Quality and rarity of the title

 Evaluation system 

The international evaluation system classifies the quality of conservation in 6 categories : UNC, EF, VF, F, VG et G sometimes annotated with a + or - to indicate an intermediate state. When this is the case, we add annotations that can influence the price.

The evaluation is only done on the title coat with the exception of the coupons. The latter do not intervene in determining the state of conservation.

A list of the most common is below. For example, the same actions canceled or not will indeed be appreciated differently by collectors. 

UNC : UNCirculated

Corresponds to the most perfect state, like coming out of the printing press. No tearing, folding or salivation

VF : Very Fine

Corresponds to a worn state; creases, slight tears in the edges but no missing pieces

VG : Very Good

Corresponds to a very damaged state: it lacks large pieces of paper and is badly damaged

EF : Extremely Fine

Corresponds to a slightly worn condition, one or two folds

F : Fine

Corresponds to a damaged state: folds, tears along the edges and small pieces of paper missing

G : Good

Corresponds to a catastrophic state: important part of the missing title and very damaged condition







Left-hand title in condition F: stains in the top of the mantle, big crease in the middle, rips along the left edge, piece of paper stuck in the bottom and small pieces missing on the edges


Right title in VG condition: like the one on the left, spots, folds and small tears but also a big fold in the middle with many missing pieces 



Annotations commonly used

h.c. : Hole Cancelled : canceled by perforations

p.c. : Pen Cancelled : canceled in the bic, usually canceled marked in large

pi.h. : Pin Holes : presence of pinholes

pu.h. : Punch Holes : presence of 2 drill holes usually in the left or right margin

s.c. : Stamp Cancelled : canceled by stamps

st.c. : Strip Cancelled : canceled on roulette

s.o.f. : Stamp On Face : presence of a single stamp on the mantle

ss.o.f. : StampS On Face : presence of several stamps on the mantle


Rarity of the title

The title's rarity classification is based on international experience since 1984 and on a very large database as well as reference and auction catalogs around the world in recent decades.

Note, however, that scripophily is a field of collection that is too young to be able to offer guarantees and that new discoveries are always possible which would change the raritya classification of a title.


Scale rarity of the title

R12  unique piece 

R11  2 pieces

R10  3 à 5 pieces

R9    6 à 10 pieces

R8  11 à 25 pieces

R7  26 à 50 pieces

R6  51 à 100 pieces

R6      51 à 100 pieces

R5    101 à 250 pieces

R4    251 à 500 pieces

R3    501 à 1000 pieces

R2  1001 à 5000 pieces

R1   more de 5000 pieces




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The old securities (stocks and bonds) and financial documents presented have no market value, they have only a collection value.



Belgian Association for Scripophily N.P.O.

Avenue de l'Equinoxe, 18

B-1200 Brussels


Company number : BE 0420507371

Phone : 032(0)2 763 33 68

GSM : 032(0)494 04 99 16

Mail : scripophilybe@gmail.com

Accounts :

Code IBAN : BE98 3200 1739 4493



PAYPAL : paypal@scripophily.be


Association Belge de Scriptophilie A.S.B.L. 

Avenue de l'Equinoxe, 18 

B-1200 Bruxelles 


N°  d'entreprise : BE 0420507371

Téléphone : 032(0)2 763 33 68

GSM : 032(0)494 04 99 16

Mail : scripophilybe@gmail.com

Comptes bancaires : 

Code IBAN : BE98 3200 1739 4493



PAYPAL :  paypal@scripophily.be