Over 1400 lots of scripophily will be auctioned at HSK's headquarters in Wolfenbüttel

Hanseatisches SammlerKontor für Historische Wertpapiere (HSK) plans its next auction of stocks and bonds on June 1, 2024 at its headquarters in Wolfenbüttel. More than 1400 lots are described in full in a 230 pages counting auction catalogue. All lots can be viewed online as well.

Briar root wood (heather, bruyère in French) is a type of wood used for making smoking pipes. It is known for its heat and fire resistance. Due to its hardness the wood surface can be smoothed and polished, while at the same time its porosity absorbs the smoking condensates. This share in the Bruyère-Pfeifen Aktiengesellschaft from Hamburg was issued in 1921. Printed by Jagdmann & Bohm, its stunning Art Deco design is adorned with more than one hundred Bruyère pipes. Extremely rare, L(ot) 518 starts at €1400. 

The auction includes several German chapters: Bremen und Niedersachsen, Hamburg, Schleswig-Holstein, Mecklenburg-Vorpommern, Germany before 1945, German railways securities issued in Reichsmarks, Germany railways securities issued in Deutsche Mark and Germany after 1945. 

Leonhard Fanto (Vienna, 1874 - Dresden, 1940) was an Austrian artist known for his costume paintings and genre scenes from the Balkans. He became director for costume and set design at the Dresden Semper Opera. In his composition for this scrip receipt in the German 6th war loan of 1917, Fanto included an emerging submarine. L706 starts at €100.  

The auction features scripophily from all over the world with strong sections of European and American stocks and bonds. 

L35, stock certificate in The Berkeley Athletic Association, New York, 1891. Start price €380 

There is a lot more to discover in the catalog, so here are the details :

• Date : 1 June, 2024 
• Further info, see here; and live bidding is possible through Invaluable.com as well   

F.L.

FHW's 125th auction is online with exceptional antique stocks and bonds

Jörg Benecke has scheduled FHW's 125th sale for 2 March 2024. With his team he brought together 2000 lots of scripophily and related documents. The event, a live auction held at FHW's home base Wolfenbüttel, offers historic and beautiful antique stocks and bonds from all continents. 

A highlight in FHW's auction is L(ot)962, a 1858 share in the Eisenhütten-AG Blücher, an early steel company from Dortmund. Germany's Ruhr area counted almost 300 coal mines by the 1850s. Coal was exported or processed in coking ovens into coke, used in blast furnaces, producing iron and steel. This 200 Thaler share depicts Generalfeldmarschall Gebhard Leberecht von Blücher who won several battles against Napoleon’s troops. He joined Wellington at the Battle of Waterloo, his army playing a decisive role in the final victory. The vignette shows von Blücher wearing the Star of the Grand Cross of the Iron Cross awarded only twice in history. This rare and spectacular lithoprint by H. Kaufmann from Münster starts at €2,800. 

The Eisenhütten-AG Blücher certificate is part of the Deutschland bis 1945 chapter that includes about 650 lots. Some of the other historic items here are:

• Deutsche Bank, Berlin, 200 Thaler share, 1881, extremely rare and a top object in any international finance collection 
• Junkers Flugzeug- und Motorenwerke AG, 1000 shares certificate, from the Reichsbank archives
• LLoyd-Werft Aktiengesellschaft, builder of boats, 10000 Mark share 1923, underprint of a sailboat and a hand emerging from the water rescuing a canoe.
• Münchener Trambahn-Actien-Gesellschaft, 400 Mark share, 1882, rare founder's share 

Part of the 200 lots in the Deutschland ab 1945 chapter, is this BASF specimen 1000 shares certificate. BASF as we know it today was reorganized in 1952 and became the largest producer of chemicals in the world. In the 1960s and 1970s BASF succesfully sold computer tape and other storage devices. At the end of the 1970s the company marketed Hitachi's mainframe computers and soon thereafter launched their own line of business microcomputers like the BASF 7120 model. The certificate dates from 1967 and shows the Ludwigshafen production site.  L1457 starts at €500. 

A surprise is the sale of a complete collection of stocks and bonds related to Israel. About 130 certificates, spanning two centuries, are initially offered as one lot at €20,000, L24. In case of no bids, buyers have the opportunity to bid on the individual lots. 

This certificate from The Arab Cigarettes and Tombac Company Ltd is part of the Israel collection. The company was founded in Nazareth, which is the largest Arab city in Israel today. The company traded in cigarettes and tombac, a unwashed natural tobacco leaf used with the waterpipe. This unissued share of 1 Palestine pound with text in English and Arabic might be available from €240. 

