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Collections / Original collections / Autographs / How to Buy Historical Autographs & Certificates
How to Buy Historical Autographs & Certificates
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Scripophily, according to the New Oxford English Dictionary, is "the collection of old bond and share certificates as a pursuit." This combines scrip with philein (Greek for to love). One specialized area of Scripophily is the collection of historic autographs on antique stocks and bonds. This specialty certainly overlaps the collection of historic political and financial autographs on all types of manuscripts and documents.
In a recent catalog of quality autographed antique certificates, Rick Malone, Antique Securities, lists seven rules in a Quick Guide for New Collectors. We would like to discuss two of his rules in this article with emphasis on Rule #1.
1) "Do your homework. Read business history books. Get copies of prior auction catalogues. Ask lots of questions."
2) "Learn what makes one certificate significantly more valuable than something similar. It really isn`t hard once you truly understand the basics."
The best way to become an informed collector is to read about the hobby, learn from other collectors and participate at shows and auctions at a level that`s comfortable for you.
Start slowly by buying material that is meaningful to you, things associated with your past, a hobby, or are otherwise of particular interest to you. These pieces will have a value to you beyond their cost and will give you time to learn more about the hobby as you discover other material.

General

The annual R. M. Smythe January show and auction in Strasburg, Pennsylvania is a lot of fun. You should consider attending next January to learn more about the hobby and see the broad range of material available. As a mini-vacation, going up Friday afternoon and staying Friday and Saturday nights is great. The room rates are excellent and a large breakfast buffet is included in the price. There are lots of other things to see and do in the Amish country for spouses who wonder why we are interested in the hobby. There are auctions both Friday and Saturday evenings and a "bourse" (French word for stock exchange) of dealer tables Friday morning through Sunday noon. But most importantly, Strasburg is a crash course in the hobby.

Catalogs

Catalogs are a great source of historical material and photographs of important material in the hobby. There are two types of catalogs. Some dealers print fixed price catalogs of items they have in stock for sale. Auction firms publish catalogs for live and mail-bid auctions showing the material that will be in the auction, each with a specific lot number. In either case pay strict attention to the descriptions. Missing a word or phrase in the description could result in you paying hundreds of dollars more than an item is worth or finding a steal that`s worth much more than you might have to pay.
Experienced collectors know that where an item is signed, the condition of the certificate or autograph, the vignette, cancellation marks, revenue stamps, etc., can significantly alter the value of an item. For example, framed items sell for more or less than the same item that is not framed, depending on the quality of the workmanship and visibility of key features like vignettes and signatures.

Mail-Bid Auctions

Once you become comfortable with the hobby, mail-bid auctions can be an excellent way to get an occasional good buy. There are always some items in a mail-bid auction that just don`t attract as many bids as expected. So, some lucky bidder, who knows the value of an item and understands the catalog description, can get a real bargain. Mail bids are usually encouraged in live auctions, and special features of bidding in them is discussed under live auctions.
Rules vary, so when in doubt about the rules of an auction call the auction house or dealer before submitting your bid, they will be happy to explain their procedures. Let`s walk through the process of three types of mail-bid auctions: with commissions, without commissions, and European-style auctions.

Mail-Bid Auctions (with commission)

In American and British auctions with commissions, you bid for the items you want and if you win, a dealer`s commission, usually 10%, is added to the bid to get the sale price. All of your winning bids are totaled and a shipping charge, typically $6-10, is added to get your total bill. The dealer will send you a statement showing what you bid, what you bought, how much you paid, and the shipping charge. A few auctions will tell you what the items you were not the successful bidder on sold for. Dealers will usually wait for your payment before shipping the items.
This all seems pretty easy, but what if you bid way too much (usually because you really wanted the item), say $500 and the next highest bid was $200. Do you pay $500?..., NO. While you must read the rules for each mail auction, most will sell the item for the next increment above the second highest bid. In this example, if the increment is $20, you are the winning bidder at a cost of $220 plus 10% commission and shipping. If you bought just the one item the cost would be about $220 + 22 (10%) + 6 (shipping) or a total of $248 (shipping charges vary). But, if your bid was for example $202, you pay $202 plus shipping, not $220.

Mail-Bid Auctions (without commission)

There are two major differences in these auctions. First, while some mail-bid only auctions work just like public auctions, there are others in which no commission is charged. If you are the winning bidder at $200 you pay $200 plus shipping. In the example above, your total cost would be $200 + about $6 (shipping) or $206; there is no commission. Second, if you bid very high, you become the winning bidder at 10% above the second highest bidder. In the example above, the second highest bid was $200 and an additional 10% would be $220. This method closely parallels the public or live auctions except where the value of the item is high and the increment is less than 10%. For example, if the increment at $1,000 is $50 and you bid high, you would pay 1,050 in the commission auction and you might pay as much as $1,100 ($1,000 + 10%) in the auction without commission. So the better you understand value or more willing you are to lose the item to another collector, the less you are likely to pay in this type auction. But, if you consistently bid high, this type will cost you more.

Mail-Bid Auctions (European style)

European-style auctions often charge much higher commissions of 15-20%. Successful bidders in these mail-bid auctions must pay in the dealers currency, but some will accept VISA or MasterCard with a surcharge (3% is common). There may also be a VAT (value added tax) charge. Another unique feature is the minimum bid. The prices shown in these catalogs is the minimum acceptable bid. Some of these prices seem high and a large number of items in European style auctions will go unsold (15-40%). However, where the minimum bids required are low for the item and the commissions acceptable, good deals may be available in these auctions too.
There`s a lot more to talk about in How to Buy, but we`re out of space for this issue. We`ll discuss live auctions and buying direct from dealers.

Conclusion

Collecting historical autographs and certificates can be fun, enhance your appreciation of history, and in the very long term may be a good investment. But, learn about the hobby and collect because you like it and not because you want to make a profit.

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