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Lionel Stock Certificates

Compiled by Robert J. Osterhoff
Copyright 2014

Go to Lionel Stock Certificates Price List

General Guidelines and Observations

  • Certificates are known to exist without dates, names or endorsements and may or may not be hand stamped "canceled".
  • Many stock certificates are found with attachments, such as Stock Power, bank routing slips, and even death certificates and wills. Generally, these attachments provide no incremental value to the stock certificate, unless the documents relate to the history of The Lionel Corporation.
  • Certificates were generally cancelled through the application of a perforating device, with date. These perforations are common and do not detract from the certificate's value.
  • Many stock certificates were issued to employees and family members of employees of The Lionel Corporation. Of these certificates, the most desirable are those issued to Joshua Lionel Cowen, the company founder.
  • Like all collectible Lionel paper, condition can be a factor in collecting stock certificates. Because the certificates were printed on high quality security paper, these certificates were most durable. Most are found to have been through the brokerage house clearing process, and therefore have been frequently handled, stapled and folded. Certificates issued to individuals are generally in the worse condition, while those held by brokerage houses can be found in extremely fine condition. Virtually all certificates are perforated for cancellation purposes, and these perforations do not detract from their value.
  • Most items on the following listing are verified as existing; some
    are believed to exist but verification is necessary.
  • The following listing is based on many years of research. I
    especially acknowledge Ron Hollander, who should be credited with creating the first Lionel stock certificate listing, and Dick Bruning, who provided much insight into the creation of the following listing.

To order Lionel stock certificates from this listing,
please click here.


First Stock Issue - The Lionel Manufacturing Company 1909

A predecessor to the stock issued by The Lionel Corporation, this stock was a private issue first released June 14, 1909 by Joshua L. Cohen before he legally changed his name to "Cowen" the following year. Each certificate is inscribed "Shares $100 each - Capital Stock $50,000" and printed on stock supplied by the Brown-Green Co. of New York. An issuance stub was imprinted to the left of the certificate, which was attached by perforations. No denominations were imprinted, since each certificate had space for a handwritten denomination.
(LMC1A) Blank certificate issuance numbers 27 to 50.

First Stock Issue - The Lionel Corporation
Eagle Vignette 1937

This certificate is the first known release of shares inscribed "The Lionel Corporation", with release approximately March 1937. Each certificate was imprinted on eagle stock "The Lionel Corporation" with a par value of $10.00. An issuance stub was imprinted to the left of the certificate, which was attached by perforations. No denominations were imprinted, since each certificate had space for a handwritten denomination.
(E1A) Blank certificate issuance numbers 01 to 100.

First Stock Issue - The Lionel Corporation
Old Boy Vignette 1937

Engraving features boy with necktie admiring 1930's style Hudson locomotive and tender, with the signatures of Joshua Lionel Cowen and Mario Caruso. Common par value $10. Registered by the Chase National Bank of the City of New York and countersigned by Bankers Trust Company (New York).
(1A) Blue 100-share denomination
(1B) Orange Less-than-100-share denomination
(1C) Orange Less-than-100-share denomination stamped overprinted with black rubber stamp "More" over the "Less than 100 Shares" imprint in top corners.

Second Stock Issue - 1948

Engraving features boy with necktie admiring 1930's style Hudson locomotive and tender, with the signatures of Joseph Bonanno and Lawrence Cowen. Common par value $5. Registered by the Chase National Bank of the City of New York and countersigned by Bankers Trust Company (New York).
(2A) Green 100-share denomination
(2B) Green 100-share denomination with overprint in red "This Certificate Represents shares of $2.50 PAR VALUE"
(2C) Maroon Less-than-100-share denomination
(2D) Maroon Less-than-100-share denomination with overprint in red "This Certificate Represents shares of $2.50 PAR VALUE"

Third Stock Issue - The Lionel Corporation
New Boy Vignette 1951

Engraving features modern boy engineer overlooking diesel steam locomotives, with the signatures of Joseph Bonanno and Lawrence Cowen. Common par value $2.50. Registered by the Chase National Bank of the City of New York and countersigned by Bankers Trust Company (New York).
(3A) Orange 100-share denomination

