Booneshares offers rare US railroad and South American certificates in December scripophily auction

Mario Boone is a major player in the field of antique share certificates and financial documents. The auctioneer scheduled his 71st scripophily auction on 2 December 2023. This auction will take place live on the internet via the Invaluable platform. On the agenda are more than 1000 lots of bonds and shares.

The auction features stunning shares from all parts of the world. This founders share from the Banque de Cochinchine was issued in 1907 and printed by the well-known security printer Crabbé. The share is signed by Noël Pardon, who previously was acting governor of Cochinchina and New Caledonia, and then governor of Guadeloupe and Martinique. L(ot) 46 starts at €400.

For this occasion, auctioneer Mario Boone has compiled a strong section of US railroad certificates. To give an example: L777, starting at €300, comprises a 1877 bond from The Cheraw and Chester Railroad Company, South Carolina. Only two examples known and coxrail.com reports no sales recorded within the last ten years. 

The US railroad section counts over 200 lots. A few more examples:

• 5% First Mortgage Gold Bond $1000 from The Canon City and Cripple Creek Electric Railway Company, mountain vignette, 1897, L762
• L949, The Western Virginia and Kentucky Rail Road and Coal Company, $1000 bond, 1857, several vignettes, amazing scrollwork and very rare
• L769, The Central Union Depot and Railway Company, $100 shares, 1885, vignette of Cincinnati building and street scene 
• A rare print from the American Bank Note Company is L876, Nevada Southern Railway Company, First Mortgage 5% 30 Year Gold Bond of $1000, 1893 

The auction catalog includes stock certificates from companies involved in all types of activities. Such as this CELTA share. This cooperative was founded in 1931 to compete with Sudam, a private company providing electricity to the city of Tres Arroyos in Argentina. The still existing cooperative expanded its activities over the years also including telephone, funeral, health and dental services. This share, issued in 1939, presents a bold Art Deco scene conceived by the artist T. Menna. 

Often these old securities have been designed by the artists of the day. The auction catalog lists a special index of the artists and engravers featured in the offerings. The certificate illustrated below depicts a Congolese woman with basket, an elephant tusk, a village, a map of the Basankusu region and the Star of Congo in the underprint. 

The early 20th century share shown here is from the notorious ABIR. The company harvested rubber in the Congo Free State, then private property of King Leopold II of Belgium. ABIR forced the local population to pay taxes and to harvest rubber under inhumane conditions. Those who failed where beated, mutilated, killed or their relatives were kidnapped or raped. This share from 1904 is a testament to Belgium's awful low point in history. 

It was Frans Hens who made the design of the certificate. He was the first Belgian artist to travel in the 1880s through the Congo and paint its nature, villages and people. He became known as a painter of the Belgian coast and the Schelde river. L82 is listed with a start price of €50. 

Another major topic in the sale is South America. The auction includes several single-item lots but also group lots from most South American countries. Collectors have the opportunity to acquire several certificates in these lots at reduced average item prices. However, in case no group bids are received most of these groups will be split into single-item lots during the auction.  

Illustrated above is L1002 a 1909 Banco de Guatemala share. Printed by Waterlow & Sons it shows several vignettes and many guilloches. Very lovely printed is the Resplendent Quetzal - featured in the coat of arms of Guatemala: the country's national bird representing freedom and independence.  L1002 is part of the Guatemala group lot, L992.

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

• Location: this is an Internet only auction
• Date: 2 December 2023
• Further info : online catalog, PDF file & bidding, see here on the auctioneer's website, or via the Invaluable platform, see there  

F.L.

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Antwerp puts treasures from Egypt on the block

The 60th auction of Mario Boone takes place on 14 April with an exceptional large range of high quality collectibles from all over the world. The sale offers about 8,900 antique stocks and bonds spread over 1,939 various sized lots. The items to be sold represent nearly 100 countries and span 800 years of financial history (13th -21th century). 

Before getting into more details on the numerous rarities and remarkable certificates, I have to talk first about the unprecedented, top-notch scripophily from Egypt that is at stake in this auction. Boone's sale includes 1,171 bond and shares certificate from Egyptian companies and governments. Collectors and investors interested in such an unparalleled variety of Egyptian scripophily have several auction sections to look into.

Chemin de Fer Keneh-Assouan 

3.5% bond of £20, Cairo, 1925 

part of the "Pharaonic Collection" lot 1877

click image to enlarge

The regular Egypt section, lots 248 through 261, contains a Canal Maritime de Suez, starting at a modest €200, and a Ciments d'Egypte Massarah (Caire) share, €500, equally rare and stunning. 