Over 350 lots are comprised in the USA chapter. Among the many interesting items are: 

• L1743 Florida Land Rock Phosphate Company, Western Bank Note engraving, 1894, unique vignette of phosphate miners in forest 
• L1835 New Orleans, Opelousas and Great Westeren Rail Road Company, stock certificate, 1855, large train vignette, signed by Benjamin Franklin Flanders, Governor of Louisiana and mayor of New Orleans, who formed the 'Friends of Universal Suffrage' 
• L1680 Central New England Railway Company, preferred stock, 1906, large Poughkeepsie Bridge vignette 
• L1652 Apperson Bros. Automobile Company 

Steel engraving is the trademark of the American Bank Note Company. With no sales recorded during the past ten years in the coxrail.com database, this stock from the Tennesee based Morristown and Cumberland Gap Railroad can find a new home from €500 onwards. L1824 

The auction catalog counts over 200 pages. You'll find several more chapters in it, including two with items offered at half of their previous start price. So, lots to discover there. Here are the details :

• Location : The event takes place at the company headquarters in Wolfenbüttel.
• Date : 2 March, 2024
• Further info, see here; PDF catalog see there; live bidding is possible through https://connect.invaluable.com/dwa/  

L277: Sociedad del Teatro Chapi de Villena, 25 pesetas share from 1915, vignette of the Spanish composer Ruperto Chapi, lovely Art Nouveau design, €150 

F.L.

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HWPH's 66th auction

Happy New Year! 2024 kicks off with Matthias Schmitt's 66th auction. It takes place as an online-only auction and includes almost 600 lots of antique shares and bond certificates.

For the time being this will be the auctioneer's last auction. The prime part of HWPH's business, Russian scripophily, is badly affected by the war of Russia against Ukraine. The auction offers mainly unsold items from previous auctions. With all lots starting at €5, you may strike a bargain!

Part of the sale is a section of roughly 100 lots of American railroad stocks and bonds. Illustrated here is L(ot) 171, a bond from the Savannah and Charleston Rail Road Company, South Carolina, issued in 1869. 

The sale features several shares designed by artists of the time. L224, a share in the Goedkoope Antwerpsche Beenhouwerij, literally translated: 'cheap Antwerp butchery', was designed by one of Belgium's most talented sculptors: Jef Lambeaux. Among the other artists to be hammered are Hermann Gradl, L452, and Demetrios Galanis, L239. 

About 100 lots span three centuries of German insurance activities. Shown here is, L476 a 1961 specimen share certificate from the Allianz Versicherungs-Aktiengesellschaft. Allianz, one of the largest insurers in the world, is part of the Euro Stoxx 50 stock market index. 

All major themes are represented such as railways, mining and government bonds. By means of the online search features you can find the lesser obvious themes as well. A few examples: 

• Bridges, L121 The Main Street Bridge Co, Indiana 
• Music, L242 EMI Ltd 
• Ceramics, L79 Ceramica Industrial de Osasco (Brazil)
• Casino, L461 Casino im Frankfurter Hof 

Another example is a share from the Tsingtao Brewery Company Ltd, China. The company originates from the Germania-Brauerei Tsingtao brewery founded in 1903 by English and German entrepreneurs. In 1993 it became the first Chinese firm listed on the Hong Kong Stock Exchange. L23 was issued in 1996 to scripophily pioneer Wilhelm Kuhlmann. 

There is lots more to discover in the auction. Here are the auction details :

• Location: this is an Internet only auction
• Date: 18 January 2024 
• Further info : online catalog see here on the auctioneer's website, or via the Invaluable platform, see there  

F.L.

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FHW auction features more than 1500 historic bonds and shares including several German collections

Freunde Historischer Wertpapiere (FHW) has scheduled its 124th sale for October 7, 2023. This time the auctioneer selected more than 1500 lots of historic bonds and share certificates. Major sections have been reserved for scripophily from the USA, Germany, the German DM era, and a series of more than 300 lots from other countries.

One of the auction's highlights is this gorgeous share from the Société des Fermes Réunies du Kurhaus et de la Banque de Nauheim Hesse Électorale. It was the Frenchman Jacques Roland Viali who founded the casino and the accompanying health resort. In addition to the roulette hall, there was also a reading room, a concert hall and a dance hall. Spa guests strolled in the adjoining parc around the large pond and boats were purchased to provided more entertainment. Within a year after its opening, 1 Jan 1854,  Nauheim received city rights, and soon new avenues were constructed. Few companies would change a town's history so quickly. This 1854 share, with Viali signature, is part of the Deutschland Top 20 chapter and starts at €2,600. L(ot) 626 in the auction

Traditionally FHW is know for its strong emphasis on German scripophily. On top of that, several collections are now going under the hammer. The Hans-Werner Schmidt collection of Oberfranken (Upper Franconia) features 338 certificates in 146 lots from all themes, including brewery shares, such as L162, a rare share from the Erste Bamberger Export-Bierbrauerei Frankenbrau. 

Collectors of DM securities will be pleased to find a large section in the catalog counting almost 400 lots of securities from the Deutsche Mark era. However, this SchmidtBank KGaA 1000 shares certificate, is part of the Hans-Werner Schmidt Oberfranken collection, L225. Bidding starts at €500. 

The USA forms the largest non-German chapter in the sale with about 200 lots such as:

• L1350, Barkley-Grow Aircraft Corp, stock certificate, 1936, airplane vignette, €240 
• L1419, Massachusetts Fish Co, specimen share, 1907, crowded harbour scene, €100 
• L1461, Petaluma and Sebastopol Railroad, stock certificate, 1889, rare, €600 

The Sebago and Long-Pond Steam-Navigation Company built its Fawn steamboat in 1847. It had a shallow hull to navigate Maine's winding Songo River, with passengers asked to shift sides as ballast to keep both paddlewheels in the water around sharp curves. This 1848 share features three vignettes, two paddlewheel steamers and a church, and a green company seal. L1483, €400 

There is a lot more to discover in the sale, so here are the details :

• Date : 7 October, 2023
• Location : Wolfenbüttel 
• Further info, see here; PDF catalog see there; live bidding is possible through https://connect.invaluable.com/dwa/  

F.L.