(3B) Blue less-than-100-share denomination


Fourth Stock Issue - 1955

Engraving features modern boy engineer overlooking diesel steam locomotives, with the signatures of Joseph Bonanno and Lawrence Cowen. Common par value $2.50. Registered by the Chase Manhattan Bank with silver overprint on top of previous Chase National Bank of the City of New York and countersigned by Bankers Trust Company (New York). Certificates reissued based on merger in 1955 of Chase National Bank and The Manhattan Co.
(4A) Orange 100-share denomination
(4B) Blue less-than-100-share denomination
(4C) Orange 100-share denomination with misprinted silver bank overprint and attached label "This certificate spoiled in imprinting…"

(4D) Blue less-than-100-share denomination with misprinted silver bank overprint and attached label "This certificate spoiled in imprinting…"

Fifth Stock Issue - 1957

Engraving features modern boy engineer overlooking diesel steam locomotives, with the signatures of Joseph Bonanno and Lawrence Cowen. Common par value $2.50. Registered by the Chase Manhattan Bank and countersigned by Bankers Trust Company (New York). This issue represents a permanent printing replacement in late 1957 for the previously overprinted issue of 1955.
(5A) Orange 100-share denomination
(5B) Blue less-than-100-share denomination
(5C) Blue less-than-100-share denomination, blank specimen overprinted in red
(5D) Blue less-than-100-share denomination, overprinted with black rubber stamp "More" over the "Less than 100 Shares" imprint in top corners.


Sixth Stock Issue - 1960

Engraving features modern boy engineer overlooking diesel steam locomotives, with the signatures of Joseph Bonanno and Roy Cohn, the latter better known for his role in the infamous McCarthy Senate Hearings of the early 1950's. Common par value $2.50. Registered by the Chase Manhattan Bank and countersigned by Bankers Trust Company (New York).
(6A) Orange 100-share denomination
(6B) Orange 100-share denomination, blank specimen overprinted in red
(6C) Blue less-than-100-share denomination
(6D) Blue less-than-100-share denomination, blank specimen overprinted in red
(6E) Blue less-than-100-share denomination, overprinted with black rubber stamp "More" over the "Less than 100 Shares" imprint in top corners.

Seventh Stock Issue - 1960

Engraving features modern boy engineer overlooking diesel steam locomotives, with the signatures of Joseph Bonanno and John Medaris. Common par value $2.50. Registered by the Chase Manhattan Bank and countersigned by Bankers Trust Company (New York).
(7A) Orange 100-share denomination
(7B) Orange 100-share denomination, blank specimen overprinted in red (7C) Blue less-than-100-share denomination
(7D) Blue less-than-100-share denomination, blank specimen overprinted in red
(7E) Blue less-than-100-share denomination, overprinted with black rubber stamp "More" over the "Less than 100 Shares" imprint in top corners.

Eighth Stock Issue - 1961

Engraving features modern boy engineer overlooking diesel steam locomotives, with the signatures of Joseph Bonanno and John Medaris. Common par value $2.50. Registered by the Chase Manhattan Bank and countersigned by Bankers Trust Company (New York). This certificate has the two-line phrase "Full-Paid and Non-Assessable Shares of the Par Value of Two Dollars and Fifty Cents ($2.50) each of the common shares of the Lionel Corporation…" changed from large script type to bold caps on a single line. The reason for making this change is not known, however the format became the standard for future issues.
(8A) Orange 100-share denomination

Ninth Stock Issue - 1962

Engraving features modern boy engineer overlooking diesel steam locomotives, with the signatures of W. T. Watson and John Medaris. Common par value $2.50. Registered by the Chase Manhattan Bank and countersigned by Bankers Trust Company (New York). This issue also saw the introduction of a newly-designed back side to each certificate, providing more detailed legal documentation.
(9A) Orange 100-share denomination
(9B) Orange 100-share denomination, blank specimen overprinted in red (9C) Blue less-than-100-share denomination
(9D) Blue less-than-100-share denomination, blank specimen overprinted in red
(9E) Blue less-than-100-share denomination, overprinted with black rubber stamp "More" over the "Less than 100 Shares" imprint in top corners.

