Should I Collect Issued or Unissued Certificates

Many collectors feel that unissued and partly issued material is less 'valid' than issued certificates, and the prices are generally lower. Nevertheless, unissueds are sometimes the only examples available of a certificate, or a rare form of a common issued piece (in particular, Chinese bonds). Specimens and proofs, especially of famous printers such as the American Banknote Company, can command prices well above issued examples. They are usually in immaculate condition.

Number issued: Bonds of a small issue, or the shares of a small company, will usually be rarer than those where hundreds of thousands were issued. The face of a bond often states how many were issued. Share certificates as well as bonds bear a serial number. However, keep in mind this is a rough guideline.

Image: The Musselshell Sheep Company.

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Reprinted with permission from International Bond & Share Society