Predecessor FC Bayern München to be sold at HWPH auction

Historisches Wertpapierhaus AG (HWPH) has scheduled its next double-session sale for 9 and 11 September 2023. Specialist Matthias Schmitt and his team brought together some 1,900 lots of scripophily and related documents for this occasion. Included is an ultra rare and stunning share certificate from FC Bayern München's predecessor, Munich's gymnastics club MTV.

One of the most iconic football clubs FC Bayern doesn't need an introduction. With an average of 75,000 attendees its Allianz Arena mostly runs at 100 per cent capacity level. The club originates from the Männer-Turn-Verein München (Men's Gymnastics Club Munich) when 11 members of the football division left the club and founded Fußball-Club Bayern München in 1900. This share certificate dates from 1886 and is one of only two known. L(ot) 591 in the auction starts at €2,800. 

The first part of the sale is a public auction at Zorneding, Germany, followed two days later by an online auction. Both parts offer historic and beautiful antique stocks and bonds from all continents. 

specimen share certificate from 1953 in the Rheinisch-Westfälische Eisen- und Stahlwerke, L566

To give an idea, here's very small selection of what will go on the block:

• L139, La Hispano Suiza Fábrica de Automóviles, share from 1905, great design by the Spanish painter Ramon Casas
• L592, Boston American League Base-Ball Club, stock certificate, 1911, issued to and signed by centre fielder Jim R. McAleer
• L594, Flamingo Films, Inc., stock certificate, 1933, issued to and signed by actor comedian Buster Keaton 
• L793, Akcionarsky Pivovar na Smichove, 1939, splendid share certificate of this brewery from Prague
• L1737, Republic of El Salvado, $1000 bond,1923 

L27 is a 10 shares certificate from the Toyo Automobile Company, issued in 1912 and a rare example of how Japanese artists became influenced by the Art Nouveau movement. Bidding starts at €400.

You can find more of these fascinating stocks and bonds in HWPH's auction catalogs. Here are the details of this event:

• Dates
•  9 September 2023, Zorneding, Germany, public auction
• 11 September 2023, online auction
• Further info and catalogs, see here on HWPH's site, as well as there on the Invaluable platform . 

F.L.

HSK presents American scripophily, bonds and shares from Northern Germany and the H-W Schmidt collection of German banking securities

Hanseatisches SammlerKontor für Historische Wertpapiere (HSK) plans its next auction of stocks and bonds on June 3, 2023 at its headquarters in Wolfenbüttel. Over 1200 lots are described in full in a 200 pages counting auction catalogue. All lots can be checked out online as well.

This 1000 mark share from the Landbank, Berlin, featuring a Jugendstil design, was printed in 1897 by the Reichsdruckerei. Only a handfull of these certificates are known. This one is part of the H-W Schmidt collection. L(ot) 762 in the auction starts at €800. 

The Hans-Werner Schmidt Collection of German banking securities forms a major section in this auction. This collection consists of lots 677 through 816 and has been assembled over several decades. A few examples:

• Rarely seen is the bold industrial artwork of the 10000 mark share in the Ostbayerische Industrie- und Handelsbank AG, Furth i.W., 1923, L778.
• L751, Herzogl. Sächs. Landrentenbank in Coburg, 100 mark bond, issued in 1911.
• One of the most spectacular typographical designs in scripophily is the multicolor share certificate from the Preussische Boden Credit Actienbank, Berlin, 1873. L783

The 1873 founder share of the Stadttheater-Gesellschaft zu Hamburg is the top highlight in HSK's auction. The new stone building of the Hamburg State Opera was inaugurated in 1827. In 1873 the building was renovated in Gründerzeit style, as illustrated in the large underprint of the certificate. Gustav Mahler was the company's musical director from 1891 to 1897. In World War II Hamburg was an easy to find target and the opera house was destroyed by fire-bombing. Rebuilt in the early 1950s by Bauhaus architect Gerhard Weber, the Staatsoper reopened in 1955 with Mozart's Die Zauberflöte. L515 starts at €10,000. 