Tenth Stock Issue - 1962

Engraving features modern boy engineer overlooking diesel steam locomotives, with the signatures of Curtis E. Johnson and Melvin Rainey. Common par value $2.50. Registered by the Chase Manhattan Bank and countersigned by Bankers Trust Company (New York).
(10A) Orange 100-share denomination
(10B) Orange 100-share denomination, blank specimen overprinted in red (10C) Blue less-than-100-share denomination
(10D) Blue less-than-100-share denomination, blank specimen overprinted in red
(10E) Blue less-than-100-share denomination, overprinted with black rubber stamp "More" over the "Less than 100 Shares" imprint in top corners

Eleventh Stock Issue - 1963

Engraving features modern boy engineer overlooking diesel steam locomotives, with the signatures of J. E. Donohue and Melvin Rainey. Common par value $2.50. Registered by the Chase Manhattan Bank and countersigned by Bankers Trust Company (New York).
(11A) Orange 100-share denomination
(11B) Orange 100-share denomination, blank specimen overprinted in red
(11C) Blue less-than-100-share denomination
(11D) Blue less-than-100-share denomination, blank specimen overprinted in red
(11E) Blue less-than-100-share denomination, overprinted with black rubber stamp "More" over the "Less than 100 Shares" imprint in top corners

Twelfth Stock Issue - 1964

Engraving features modern boy engineer overlooking diesel steam locomotives, with the signatures of J. E. Donahue and Robert A. Wolfe. The Wolfe signature is imprinted in silver, which is overprinted on top of the signature of Melvin Rainey. Common par value $2.50. Registered by the Chase Manhattan Bank and countersigned by Bankers Trust Company (New York).
(12A) Orange 100-share denomination
(12B) Blue less-than-100-share denomination
(12C) Blue less-than-100-share denomination, overprinted with black rubber stamp "More" over the "Less than 100 Shares" imprint in top corners

Thirteenth Stock Issue - 1966

Engraving features modern boy engineer overlooking diesel steam locomotives, with the signatures of Richard R. Schilling and Robert A. Wolfe. Common par value $2.50. Registered by the Chase Manhattan Bank and countersigned by Bankers Trust Company (New York).
(13A) Orange 100-share denomination
(13B) Orange 100-share denomination, blank specimen overprinted in red
(13C) Blue less-than-100-share denomination
(13D) Blue less-than-100-share denomination, blank specimen overprinted in red
(13E) Blue less-than-100-share denomination, overprinted with black rubber stamp "More" over the "Less than 100 Shares" imprint in top corners
(13F) Aqua more-than-100-share denomination
(13G) Aqua more-than-100-share denomination, blank specimen overprinted in red
(13H) No frame or denomination, central vignette imprinted on buff paper, printer's proof

Fourteen Stock Issue - 1969

Engraving features modern boy engineer overlooking diesel steam locomotives, with the signatures of Richard R. Schilling and Robert A. Wolfe. Common par value $2.50. Registered by the Chemical Bank with silver overprint on top of previous The Chase Manhattan Bank and countersigned by Bankers Trust Company (New York).
(14A) Orange 100-share denomination
(14B) Orange 100-share denomination, blank specimen overprinted in red
(14C) Blue less-than-100-share denomination
(14D) Blue less-than-100-share denomination, blank specimen overprinted in red
(14E) Aqua more-than-100-share denomination; existence needs to be verified
(14F) Aqua more-than-100-share denomination, blank specimen overprinted in red

Fifteenth Stock Issue - 1970

Engraving features Classical God vignette, with the signatures of Richard R. Schilling and Ronald Saypol. Common par value $2.50. Registered by The Chemical Bank (New York) with silver overprint on top of previous The Chase Manhattan Bank and countersigned by Bankers Trust Company (New York).
(15A) Orange 100-share denomination
(15B) Orange 100-share denomination, blank specimen overprinted in red
(15C) Blue less-than-100-share denomination

(15D) Aqua more-than-100-share denomination

Sixteenth Stock Issue - 1971

Engraving features Classical God vignette, with the signatures of Richard R. Schilling and Ronald Saypol. Common par value $2.50. Registered by The Chemical Bank (New York) and countersigned by Bankers Trust Company (New York).
(16A) Orange 100-share denomination
(16B) Blue less-than-100-share denomination
(16C) Aqua more-than-100-share denomination
(16D) Aqua more-than-100-share denomination, blank specimen overprinted in red

