What Determines the Value of a Collectible Stock or Bond?
The value of a certificate reflects a variety of factors, most importantly, rarity, age, aesthetic appeal, condition, and whether it is signed by an important entrepreneur, politician, or other famous person. In the long-term, the more desirable material likely will appreciate, perhaps a lot. But other certificates may not appreciate much. And, there will be surprises on the upside as well as the downside. For example, Packard Motor Car certificates once were relatively scarce and sold for several hundred dollars. Then, a large group of them was found. Today, they sell for $15 to $20 each. The implication, in my view, is that one should collect for the enjoyment certificates provide, not because one anticipates price appreciation. There are better, less risky, ways to invest. Still, I think that if one puts together a coherent collection of stocks and bonds over a long time span, that person is likely to do well. Ruby Lane Shop vs Ruby Plaza Shop: I have a shop on Ruby Lane (Tom’s Vign