About 900 lots of German scripophily are presented in several sections:

• L315-446 Bremen and Niedersachsen, for example L348 Deutsche Petroleum-Bohr-Gesellschaft, 1881, illustrated with an oil field vignette 
• L447-519 Hamburg, e.g. L515 Stadttheater-Gesellschaft zu Hamburg, image see above 
• Lot range 520 through 645 consists of a collection of Hamburg related zero numbered specimen certificates from the Deutsche Mark period. 
• L646-676 Schleswig-Holstein and Mecklenburg-Vorpommern, such as L650, two shares in the Flensburg-Ekensunder Dampfschiffs-Gesellschaft, based in the very north of Germany.
• L677-818 H-W Schmidt collection of German banking securities, see above
• L817-1046 Germany before 1945, including L817 a 1852 share from the Aachen-Mastrichter Eisenbahn-Gesellschaft, bilingual in German and Dutch, two coat of arms 'Gott mit uns' and 'Je Maintiendrai', elaborate floral design.
• L1047-1239 Germany from 1945 onwards, e.g. L1110 Deutsche Lufthansa Aktiengesellschaft, Köln, 1997, illustrated with a world map vignette

Polish Auschwitz survivor Jack Tramiel - who later formed Atari Corporation - founded in 1954 the Commodore Portable Typewriter Company. In 1955 the company was reincorporated in Canada as Commodore Business Machines, Inc., and went public on the NYSE under the name Commodore International Limited in 1962. Already in the early 1970s the company produced electronic programmable calculators. Reorganized in 1976, CIL moved its financiel headquarters to the Bahamas. Launched in 1977 the Commodore PET personal computer helped to bring personal computers to widespread use. L63 starts at €100. 

The American section counts 200 lots including several certificates signed by or issued to Thomas A. Edison, L79, L196, L197 and L78.  A Pan American Airways Corporation stock certificate from 1945, L155,  is issued to Sherman M. Fairchild who also signed it on reverse.  

Some other examples:

• L106 is a bond from The Huntingdon and Broad Top Mountain Rail Road and Coal Company, large railway bridge vignettte, issued in 1862.
• A lovely banking vault vignette adorns a Lowry Banking Company stock certificate, Georgia, 1894. L120
• L26 The American Quick-Transit Steamship Company, 1882, Boston, Mass., depicts a large ocean steamer.

The European section in HSK's 42nd auction includes objects such as this 1904 share from the Société Anonyme du Théatre-Concert du Moulin-Rouge. Located in the Boulevard de Clichy, Paris, this cabaret became a world famous attraction with its can-can danse. Bids start at €200 for L292.

There is a lot more to discover in the catalog, so here are the details :

• Date : 3 June, 2023 
• Further info, see here; live bidding is possible through https://connect.invaluable.com/dwa/ 

F.L.

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Something for everyone: HWPH puts 4486 lots on the auction block!

Historisches Wertpapierhaus AG has scheduled his next triple-session auction for 27, 28 and 29 March 2023. This time Matthias Schmitt and his team brought together over 4400 lots of scripophily and related documents from all continents. 

One thing is for sure, you need some time to go through all the offerings. So I suggest you use keywords in the online search functions. HWPH's site has a dedicated page to select Regions, Countries, Eras and Industries, see here. I tried out the country Japan and found over 40 related lots. 

This unissued Kyoto bond was part of the city's 1909 5% External Loan of 45,000,000 francs. It shows the facsimile signature of mayor Saigo Kikujiro (1861-1928). He was a member of the Satsuma army, a group of dissident samurai that revolted against the imperial government in the Seinan War of 1877. Then, he was shot in the right leg which was partially amputated. Later, as mayor of Kyoto, he organized large infrastructure projects such as the excavation of the Second Lake Biwa Canal, the development of the city's water supply resources, and the expansion of Kyoto's roads and tramway network. With the Mitsui Bank, Saigo Kikujiro procured this 45 million francs foreign loan to finance these projects.  L(ot) 1895  

On the same page you can select for certain industries such as Fine China (Porcelain): you'll be surprised how many hits you get on this theme.  

Oh yes, you can combine 'industries' with 'countries'. I tried USA + Railways, and there it is, over 200 lots in that combination, including the following rare bond printed by the National Bank Note Company. 

The Yumuri Rail and Tramway Company was incorporated in 1907 in the state of New York to construct a railway across the east end of Cuba connecting the northwest and southeast coasts. The Republic of Cuba was founded in 1902. The country's first decade was tumultuous and created a difficult climate for foreign investors. It is unclear what happened to the Cuban operations of this company. It went bankrupt in 1914. Click to enlarge image. L2996 

HWPH also brings its event to the online public through Invaluable.com. There, you'll find a separate section for each auction session. Click through to see the items. From there continue and select "Sort by: Price High to Low" to find the top items within each session. 

One of the top items from the first session is this 500 thaler Prussian Courant share in the Pommersche-Ritterschaftliche Privat-Bank from Stettin.  Today known as Szczecin, Poland, Stettin was then the capital of the Prussian Provence of Pomerania.  The fine print was produced by the Berlin-based lithographic workshop of H. Hindersin. Click the image below to see the rich details on the word "Actie" (share). L796 in the auction.

There is a lot more to discover in HWPH's auction catalogs. Here are the details of this online event:

• Dates: 27, 28 and 29 March, each day starting at 11 AM German time 
• Location: this is an online event
• Further info and catalogs, see here on HWPH. Live bidding is possible through Invaluable.com, see there.

F.L.

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FHW auctions the Gottfried Schultz collection of worldwide automobile securities

Freunde Historischer Wertpapiere (FHW) has scheduled its 123rd sale for March 4, 2023. This time the auctioneer selected nearly 2000 lots of historic bonds and share certificates. 