Seventeenth Stock Issue - 1972

Engraving features Classical God vignette, with the signatures of Richard R. Schilling and Ronald Saypol. Common par value $2.50. Registered by The Chemical Bank (New York) with silver overprint on top of previous The Chase Manhattan Bank and countersigned by The First Jersey National Bank (Jersey City, NJ) with silver overprint on top of previous Bankers Trust Company (New York).
(17A) Blue less-than-100-share denomination

Eighteenth Stock Issue - 1973

Engraving features Classical God vignette, with the signatures of Richard R. Schilling and Ronald Saypol. Common par value $2.50. Registered by The Chemical Bank (New York) and countersigned by The First Jersey National Bank (Jersey City, NJ) with silver overprint on top of previous Bankers Trust Company (New York).
(18A) Aqua more-than-100-share denomination


Nineteenth Stock Issue - 1975

Engraving features Classical God vignette, with the signatures of Richard R. Schilling and Ronald Saypol. Common par value $2.50. Registered by The Chemical Bank (New York) with silver overprint on top of previous The Chase Manhattan Bank and countersigned by The First Jersey National Bank (Jersey City, NJ) with silver overprint on top of previous Bankers Trust Company (New York).
(19A) Blue less-than-100-share denomination with three-line shorter version "The Corporation will furnish without charge…" printed horizontally on back of certificate.
(19B) Blue less-than-100-share denomination with nine-line longer version "The Corporation will furnish without charge…" printed horizontally on back of certificate.

Twentieth Stock Issue - 1972

Engraving features Classical God vignette, with the signatures of George A. Padgett and Ronald Saypol. Common par value $2.50. Registered by The Chemical Bank (New York) and countersigned by Bankers Trust Company (New York) printing. This is the first issue with the Padgett/Saypol signature combination, and therefore the 1972 issuance date does not appear logical. However, this date has been verified, and perhaps this certificate stock was used out of convenience at the same time certificates bearing the Schilling/Saypol combination were also being used.
(20A) Orange 100-share denomination
(20B) Orange 100-share denomination overprinted "Specimen" in red on top of signatures of George A. Padgett and Ronald Saypol

Twenty-first Stock Issue - 1972

Engraving features Classical God vignette, with the signatures of George A. Padgett and Ronald Saypol. Common par value $2.50. Registered by The Chemical Bank (New York) and countersigned by The First Jersey National Bank (Jersey City, NJ) with silver overprint on top of previous Bankers Trust Company (New York) printing.
(21A) Orange 100-share denomination

Twenty-second Stock Issue - 1975

Engraving features Classical God vignette, with the signatures of George A. Padgett and Ronald Saypol. Common par value printed in black is $2.50, with a diagonal overprint in red "This Certificate Represents Shares of the Par Value of $.10 Each". Registered by The Chemical Bank (New York) and countersigned by The First Jersey National Bank (Jersey City, NJ) with silver overprint on top of previous Bankers Trust Company (New York) printing.
(22A) Orange 100-share denomination with thirteen-line longer version "The Corporation will furnish without charge…" printed on back of certificate.
(22B) Orange 100-share denomination with four-line shorter version "The Corporation will furnish without charge…" printed on back of certificate.

Twenty-third Stock Issue - 1975

Engraving features Classical God vignette, with the signatures of George A. Padgett and Ronald Saypol. Common par value $2.50. Registered by The Chemical Bank (New York) and countersigned by The First Jersey National Bank (Jersey City, NJ).
(23A) Aqua more-than-100-share denomination

Twenty-fourth Stock Issue - 1975

Engraving features Classical God vignette, with the signatures of George A. Padgett and Ronald Saypol. Common par value printed in black is $2.50, with a diagonal overprint in red "This Certificate Represents Shares of the Par Value of $.10 Each". Registered by The Chemical Bank (New York) and countersigned by The First Jersey National Bank (Jersey City, NJ).
(24A) Aqua more-than-100-share denomination with thirteen-line longer version "The Corporation will furnish without charge…" printed on back of certificate.
(24B) Aqua more-than-100-share denomination with four-line shorter version "The Corporation will furnish without charge…" printed on back of certificate.