Another series of Egyptian rarities can be found in the Simar Empain collection which also comes under the hammer. For many decades the late Jacques Simar built up a scripophily collection related to Baron Edouard Empain. Simar published a book on the subject, see here. Edouard Empain, Belgian captain of industry, is known for building the Paris Métro and the district of Heliopolis in Cairo. You can find the Empain Egypt items in lot range 549-576 which includes several sought-after certificates like specimen bonds from the Tramways du Caire, from €200, and the Heliopolis Palace Hotel du Caire, starting at €100.

The sale of Egyptian scripophily peaks with the most complete collection ever brought together. The "Pharaonic" collection includes 1,096 bonds and shares representing Egypt's financial history from the 19th and 20th century. Included are numerous interesting, decorative and historic securities, to name a few : Soufrière d'Égypte, Egyptian Guaranteed 3% Loan, Canal Maritime de Suez, City of Alexandria, Bank of Abyssinia, Banque Egyptienne de Commerce, Marconi Radio Telegraph Co of Egypt, Kodak (Egypt), Investment Bank of Egypt, Nationalization-Loan of the United Arabic Republic and many more. The collection is offered as one lot (1877) and may be acquired from €79,000.

Another, much smaller collection, to be sold in a single lot consists of 134 classic Egyptian certificates. Bids for this lot (1892) are invited from €1,400.

Apart from all those pyramids, sphinxes, scarabs, cobras and hieroglyphs, the sale offers more than 7,500 bonds and shares from other countries as well. And as is the case with Egypt, countries are presented either by their own regular section, as a part of the Simar Empain collection, or may be found as a collection or group lot. Let me discuss some of the highlights.

Banque Hypothécaire Franco-Egyptienne 

F500 shares, Paris, 1910 

 part of the "Pharaonic Collection" lot 1877

As you can expect from a Boone auction, the Belgian section is substantial (lot range 328-456) and opens with a medieval loan on vellum from 1469. Written in Latin, the document, lot 328, is one of the oldest financial documents related to the region of Kortrijk and is expected to fetch at least €2,000. A rare and decorative highlight will certainly interest collectors of zoo scripophily. The share in Société d'Histoire Naturelle à Gand, dated 1852, illustrated with vignettes of a lion, tiger, ostrich, peacocks, crocodiles and many more animals, can be obtained from €2,000.

More remarkable Belgium scripophily can be found in the Empain collection, lot range 457-511. Here, Banque Industrielle Belge (Ancienne Banque E.-L.-J. Empain) is historical to Belgium's financial history. The bank was Edouard Empain's major investment vehicle. The number 1 certificate offered in the sale, represents 76% of all shares, is issued to Empain and starts at €500.

In the Austro-Hungarian Empire section, an extremely rare Thiergarten-Gesellschaft in Wien from 1862 can be fetched from €800. The Grandhotel Pupp, a location for movies Last Holiday (Queen Latifah) and Casino Royale (James Bond Daniel Craig), can be acquired from €50. Hey, movie locations, wouldn't that be an interesting theme to collect.

Denmark scripophily is not often seen. The sale includes 11 certificates (lots 692-702) including a Kjobenhavns Sommer-Tivoli share from 1918. The Tivoli amusement park opened its doors in 1843. Start price €500.

Thé Tôt-Lam 

F100 share, 1912, Indochina

lot 134 in the auction, start price €600

The Compagnie Royale de l'Assiente, one of the earliest French companies, was active in slave trading. Only one other share is known, bids are welcome from €10,000 (lot 709) for its 3000 Livres share, issued 1704. France has left us so many decorative bond and share certificates and this occasion is not an exception to that. Great work of art can be admired on a share from the L'Union des Mines, start price €60. Further, you should check out how Bacchus is having the time of his life on Cave des Affaires, €200.

Probably the most fascinating, lot 1433, is a Spanish financial loan document from the year 1279! Latin script on parchment, this notary act of a bank deposit of 500 solds to a Catalonian banker is the earliest known privately owned banking document.  €15,000 start price.

Viet Nam Ngan Hang - Banque du Vietnam

first bank in Vietnam founded and managed by Vietnamese 

share of 15.000$, Saigon, 1973

lot 177 in the auction, start price €1,400

Some highlights from the big scripophily countries China, Russia, USA and Germany :

• A $1000 Republic of China 6% Secured Gold Loan Treasure Note from 1919, with pagoda vignette, should have been redeemed by a 1937 bond issue. A rarity like this starts at €1,000.  
• The Bukharan People's Soviet Republic was a short-lived city state from 1920 to 1925 located in today's Uzbekistan. The sale includes a rare, Bukharan bond from 1923 and can be obtained from  €200.
• In the US section, you can't miss a Proprietors of the New Theatre share. Issued 1791, with a huge vignette of the Philadelphia theatre to be constructed, this is the oldest theatre scripophily seen yet. Bids are invited from €5,000. You can find out more about the American railway section here on the Coxrail blog.
• The German section starts with two bonds, dated 1808, from Napoleon's Kingdom of Westphalia. Bids can start at €400 and €300.