FHW reserved major sections for scripophily from the Austro-Hungarian Empire, Germany, the German DM era, and the USA. Over 400 lots from previous auctions are grouped in a "50% from previous callout" section. On top of that about 900 lots of automobile related securities will attract the attention of collectors worldwide. 

In 1928 Harry J. Wolfington signed this stock certificate from Alex. Wolfington's Son, Inc., as President. At the age of 14 he joined the carriage body business founded in 1876 by his father Alexander. Seeing business opportunities with the rise of the automobile, he turned to the production of bodies for luxurious buses and carbodies for Stutz, Pierce-Arrow and Duesenberg. The latter's convertible 1929 Phaeton Royale is legendary. L(ot) 725 starts at €750 and is part of the Schultz automobile collection. 

The bulky Automobile section includes nearly 900 lots of antique securities from lesser known companies but also resounding names appear on the block such as : L923 Duesenberg Automobile and Motors, L1059 Hansa-Lloyd Werke, L1116 Hispano Suiza, L1329 Rolls-Royce and L1491 Automobiles Delahaye.  Food for specialists!

No doubt two top pieces in FHW's Automobile section are a 1908 share from the Établissements De Dion-Bouton, L957, signed by Georges Bouton, as well as a 1919 bond from the same company with facsimile signature of Albert De Dion, L958. In 1900 De Dion-Bouton was the largest automobile manufacturer in the world. Its cars and engines were all being made by hand; the assembly line had not yet been introduced. 

A major part of the offerings consists of antique bonds and shares from Germany with pre- and post-DM eras each in a dedicated section. Some examples:

• L1621, a specimen share from the Credit-Bank Nürnberg eGmbH, 1924, large underprint of building, originating from a sample book printed by the Universitätsdruckerei H. Stürtz, Würzburg
• A 1837 interim share in the Rhein-Weser-Eisenbahn-Gesellschaft depicts a train entering a tunnel. Daring for the time! Early and only certificate known. L1682
• L1722, Basalt-Actien-Gesellschaft aka Basalt-AG extracts basalt, limestone, sandstone, granite and other rock from quarries in Germany and Europe. A large vignette on its DM100 share, 1973, depicts a worker handling basalt chunks.

The world's first passenger airline, Deutsche Luftschiffahrts-Aktiengesellschaft (DELAG), was organized in 1909 as a subsidiary of the Zeppelin airship construction company. DELAG's airships made air travel possible first between Germany's cities, later to the Mediterranean and then across the Atlantic with destinations in the US and South America. Its LZ 127 Graf Zeppelin measured over 230 meters long and cruised at 117km/h with a 15,000 kg payload. In 1929 it made a round-the-world flight (including stops) in 21 days, the fastest circumnavigation of the globe at the time. This share was printed by Osterrieth in 1910. L1626 

There is a lot to discover in the sale. Here are the details :

• Location : The event takes place at the company headquarters in Wolfenbüttel.
• Date : 4 March, 2023
• Further info, see here; PDF catalog see there; live bidding is possible through https://connect.invaluable.com/dwa/  

FHW's 123rd auction includes a Austro-Hungarian Empire section, L18 through L209. However, this 1895 share in the Magyar Folyam- és Tengerhajózási Részvény Társasag (Hungarian River and Sea Shipping Joint Stock Company) can be found in the "50% from previous callout" section.  

F.L.

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"Auction Explosion!" says Scripophily magazine

Scripophily is the world’s most comprehensive and insightful publication for passionate collectors and active researchers of antique securities. 

The magazine uncovers the stories and features of historic and artistic securities. It brings tales of famous and forgotten business plot twists and memorable personalities. In addition, reports from the auction markets help you to stay up-to-date.

Scripophily, a three-yearly periodical, printed on high quality paper, is the flagship of The International Bond and Share Society (IBSS). 

Here is an overview on the topics brought in the latest issue :

• Events Calendar 
• Michigan Copper Mining Stock Discovered
• Boone To Celebrate 40 years with International Scripophily Event in Antwerp
• Earliest known German Stock Hammered Down at 72,000 Euros
• Bang-Up Scripophily at Bonhams New York
• National Show Back on Track! (27 & 28 Jan 2023, Crown Plaza-Dulles Airport)
• Banks in Transition: From Counters to Apps (Swiss Finance Museum new exhibition) 
• Address on Stock Leads to Present Day 
• eBay Seller Name Fraudulently Used to Pitch Scam
• Letter to the Editor 
• Lingenfelter Collection Donated to the University of California at San Diego 
• EDHAM wins Wikipedia Award and awards Professor Wanner Prize 
• $2.4 Million for one Bond (Marchel Duchamp at Christie's)
• The Winpennys of Manyunk
• Specialization in Our Hobby
• Deutsche Bank Part III: Shares in Deutsche Bank as a Mirror of German Currency History
• W. Y. O. D. and Other Strange Mining Company Names
• Modernizing Certificates 
• Agua Suja Mining Co., Ltd - Diamonds in Brazil 
• Charles Yerkes and the West Chicago Street Railroad

Until 2010 LLoyd Aéreo Boliviano was the principal airline of Bolivia. Founded in 1925, LAB is one of the earliest airlines in the world. This share, issued in 1926 La Paz, sold in HWPH's Sep 2022 auction for €160. 