Twenty-fifth Stock Issue - 1980

Engraving features Classical God vignette, with the signatures of George A. Padgett and Ronald Saypol. Common par value $.10. Registered by The Chemical Bank (New York) and countersigned by The First Jersey National Bank (Jersey City, NJ). Confirmation of first year of use for this issue is requested.
(25A) Orange 100-share denomination
(25B) Orange 100-share denomination with perforated "Specimen" over signatures of George A. Padgett and Ronald Saypol
(25C) Blue less-than-100-share denomination
(25D) Blue less-than-100-share denomination with perforated "Specimen" over signatures of George A. Padgett and Ronald Saypol
(25E) Aqua more-than-100-share denomination with perforated "Specimen" over signatures of George A. Padgett and Ronald Saypol


Twenty-sixth Stock Issue - 1980

Engraving features Classical God vignette and 2 7/8" wide green vertical bar on left side of certificate with corporate imprint. Bears the signatures of George A. Padgett and Ronald Saypol. Common par value $.10. Registered by The Chemical Bank (New York) and countersigned by The First Jersey National Bank (Jersey City, NJ).
(26A) Green certificate for all share denominations; verification of actual use of this certificate appreciated
(26B) Green certificate for all share denominations, with perforated "Specimen" over Padgett/Saypol signatures.

Twenty-seventh Stock Issue - 1980

Engraving features Classical God vignette and 2 7/8" wide green vertical bar on left side of certificate with corporate imprint and "ZQ" designation. Bears the signatures of George A. Padgett and Ronald Saypol. Common par value $.10. Registered by The Chemical Bank (New York) and countersigned by The First Jersey National Bank (Jersey City, NJ).
(27A) Green certificate for all share denominations; verification of actual use of this certificate appreciated
(27B) Green certificate for all share denominations, with perforated "Specimen" over Padgett/Saypol signatures.

Twenty-eighth Stock Issue - 1980

Engraving features Classical God vignette and 2 7/8" wide green vertical bar on left side of certificate with corporate imprint and "ZQ" designation. Bears the signatures of George A. Padgett and Ronald Saypol. Common par value $.10. Registered by The First Jersey National Bank (Jersey City, NJ) in silver overprinted on top of The Chemical Bank (New York) and countersigned by The First Jersey National Bank (Jersey City, NJ).
(28A) Green certificate for all share denominations; verification of actual use of this certificate appreciated
(28B) Green certificate for all share denominations, with perforated "Specimen" over George Padgett/Ronald Saypol signatures

Twenty-ninth Stock Issue - 1981

Engraving features Classical God vignette and 2 7/8" wide green vertical bar on left side of certificate with corporate imprint and "ZQ" designation. Bears the signatures of George A. Padgett and Michael J. Vastola, the latter signature in silver overprinted on top of the former Ronald Saypol signature. Common par value $.10. Registered by The First Jersey National Bank (Jersey City, NJ) in silver overprinted on top of The Chemical Bank (New York) and countersigned by The First Jersey National Bank (Jersey City, NJ).
(29A) Green certificate for all share denominations; verification of actual use of this certificate appreciated
(29B) Green certificate for all share denominations, with perforated "Specimen" over George Padgett/Michael Vastola signatures

Thirtieth Stock Issue - 1986

Engraving features Classical God vignette and 2 7/8" wide green vertical bar on left side of certificate with corporate imprint. Bears the signatures of George A. Padgett and Michael J. Vastola. Common par value $.10. Registered by The First Jersey National Bank (Jersey City, NJ) and countersigned by The First Jersey National Bank (Jersey City, NJ).
(30A) Green certificate for all share denominations; verification of actual use of this certificate appreciated
(30B) Green certificate for all share denominations, with perforated "Specimen" over George Padgett/Michael Vastola signatures and silver overprint on back side with modifications of legal terms
(30C) Green certificate for all share denominations, with perforated "Specimen" over George Padgett/Michael Vastola signatures and no overprint on back side