There is lots more to discover from other countries and all kinds of collecting themes in this sale. Dig through the auction catalogue, 263 pages, and/or use the indexes on countries, themes, Belgian provinces, autographs, artists & engravers and printer companies to find your treasures.

The day after the sale, Mario Boone organizes his regular scripophily bourse internationally attended by dealers and visitors.

Auction details

• Location : Antwerpen, Belgium
• Date : auction 14 April 2018, bourse 15 April 2018
• Further info : online catalogue  here, and PDF version there 
• The "Pharaonic Collection" can be viewed in detail here 

F.L.

What is scripophily ?

Take a little test
What is the oldest and the youngest word in the following list ?

1. scripophily
2. computer
3. android.

I bet you are wrong ! I was too. I'll give you the answer right away.

The word scripophily is a contraction of 

• the English word “scrip”, a certificate entitling ownership right, 
• and the Greek word "φίλος" (philos), meaning "friend".

Scripophily is about collecting old securities and related items
Securities can roughly be divided in :

• debt securities, such as a bond, which represents a debt of a company, a society, a federal, statal or municipal authority, or a non-governmental organization
• equity securities, such as a stock certificate (also known as a share certificate), which represents part ownership of a company, society or association.

More than just collecting
Scripophily involves also the study of stock and bond certificates and their related history. One can be a scripophilist without owning a single stock or bond. 

Did you know that antique stocks and bonds are easy to find ?
Many certificates are common and can be easily and cheaply acquired on bourses and online platforms like eBay. More interesting material is found at dedicated auctions. Some certificates, like this one, are very rare and have a great historical importance and reside only in museums. 

Why collect ?
There are tens of reasons why scripophily items are appealing : security engraving, artistic design, particular vignettes, a pioneering activity, the name of a company, historical background, the name of the holder, a signature of a famous person, and many more reasons.

Société Agricole et Industrielle du Thap-Muoi

Share of 20 French Indochinese piasters, Saigon, 1928, printed in Paris by Chaix

The piaster was the currency of French Indochina between 1885 and 1952.

Tháp Mười is a rural district in the Mekong Delta region of Vietnam.

double-click image to enlarge

Is it really important to make a distinction between true and untrue scripophily? 
Absolutely not. Scripophilists may also collect other related papers, often not regarded as true scripophily, for instance : insurance policies, membership certificates, invoices. The issuers used these papers in their daily business processes. This contrasts with securities that were issued only occasionally during the lifespan of the issuer. Hence, ordinary lottery tickets, drawn on a weekly basis, belong to the former group, and lottery loans to the latter. Combining both types of documents in a collection only contributes to the fun and learning possibilities.

The Ericsson Shipping Company, Ltd, 1915

Printed by Andrew Reid & Co., Newcastle, UK.

The company owned the S.S. Willingtonia, a steel hulled steam cargo ship, built in 1918. 

In the very same year the ship was torpedoed and sunk by the German submarine UC27. 

A weird coincidence, the company's shipping flag depicts a swastika, 

in many cultures seen as a sign of good fortune.

Do you know the word in your language ?
In other languages, scripophily is often translated in a similar sounding word

• Escripofilia (Spanish)
• Scriptophilie  (French)
• Scripophilie (French, German)
• Scriptofilie (Dutch)
• Scripofilie (Dutch, Romanian)
• Scripofili (Norwegian)
• Scripofilia (Italian)
• Skripofilija (Lithuanian)
• Skrypofilistyka (Polish)
• Скрипофилия (Russian)

Is the word for scripophily in your language not listed here? Please let me know, I’ll make sure it deserves its place in the list.

How old is the word scripophily ?
The word scripophily is actually a relatively modern word, as you can see here in Google’s Ngram chart. This tool lets you trace the usage of a word or phrase during the past five centuries (!) by seeing how often it's appeared in books over that time span.

The word Scripophily started appearing in books halfway the 1970s.
Source : Google Ngram  Viewer

As  you see, the word Scripophily started appearing in the 1970s, which is pretty modern when compared to words like android (17th century) and computer (16th century). 

F.L.

Tip : The more (online) scripophily friends you have, the more you will share knowledge and have fun. You should join a club or participate in a social media group !

PS : Scripophily is also the name of the magazine issued by the International Bond & Share Society (IBSS), see more here .

Related links 

• International Bond & Share Society (IBSS)
• Wikipedia's Scripophily entry
• Synopsis of the Ocean's Twelve movie, starring Brad Pitt, Catherine Zeta-Jones, George Clooney and Julia Roberts. In this movie, a gang of thieves pick a European target : " the world's oldest stock certificate, which was issued by the Dutch East India Company in 1602, worth around 2.5 million euros, and kept in Amsterdam. " 
• Saved at the last minute, a story about the life of a share

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