In its current issue Scripophily reports on exceptional auction activity from recent months. Five-digit amounts are hammered for top historic items, such as:

• John D. Rockefeller Standard Oil Company founders' stock certificate (Bonhams, $28,000)
• the oldest known German share certificate from the Embden Asiatic Company which traded with China (FHW, €72,000)
• Oost-Indische Compagnie aka V.O.C. bond (HWPH, €40,000)
• the oldest loan of the City of Antwerp from 1558 (Booneshares, €36,000) 
• Nikola Tesla owned share in the Nikola Tesla Company (Bonhams, $28,000) 
• and a share owned by Frederick-William III of Prussia (HWPH, €25,000) 

More details and images on these recent scripophily highlights, and many other discoveries, can be found in the 48 pages counting December issue.

Subscribing to IBSS's magazine costs you only £28, $35 or €32. What are you waiting for ?

All the info can be found here .

F.L.

Previous posts

• The most expensive share sold at auction in 2021 
• Banks in Transition : from Counters to Apps (exhibition)

Over 1500 lots of historic securities go on the block in FHW's upcoming sale, including an amazing share from Frederick the Great's Chinese trading company !

Freunde Historischer Wertpapiere (FHW) has scheduled its next sale for October 8, 2022. This time the auctioneer selected more than 1500 lots of historic bonds and share certificates. Major sections have been reserved for scripophily from Germany, the German DM era, USA and a series of more than 200 lots from other countries worldwide.

One of the highlights in the sale is this share in the Hippodrom-A.-G. Frankfurt am Main. The company was founded in 1897. Its main building was used to promote equestrian sports in public events and festivities and had the largest indoor riding arena of Germany. Allied bombing destroyed the hippodrome during WW II. Reportedly only four of these shares were discovered in the 1980s. L(ot) 756 in the auction is expected to realize €2,800. 

The German chapter presents over 750 lots from the pre-DM period and covers all regions and branches. A dedicated Deutschland Top 20 section, lot range 748-767, bundles the high-end items.  The auction also includes the Klaus H Reifenrath Collection consisting of 69 rare Kux and mining shares from the Siegerländer Erzrevier mining area.

The auction includes several shares designed in Art Deco. This one, issued in 1922 by the Mechanische Buntweberei J. Sim. Fleißner Aktiengesellschaft, a textile company from Münchberg, illustrates one of the company's modern fabric designs. L730 starts at €100. 

All lots are well-illustrated with high quality images on the Invaluable online platform. However, the Top 20 section includes even more in-depth information with extra illustrations in the catalog's PDF version (links see further below). 

Some examples from the German chapter  :

• The Central-Afrikanische Seeen-Gesellschaft operated gold mines and saltworks in the African Great Lakes region, then part of German East Africa. Seeen is German for lakes. This 1000 mark share was issued in Hamburg, 1902 and starts at €900, L384.
• The 1855 share from the Steinkohlenbau-Verein zu Rochlitz, a coal mine company, shows the city of Rochlitz, gnomes at work and an explosion in their mine, mined rock with imprints of fossilized plants and lots more. Extremely rare, this is in my opinion the most awesome German share certificate. L763, a top item, starts at €9,000.
• L926 starts at €320. The share from the Sundwiger Eisenhütte Maschinenbau-Actiengesellschaft displays a lovely Jugendstil design.

Time to highlight the absolute top item in the auction.

Four years after Frederick the Great became King in Prussia he annexed in 1744 the independent city-state of Embden (Emden), then the most important trade port on the North Sea. Eager to give Prussia a share of the Asian trade similar to the V.O.C. or the British East India Co., Frederick the Great granted the privilige in 1751 to found the Emden Trading Company. 

The company, also known as the Königlich Preußische Asiatische Compagnie in Embden nach Canton und China (Royal Prussian Asiatic Company in Emden to Canton and China) was allowed to conclude contracts with foreign Asian rulers in the name of the King of Prussia. The Emden company owned four ships that made six voyages to Canton bringing back tea, porcelain and other goods. 

The company operated independently - the king's main interest was filling the Prussian (war) treasury - and became the first modern German stock corporation, i.e. without state influence.

The share, L760 in the auction, issued in 1752 for 500 Reichsthaler in Friderichs d'Or is the oldest German share known. 

It is also the oldest share in the German language. A complete translation of the text on the obverse, as well as a hint on its non-German provenance, can be found in the latest issue of Scripophily magazine, No. 119 August 2022. 

The clipping shown here says [..the Company's ships which shall sail] to Canton in China as well as other places in India .. . The document must be the oldest known share mentioning the word China as well. Start price €50,000.

The sale's Deutsche Mark section comprises of more than 230 lots, including a Top 20 chapter. To mention a few : L1146 is a 20 shares certificate in the Erste Kulmbacher Actienbrauerei AG (EKU), 1990, showing the company's logo with crown and prize medals, €75; L1249 Teutoburger Wald-Eisenbahn-Gesellschaft, Hamburg, 1951, unissued share, starts at €200. 

