Brewery Association
1000 Reichsmark share, specimen from Giesecke & Devrient, 1943
One of the original printing plates for this certificate is shown above.
image courtesy : Museum für Druckkunst Leipzig

Related links

• Museum für Druckkunst Leipzig, in German, in English 
• Exhibition Gedruckte Werte, in German, in English 

F.L.

PS: Here are some images, from the museum's Facebook page, from the opening of the exhibition.

Vielen Dank an alle Gäste für eine tolle Ausstellungseröffnung zu GEDRUCKTE WERTE gestern Abend!
Posted by Museum für Druckkunst on Wednesday, 16 March 2016

Poll : Does our hobby needs another name ?

While NUMISMATISTS are often characterized as students or collectors of coins, this discipline also includes the broader study of paper money, tokens, and related objects. In the 1970s collectors started using the term NOTAPHILY for collecting paper currency and banknotes. 

Anyone knows the meaning of the word EXONUMIA ? Some do. Exonumia is the hobby of collecting numismatic items (such as tokens, medals, or scrip) other than coins, paper money and bond and share certificates. 

What's in a name ? Scripophily stands for the study and collection
of securities and related items, such as this certificate for ordinary
shares of 10 Rupees in the Jodhpur Commercial Bank Ltd., issued 1946.

For bond and share certificates, including related securites, there is the term SCRIPOPHILY (see also here). The word was introduced in the 1970s and it took a decade for the word to become more widely known. I just googled the word and the search engine told me it had found more than 350,000 results ( philately yielded 820,000 results).

From my pre-Internet periode I still remember discussions between dealers on the correctness and suitability of the term scripophily. Some said the word didn't cover the full meaning, or it could not easily be pronounced. Others were happy with it and argued just the opposite. Forty years after its introduction, the word scripophily has been translated into many languages (see here again) .

This is a test note specimen from Nixdorf Computer. Started as
a computer manufacturer, the company specialized into the production
and servicing of  self-service transaction systems (such as ATMs).
The company eventually became Wincor Nixdorf.
Is this an example of scripophily, notaphily, or exonumia ?

A recent online discussion between IBSS members, brought up the question again whether or not scripophily should be replaced by another term. 

What do you think ? Tell us by participating in the poll. 

Poll information :

• You can locate the poll in the right margin of this blog. 
• Answers are anonymously and will be kept that way. 
• The poll will be closed on 30th March 2016. 

Thank you for your participation.

Happy New Year 

F.L.

P.S. 

The word PHILATELY, used for collecting stamps, was introduced in the 1860s. Its inventor, Georges Herpin, coined this word as a better alternative for the term timbromania (source: Wikipedia).




Update (2016 July)
The poll result can be viewed here .

La Belle France under the hammer

Lot 400 Compagnie Générale des Services Publics de Paris et la France

This 1906 founder's share shows the map of France in the underprint 

surrounded by not less than 10 coats of arms of French cities : Paris, Marseille, 

Toulouse, Bordeaux, Rouen, Nice, Nantes, Lyon, Lille and St. Étienne.

double-click image to enlarge

Next Friday and Saturday, Mario Boone's 55th international auction of antique stocks & bonds will take place in the heart of Brussels (Hotel NH Carrefour de l'Europe). I've announced this event in my previous post. This time, I want to bring to your attention a special collection to be auctioned during the happening.

Lot 368 : Société de Constructions de Levallois-Perret
Certificat nominatif d'actions de 100 Francs, issued 1939
Formed Paris, 1893, as successors to Compagnie des Etablissements Eiffel
Rarity indication R10 (3-5 pieces known)

Société de Constructions de Levallois-Perret
detail from the certificate above
1866 Gustave Eiffel set up his own engineering office
 at 48 Rue Fouquet in Levallois-Perret. The street
was later renamed into Rue Gustave Eiffel.

France, a Walhalla in scripohily
There is no other nation that has left us so many decorative bond and share certificates like France. For many years, I've been studying auction guides, and I don't think that other countries count more artists, engravers or lithographers. I started to believe I had a good idea of what French scripophily could offer. Boy, am I wrong ! Splendour .. amazement .. rarity .. significance .. these are words that instantly crossed my mind when flipping through this collection's catalogue.

Lot 360 : Société de l'Ascenseur de la Terrasse de Saint-Germain-en-Laye
Share of 100 francs, 1899, Paris

Société de l'Ascenseur de la Terrasse de Saint-Germain-en-Laye
detail from the certificate above
design by Ch. Lapierre and engraving by A. Napier
printed by Imprimerie G. Richard

La Belle France
In this special auction 500 French stocks and bonds will be sold separately. The collection was brought together over a period of 25 years by an European collector, wishing to stay anonymous. Auctioneer Mario Boone says : “In my view, the greatest joy that comes with being an auctioneer is the privilege that one gets to see, catalogue and research truly superb collections such as this one. Despite being a leading auctioneer of French scripophily since many years, I have never before come across so many rarities and novelties as in this collection. That we can auction this collection, which has been built and treasured for decades, is deeply honouring.”

Lot 291 : Revillon Frères
500 francs share, Paris 1908
The company had fur shops in Paris, London, New York,
Moscow, Montreal and elsewhere
Only two pieces known according to the auctioneer

Revillon Frères
detail from the certificate above
grandiose design by A. Antigue
printed by Imp. Lahure

À chacun son goût

The collection covers three centuries, all major industries and themes and is also geographically most interesting. It includes not only, as mostly seen, Paris-issued shares, but also many pieces from other French cities and departments. Besides French colonial shares, the auction contains sections with French companies operating in Australasia, Asia, Africa, Europe, Latin and North America including California Gold Rush certificates. 

Lot 171 : Société Anonyme pour l'Amélioration, l'Education et
la Vente des Chevaux de Luxe de Race Française
Action de 1000 Frances à un quatre centième, 1837

Société Anonyme pour l'Amélioration, l'Education et la Vente 
des Chevaux de Luxe de Race Française
detail from the certificate above
Design and lithography by Ferdinand Séré
Printed by C. Adrien from Paris

Practical info 

• Auction date: 30 October & 1 November 2015 
• Place: Brussels, Belgium
• Further info, see here  

Lot 82 : Entreprise de Déchargement des Ports de Paris
100 Francs share, 1924, Paris
printed by Imp. Spéciale pour Titres

100 Words to improve your French scripophily skills

If you start collecting stocks and bonds from France, you need to learn a bit of French. Many words can easily be understood because they are written similarly to the corresponding word in English. Some examples : automobiles, fruits coloniaux (colonial fruit), banque (bank), compagnie (company), edit (edict), funiculaire (funicular) and navigation.

However, other expressions are less obvious to derive. Here is a list of 100 French terms that you will observe sooner or later on those nice papers. You will also find out that the French language often provides words that are pleasant to pronounce, e.g. tuilerie and messagerie fluviale. 

F.L.

Lot 361 : Société Pyrénéenne d'Entreprises
500 Francs share, 1919, Paris
The company was founded in 1919 to make dams,
hydroelectric facilities and bridges in the Pyrenees.
printed by Union des Arts Graphiques