Historical securities
Historical securities or nonvaleurs (from French non [ nɔ̃ ], “not”; valeur [ vaˈlœʀ ], “value”) are securities that have become worthless (and in this sense historical) securities that can therefore no longer be traded on any stock exchange . Such former securities or certificates can only be bought as collectibles or for decoration purposes. Rarely are also still in circulation securities located with particularly low rating as Nonvaleurs or penny stock called.
The passion for collecting nonvaleurs is called scripophilia ([ ˌskripofiˈliː ]).
History of Securities and Scripophilia
Compare: history of the stock
Industrialists financed their mostly private projects with securities even before the stock exchange. In 1602 the United East India Company was founded as the first public limited company. The oldest surviving share certificate dates back to 1606. Securities as a trade item became common, so in 1784 Johann Wolfgang von Goethe also speculated on the raw materials market with a share in the Ilmenau copper and silver mine . Early documents, mostly adorned with coats of arms and seals, were often printed on laid paper or animal skin.
Attractive design of shares - important for the former publisher as a method of customer acquisition - attracts collectors interested in art. Joint stock companies started to commission artists to design stocks. Painters, engravers, graphic artists, lithographers and engravers were allowed to immortalize themselves on the shares of well-known companies. Ludwig Sütterlin (1865–1917) created the first certificates for Siemens & Halske AG , Ramon Casas (1866–1932) signed the Italian actress Teresa Mariani for the shares of the Spanish La Hispano Suiza Fabrica de Automoviles SA and Paul Cauchie (1844–1952) designed the "Hortus" (Hortus Société Cooperative Cie. Horticole de Genval et Extensions), which is now considered a top security, in Art Nouveau style.
American railway titles attracted attention through steel engravings depicting locomotives from the early days, personal vignettes and landscape scenes. Many American stocks also bear the original signature of their board of directors or those of the shareholders . This is why stocks with the signature of John D. Rockefeller or Thomas Alva Edison are in great demand today.
Documents from the time of the stock market and start-up fraud between 1870 and 1873 show possibilities of manipulation, which were also repeated in later crises on the stock exchange.
Almost all European metropolises involved investors in their zoos in the 19th and 20th centuries . The highly decorative securities promised a special kind of dividend : They usually entitle you to visit the zoo free of charge. Some of the papers, such as those of the Hellabrunn Zoo , are still valid today.
Effective pieces (of, for example, stocks, bonds , warrants or Kuxen ), checks , receipts and other securities as well as related economic documents (price sheets, articles of association, etc.) have thus documented the history of the financial world for centuries. They were not collected. The area has long been overlooked by numismatics and related notaphily . It was not until the early 1970s that the passion for collecting old securities spread from Great Britain . In 1978, the London Times coined the term scripophilia, formed from the English scrip , "deposit slip" and ancient Greek φίλος phílos, "friend, lover".
Around 28 million historical securities from the period before 1945 were stored in the former Reichsbank in Berlin. The papers stored in the Reichsbank outlived the post-war and GDR times in the eastern part of Berlin . After the fall of the Wall, the papers were transferred to the BADV after all open claims had been clarified . In 2001, the examination of the claims was completed, so that the unsolicited securities should now be used as best as possible in favor of the compensation fund. A numismatic auction house was then commissioned with the exploitation. In five auctions between 2003 and 2009, almost all of these papers were systematically auctioned off to up to 400 auction participants.
In the age of electronic stock trading , printed, physically delivered securities are becoming increasingly rare; Global certificates or simply deposit receipts are common. With the introduction of the euro and the no-par share , an era also came to an end in securities : securities denominated in DM . The collection area is now complete and has been developing since then thanks to even lower prices.
From 2003 to 2016 the Foundation for the Collection of Historical Securities (financed by the SIX Group ) ran the Wertpapierwelt Museum in Olten , the collection of which was integrated into the Swiss Finance Museum in Zurich in 2017 .
Since 2011 the journalist award "Historical Securities and Financial History" has been awarded.