First Stock Warrant Issue - 1985

Engraving features no illustration, only "The Lionel Corporation" and was issued to stockholders of record on November 25, 1985. Certificates bear the signatures of Michael J. Vastola and George A. Padgett, with no par value. These warrants allowed stockholders to purchase stock at specific prices and were regularly traded on the American Stock Exchange. Certificates were for the duration December 4, 1985 through December 4, 1986.
(W1A) Blue certificate for any number of warrants with stock purchase of $8 per share, designed Series A Warrant, imprinted "Void After December 4, 1986" at top
(W1B) Blue certificate Warrant A with perforated "Specimen" and dated overprint on top of bank and signatures of Michael J. Vastola and George A. Padgett
(W1C) Purple-red certificate for any number of warrants with stock purchase of $12 per share, designated Series B Warrant, imprinted on a white label "Void after June 1, 1988" at top
(W1D) Purple-red certificate Warrant B with perforated "Specimen" and dated overprint on top of bank and signatures of Michael J. Vastola and George A. Padgett. Imprint "Void After March 14, 1988" at top

Debenture Issue - 1960

Large document features Engraving of modern boy engineer overlooking diesel steam locomotives, with the signatures of John Medaris and Isabel Brandaleone, for issuance of 5 ½% convertible subordinated debenture due October 15, 1980. Dated October 15, 1960 with silver imprint "Marine Midland Grace Trust Company of New York. The right side of certificate has coupons attached for regular payments.
(D1A) Certificate as issued in green with red "Specimen" overprint over bank and signatures of John Medaris and Isabel Brandaleone.


First Debenture Issue - 1979

Engraving features Classical God vignette and 2 7/8" wide blue vertical bar on left side of certificate and "Registered" imprinted twice at top; 10 5/8% subordinated sinking fund debenture due 1999. Bears the signatures of George A. Padgett and Ronald Saypol. Registered by The Marine Midland Bank.
(D2A) Blue certificate with red "Specimen" overprint over bank and perforated "Specimen" overprint on top of signatures of Ronald Saypol and George A. Padgett

Second Debenture Issue - 1979

Engraving features Classical God vignette and 2 7/8" wide blue vertical bar on left side of certificate and "Registered" imprinted twice at top; 10 5/8% subordinated sinking fund debenture due 1999. Bears the signatures of George A. Padgett and Ronald Saypol. Registered by United States Trust Company of New York imprinted in silver on top of The Marine Midland Bank.
(D3A) Blue certificate with perforated "Specimen" overprint on top of signatures of Ronald Saypol and George A. Padgett

Preferred Stock Issue - 1963

Engraving features modern boy engineer overlooking diesel and steam locomotives, with the signatures of J.E. Donahue and Melvin Rainey. Preferred stock is 3 3/4% non-cumulative convertible. Registered by Grace National Bank of New York and countersigned by Manufacturers Hanover Trust Company (New York).
(P1A) Green 100-share denomination, blank specimen overprint in red
(P1B) Orange less-than-100-share denomination, blank specimen overprint in red

The Lionel Rail Road Company Issue - 1960

Engraving features Lionel Lion overlooking Santa Fe diesel, General and steam locomotives, printed in black on green certificate stock, non-security paper, issued in 1 share denomination only. This was not negotiable stock or securities, rather a marketing promotion by Lionel from late 1960 until 1963.
Signed by Arthur Lubitz, Jr., Chairman of the Board and Douglas Lyons, President. Official seal imprinted "Seal 1960".
(L1A) Certificate as issued with printed signatures of officers
(L1B) Certificate without signatures overprinted with red "Specimen" in place of signatures
(L1C) Certificate without printed signatures or "Specimen" overprint, but original signatures of officers

The Lionel Rail Road Company Issue - 1961

Engraving features Lionel Lion overlooking Santa Fe diesel, General and steam locomotives, printed in black on green certificate stock, non-security paper, issued in 1 share denomination only. This was not negotiable stock or securities, rather a marketing promotion by Lionel from 1961 until 1963.
Signed by Arthur Lubitz, Jr., Chairman of the Board and Douglas Lyons, President. Official seal imprinted "The Lionel Rail Road Company" and an "L" in the center with no date.
(L2A) Certificate as issued with printed signatures of officers


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