The Aachener Kleinbahn-Gesellschaft and the Rheinischen Elektricitäts- und Kleinbahnen AG merged in 1942 into the Aachener Strassenbahn und Energieversorgungs-AG (ASEAG). The company provided local public transport in the Aachen city region. During the Battle of Aachen, 1944, Allied troops used tramcars loaded with explosives and ammunition as rolling bombs on the sloping routes from Siegel and Grundhaus to the city center, which, however, caused little damage. This share, from 1954, shows a high voltage power pole and tram car in the underprint. Bids for L1088 are welcome from €40 onwards. 

The USA section features more than 200 lots. Here are some interesting examples to look for:

• L1429 is stock certificate in the Lamb's Run Oil Company coming from an old collection. Printed by Chandler from Philadelphia, 1865, it shows two vignettes of early oil derricks. The company was incorporated in Venango County, Pennsylvania where the biggest oilboom sparked only a few years earlier. €100
• Confederate States of America, 8% $100 bond from 1862, large vignette of the city of Richmond and portrait of C. G. Memminger, L1378, €300
• €380 may buy you a Laramie, Hahns Peak and Pacific Railway Company 100 common shares certificate issued in 1912. The company was incorporated in Wyoming. The shares of this company are illustrated with 3 vignettes of a locomotive, lumberjacks and miners at work, Cox cat nr LAR-083-S-51. L1430

This share from the Compañia Ron Bacardi can be found in the sale's Ausland section (foreign countries). The company was founded in 1862 in Cuba and became worldwide known for its white rum and derived cocktails such as the Cuba Libre and the Daiquiri. The share depicts bats, the company logo, a bottle of Bacardi rum and many of its prize medals won at contests. It is issued to Emilio Bacardi y Rossell, great grandchild of Facundo Bacardi Massó, founder of Bacardi, and grandchild of Emilio Bacardi Lay, mayor of Santiago de Cuba. Note that the certificate was issued in 1955 during the Cuban Revolution. The Bacardi family left the country in 1960 after the government confiscated the company's assets in 1960. L102 starts at €150. 

There is a lot more to discover in the sale, so here are the details :

• Date : 8 October, 2022
• Location : Wolfenbüttel 
• Further info, see here; PDF catalog see there; live bidding is possible through https://connect.invaluable.com/dwa/  

F.L.

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HWPH auctions Friedrich Wilhelm III scripophily, a VOC bond from the Dutch Golden Age and nearly 2000 lots of historic stock certificates.

Historisches Wertpapierhaus AG (HWPH) scheduled its next double-session sale for 3 and 4 September 2022. For this occasion specialist Matthias Schmitt and his team brought together some 2,000 lots of scripophily and related documents . 

Included are several top-notch items such as a unique share from the Preussische See-Assecuranz-Compagnie issued to King Frederick William III of Prussia and one of the oldest securities from the mother of all joint stock companies, a Vereenigde Oostindische Compagnie bond from 1623. 

L(ot) 568 in the auction is this wonderful share from the Actien-Verein für den zoologischen Garten zu Dresden. The Dresden Zoo opened in 1861 and was bombed in World War II by the Allies. Reopened in 1946 it now welcomes about 1 million visitors per year. This 50 thaler share from 1863 starts at €1800. 

The first leg of the auction is both a live and an online event and takes place in Zorneding, near Munich. The second part is an online only sale and happens the next day. 

A major part of the offerings consists of antique bonds and shares from Germany, spread over several sections in both parts of the event. Among several German highlights you'll find these two :

• A radical democratic anti-monarchist, Gustave Struve's Gesellschaft deutscher Republikaner tried to finance the German revolutions of 1848-1849 with the issue of bonds. L515 is one of these rare certificates. Illustrated with several allegorical vignettes, it is propably the earliest known scripophily showing the colors of Germany's flag.
• AEG, worldwide known today for its eponymous home appliances brand, originated as the Deutsche Edison-Gesellschaft für angewandte Elektrizität. The auction features a 1883 share from this company, L538. The company changed its name change into Allgemeine Elektricitäts-Gesellschaft. L539 is a share, 1887, from the first issue using the new name. Both are extremely rare. 

Perhaps the most spectacular object in HWPH's auction is this share in the Preussische See-Assecuranz-Compagnie. The company provided insurances against sea and fire risks and was organized in Szczecin, Poland, then capital of the Prussian Provence of Pomerania. The share shows a three-master with the flag of Prussia (click image) and is issued in 1825 to Frederick William III King of Prussia (1797-1840). He joined the coalition against Napoleon, and unified the Protestant churches in Prussia. Tsar Nicholas II of Russia and Kaiser Wilhelm II are two of his grandchildren. L546, a unique historic document from Germany's and Poland's prehistory, is expected to realize €25,000 

The sale includes many more lots from all over the world. The auction's online catalog allows searching for your interests by means of country as well as thematic indexes. I tried out Luftfahrt (aviation) which refered to several airline companies : 

• Linhas Aereas Paulistas S.A. (LAP), Brazil map vignette, L68
• Lloyd Aereo Boliviano, L69, La Paz, aircraft vignette
• Badisch-Pfälzische Luft-Hansa A.G. Mannheim, L221
• Cathay Pacific Airways Limited, L734
• Japan Air Lines Company, Ltd., L770 and L771

