Scripophily at Auction: Stock Certificates Sold by Archives International and Spink, December 2025 and January 2026
Numismatic News reported on January 22, 2026, that collectors are rediscovering scripophily, stock certificates once treated as office paperwork, as historical records and works of art. The article described four certificates dated 1884 to 1935 that sold at the December 16, 2025, Archives International Auction sale and at Spink's January 2026 online auction, with their prices and features.
Correction (Oct 13, 2026): We rewrote the headline, summary and body to match the source. We removed unsupported material, including a history of stock certificates beginning with the Dutch East India Company, claims about 19th-century design, a market analysis of what drives prices, and the claim that certificates command prices rivaling rare coins, and reported the two auctions and four sales described in the source with their dates. The previous headline was "Beyond Currency: How Scripophily Uncovers the Art and History of Finance."
This article is based on a Numismatic News report published on January 22, 2026.
The article uses the word scripophily for stock and bond certificates. Once office paperwork, scripophily is gaining new attention as collectors rediscover stock certificates as both historical records and works of art. According to Numismatic News, as of its January 2026 report, at recent auctions loose certificates that were once filed away in offices have moved from desk drawers into the collections of paper money collectors.
Historical Records and, at Times, Art
Stock and bond certificates were first created as documents of equity and debt. The article says they now serve as archival records and, at times, as objects of art.
The International Bond & Share Society's website says, "Each certificate is a piece of history about a company and its business." The website adds, "The color, paper, signatures, dates, stamps, cancellations, borders, pictures, vignettes, industry, stockbroker, name of company, transfer agent, printer, and holder name all add to the uniqueness of the hobby." According to the society, the collecting of scripophily gained momentum around 1970.
Archives International Auction, December 16, 2025
Certificates from companies ranging from chocolate to American mining were offered at the December 16, 2025, U.S. & World Banknotes, Scripophily, Coins & Ephemera sale held by Archives International Auction (AIA).
- A 1901 American Caramel Co. certificate for 25 preferred shares, in Fine to VF condition, sold for $200. It was made out to and signed by Milton Hershey of Hershey Chocolates. The certificate resulted from a merger of caramel makers. - An 1884 certificate for 500 shares of the La Fave Mining & Milling Company of Leadville, Colorado, in Choice VF condition or better, sold for $75. The company operated during Colorado's silver boom of the late 1800s. The certificate is decorated in black and gold with a filigree-printed border, and an embossed gold corporate seal sits at the lower left near the signatures of the company president and secretary.
Spink Online Auction, January 2026
Spink's China, Hong Kong, and World Banknotes January 2026 online auction also included stock certificates.
- In the CSS120A section of the sale on January 10, a 1935 Bank of Communications certificate for 50 shares, described as repaired, fine and quite rare, sold for HK$1,500. It is written in blue ink and shows coupons and revenue stamps. - At the same online auction, a 1920 Po Tung Coal Mine Company Ltd certificate for 60 shares, in very fine condition, sold for HK$9,000. It features scrollwork and depicts a Chinese village with the sun rising above.
As at AIA, coal mining certificates were offered at Spink's sale.
Source: Numismatic News, "Stocking Up with Scripophily" (January 22, 2026).
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