Are old share certificates worth anything?

The value of an old share certificate is dependent on the corporate history of the company and whether the certificate has been canceled. A registered security can only be claimed by the original owner or an heir. Bearer stocks and bonds can be claimed by anyone possessing the paper certificate.

A canceled certificate will often have holes punched through the signature or a stamp with the word "canceled". This makes the certificate worthless. Acquisitions, mergers and bankruptcies will often void a certificate, leaving the original issuer defunct and the certificate worthless. Scripophily is the practice of collecting stock certificates. Collectors may be willing to pay for an otherwise worthless bond.