Founded as Pan American Airways in 1927, Pan Am became the largest international airline of the USA in the 20th century. Its advertisements and so-called "Clippper" airplanes featured in movies like 2001: A Space Odyssey, Live and Let Die, Blade Runner and Catch Me If You Can. The company ceased operations in 1991 and reincarnated several times. The Pan Am Corporation owned and controlled the airline and services division. This share was issued in 1998 to scripophily pioneer Wilhelm H. Kuhlmann. Bidding on L1761 starts at €50  

There is plenty to discover in HWPH's auction catalogs. The live auction concludes with a meeting for EDHAC members. Here are the details of the event:

• Dates
• 3 September 2022, Zorneding, Germany, public auction
• 4 September 2022, online auction
• Further info and catalogs, see here on HWPH. 
• Live bidding is possible through Invaluable.com, see here, where you can find high quality images of the lots.

Collectors of 18th century scripophily, and even older items, will find more than 50 entries in their category. The most iconic lot is a 1623 bond for 1000 Flemish Pounds from the Vereenigde Oostindische Compagnie (V.O.C.), aka Oost-Indische Compagnie aka Dutch East India Company.  Securities from this historic company are extremely rare and considered the crème de la crème in our field. Why can be read on this blog here. In 2019 HWPH auctioned a similar bond, issued for 500 Flemish Pounds, at €46,000 without buyer's premium. L500 starts at €40,000. 

F.L.

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Collecting antique stock certificates ? Go to the next level with Scripophily magazine !

Scripophily magazine is the world’s most comprehensive and insightful publication for passionate collectors and researchers of antique securities. Its 2022 April issue brings over 50 pages of scripophily news, in depth articles, book reviews, pictures of collector friends, auction reports and quality images of stunning, historic and rare stocks and bonds.

Scripophily magazine is illustrated with tons of gorgious stock certificates. This one from The Cincinnati Edison Electric Company is featured in the Deutsche Bank trilogy (© HIWEPA). The company was incorporated in the state of Ohio. Its $1 million capital was represented by 10,000 shares of $100. This certificate, issued in 1892 to the Deutsche Bank of Berlin, for 3,333 1/3 shares, represents a third of the capital. Image by Horst Klophaus 

Compelling tales, business plot twists and memorable personalities keep you spellbound. Scripophily magazine uncovers the stories of historic and artistic securities. In addition, reports from the auction markets help you to stay up-to-date. This periodical is the flagship of The International Bond and Share Society (IBSS) and appears three times a year.

Here is a summary on the topics brought in the latest issue :

• Piers and Seaside Entertainment, interview with a collector 
• Book review : Stamp Taxes in Nevada I. Silver Fever! Nevada Territory Stock Certificates, 1863-4, author Michael Mahler 
• Book review : Michigan Copper Mining Stocks and Bonds, Part II, author Lee Degood
• El Partido Revolucionario Cubano, a rare but fake bond emerged 
• The Insanity Spreads, NFT technology flirts with Scripophily 
• Dispatches from the Front, Bits and Pieces, market concerns with the Russo-Ukrainian War 
• The Greenawalt Donation : Interview with David Mihaly of the Huntington Library 
• Charles V Bond with phenomenal Face Value emerges (Spain)
• Standing on the Shoulders of Giants, Terry Cox reflects on his US railway project coxrail.com 
• The Howe Sound Co, copper mining in British Columbia 
• Selling the Security, member contributions with share certificates promoting the business 
• Studebaker, the family, stocks and bonds, and legacy
• Deutsche Bank Part I : The History of "Deutsche Bank AG"
• Boomtimes in the German Sugar Industry : 1850-1885 

On top of that the issue brings results and analysis on more than 20 auctions that took place during the preceding period in Germany, USA, China, Switzerland, UK, and other countries. You'll find out which auctions took place, what collecting themes are currently in demand and what price results are achieved for top pieces.

Subscribing to Scripophily magazine brings you valuable free extras: 

1. The IBSS Directory brings you in contact with fellow collectors. Many of those are experts in their field, often share common interests with you, and possibly live nearby. The Directory contains members from more than 40 countries. 
2. Upcoming events : Learn which auctions, collector bourses and society meetings will take place.
3. Locate dealers and auctioneers : The Membership Directory also contains a list of dealers and auctioneers with further contact details. Most  auctioneers and dealers publish their catalogues either online or on paper.
4. Access to the Experts : Being part of the International Bond and Share Society (IBSS) has provided me access to a network of experts in a variety of specialties related to the collection of Stocks and Bonds, always willing to led a hand and point me in the right direction.
5. Access to all content on the IBSS website, including digital versions of previous issues of Scripophily magazine, the online forum, special theme galleries, and the like. 
6. Newsflashes on the website focus on hot topics that can't wait for the next issue of the magazine. 
7. Get extra credibility : being listed as a member is a good reference in any deals made remotely with parties previously unknown. 

A 1-year subscription only costs £25 or $35 or €28. The magazine is published by IBSS. More info : https://scripophily.org/membership/join/ 

F.L.

Related links

• International Bond and Share Society 
• What is Scripophily, a quick introduction