Friday, May 1, 2015

Give Me Uncancelled

click to enlarge
Even though I have maybe 2 or 3 cancelled certificates my preference is always to collect non cancelled certificates. Some collectors ask me why limit my collecting by always looking for that uncancelled piece. There are two reasons. Some certificates are beautifully engraved works of art and I just don't like holes, cutouts, blocks outs or any of the other damaging procedures done to a certificate when it is cancelled.

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.

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