Preservation and acquisition
As with other collectibles, preservation plays a major role in antique stocks and bonds. In the past few years, a system of letters has been established that comes from the Anglo-Saxon region: UNC stands for “uncirculated”, meaning that it is in perfect condition and as good as new. Papers marked as EF (extremely fine) show only minimal signs of use and are also in great demand. Pieces with the VF (very fine) condition may well have creases and minor tears in the edge. Stains are possible. Exhibits of grade F (fine) show strong signs of use. They are usually folded several times, have tears and require professional restoration .
In addition to exchanging it among collectors and finding old papers in family estates and attics, there are many ways to acquire such papers. A wide range of more common securities is offered on the platforms of various online auction houses as well as in the online shops of renowned dealers. More exclusive papers or even rarities are usually bought at the approx. Twenty auctions organized by reputable auction houses every year. The information in the Suppes catalog and in the GET catalog apply as the upper price limit; prices are below that.
decoration
Historical securities can also serve non-collectors as mementos or wall decorations. Framed certificates can be an original gift idea.
Collect
Historical securities - that is, share and bond certificates from days gone by - are enjoying increasing popularity. In contrast to many other collecting areas, the passion for historical securities - scripophilia - was only discovered in the mid-1970s. The number of collectors is growing steadily because, unlike coins or postage stamps, the majority of antique securities is a separate area of collection. Hardly any company still has effective share certificates printed today .
Availability
The variety of historical securities is great. It is estimated that there are more than 30,000 different antique stocks and bonds from Germany alone . There should be more than 100,000 worldwide. The collection areas are as varied as the range on offer.
It applies - z. In comparison to postage stamps and coins , for example, the following difference must always be observed: For securities, the circulation is usually less than 1,000 or even just a few 100 pieces per issue . Often only ten to 15 certificates of one variant are available. And yet most of the rarer papers are still available at prices of less than 1,000 euros, or the majority in much more affordable price regions.
In view of the different and occasionally overlapping collecting areas, there is competition among collectors, but papers are often available in large numbers on the market. Anyone who collects paper under the aspect of increasing and maintaining value should make sure that the pieces are important papers with little availability. Papers with a low circulation, as well as a comprehensive collection on a topic, promise potential for value growth. But investors should think in terms of decades.
Collecting areas
Collectors are advised to commit to a defined area at an early stage, ideally guided by other interests and hobbies.
Historical securities are usually collected from a specific era . Other classic starting points are collecting by industry (popular for example due to overlapping areas of interest: breweries , automobile stocks , railway companies , zoos , banks ) and by region , or area of validity or currency area.
It is more difficult to collect according to very special criteria, such as the artist who designed the share; after famous personalities as autographs or after illustrated motifs. Other approaches are conceivable, such as collecting a specific number.
literature
- Jakob Schmitz: Historical securities. The handbook for collectors and lovers of old stocks and bonds. Econ-Verlag, Düsseldorf / Vienna 1982. ISBN 3-430-17999-8
- Jakob Schmitz: Moving on to shares. Publishing house and finance, 2002. ISBN 3-87881-101-2
- Michael Jackson / SIS (Swiss Securities Services Corp.): Precious Non-Valeurs, DVD, a film by Georges Boehler (see www.gbp.ch and www.sisclear.com)
- Klaus F. Bröker: Speculating with old warrants, 1991, WiRe Verlagsgesellschaft mbH, D-Göttingen, ISBN 3-88415-538-5
- Alexander Kipfer: Historical securities of the Spanish royal and private trading companies of the 18th century, 1991, Haag + Herchen, D-Frankfurt a. M., ISBN 3-89228-533-0
- Suppes valuation catalog for historical securities Germany. Verlag Auktionshaus Gutowski, Kneitlingen 2005. ISBN 978-3-9810107-0-1
Web links
- EDHAC, First German Historic-Aktien-Club
- IBSS, International Bond and Share Society, international association
- Scripophila Helvetica, Swiss collectors' association
- German bibliography "Historical Securities"
Individual evidence
- ^ Message from the auction house Dr. Busso Peus
- ↑ Website of the Swiss financial Museum, sub Wertpapierwelt
- ↑ Article in Wirtschaftswoche on January 28, 2011, accessed on April 9, 2013