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The second and most important to me is shown in the image at left. This example is of preferred shares of the Norfolk & Western Railroad Company. These orange underprint variety are relatively common and listed in Cox as (R4) with quantity of 15 in the database. Last sale price $20. This hoard has appeared now on eBay with 55 new all cancelled certificates. I have seen a number of hoards appear and 99.99% were all cancelled. I feel better paying a premium for a rare or scarce certificate when it is uncancelled. It's no guarantee that I won't get burned in the future but I like my chances when it is uncancelled.I don't think Terry will keep the (R4) rating now or that $20 selling price.