1903 Highlanders stock certificates?
 

How common are these stock certificates? Is there any story behind why most of them I’ve seen sold are blank? Was there old stock discovered at some point? (But evidently not enough to flood the market??)

http://i792.photobucket.com/albums/y...psdmfctmrv.jpg

Actual issued ones are very rare, I think there are maybe 3-4 known. Vintage unissued stock is fairly common compared to demand. These come up fairly often and seem to sell in the 250 area, sometimes a little more or less depending on the eyes in the room.

Unissued stock certs are always more plentiful than issued. Stock was sold to raise needed money, once goals were met it would go into a drawer. This particular offering was to raise 100000 dollars, the couple I saw in a quick search were Ferrells for 20k and another issued for 57000. That’s 77000 of the full offering in just two. I would measure a guess, these were completely sold well before the number hit 10 stocks.

In the worst case possible, it would have took 1000 certificates at the 100 dollar minimum to have met goal. I doubt they printed that many, but I would think the printer likely ran at least 50-100 and the unissued were just sat aside after.