In a time of stock market transactions being not yet highly technological done by computers the term "Securities Trading" could have been taken literally: Stocks and bonds were securitised as physical certificates and passed from hand to hand. Some may remember dividend payments coming along with cutting of dividend coupons from coupon sheets. In today's world that's all history - in the true sense of the word: Since the introduction of the Euro and the associated conversion of all securities having nominal values in Deutschmarks (DM) or any other previous currency only rather undecorated, not circulating global certificates are remaining. Not only in Germany, but in most countries physical certificates will be issued only if issuers (e.g. cities, savings banks or football clubs) want to create an additional positive marketing effect or achieve a closer link to their investors.
Accordingly, Scripophily covers all those physical stock and bond certificates as well as all similar securities having no stock market value anymore – but being worth a lot as they are contemporary witnesses of the financial history.
Share Certificate of Stadttheater in St. Gallen
Share Certificate of Banque Industrielle de Chine (Snippet)