In Actions and Bonds we use a series of conventions and definitions to make the description of the certificates and their state of conservation more transparent and homogeneous.

State of conservation

The international system for assessing the state of conservation of certificates distinguishes 6 grades and refers only to the title and not to the coupons:

UNC (Uncirculated): As if it had just left the press, without any lack, fold or mark.
EF (Extremely Fine): In almost perfect condition, with signs of having been manipulated almost imperceptible.
VF (Very Fine): With slight signs of use such as folds, deterioration at the edges, small discolorations, …
F (Fine): Evident signs of manipulation such as pronounced bends, small parts absent at the edges, some stain, …
VG (Very Good): really damaged, many folds, missing important parts, etc …
G (Good): poor state of preservation.



Normally the certificates have been canceled. The forms of cancellation are varied and can be through one or several stamps, with holes, written by hand, … We follow the below convention:

NC (Not Canceled): No Cancel
PC (Pen Canceled): Canceled manually with some inscription on the title
PIH (Pin Holes): Small holes forming the word ‘Canceled’ or similar
PUH (Punch Holes): One or several perforations
SC (Stamp Canceled): Canceled by stamps stamped
STC (Strip Canceled): Canceled with large parallel lines stamped or drawn


Here are three examples of canceled certificates PIH (Pin Holes), PUH (Punch Holes) and SC (Stamp Canceled)



Although the best description is the photos of the certificate, we include some conventions:

DD: Very Decorated
D: Decorated
ND: Not decorated

VV: Several Vignettes
V: A Vignette
FD: Background decorated with image

MD: Decorated Frame
MDV: Frame Decorated with Vignettes

For example, a certificate of the Compagnie du Lubilash of 1949 would be defined as DD-V-FD-MD


The measurements are expressed in centimeters and both, for the share itself, and the for full certificate with coupons.


TITRE créé après le 6-10-1944

After the Second World War and the liberation of Belgium in September 1944, the finance minister in exile in London, Camile Gutt, carried out a series of measures to try to stop the super inflation caused during the war and to persecute those who they had benefited from collaborationism with the Nazi regime. By decree of October 6, 1944 all bank accounts and financial assets were blocked.

All bearer shares had to be replaced and reprinted in a different color with the caption “Titre créé après le 6 octobre 1944”, with some exceptions such as shares of little value or those of religious or charitable organizations. The foreign shares were not excluded and the legitimate ownership of such shares had to be verified by the Belgian-Luxembourg Exchange Institute or a bank acting on their behalf, which added a certification seal. The latter also applied to Belgian stocks as an alternative to their re-printing.

A decree of January 17, 1949, annulled all certificates that were not properly marked and another decree of April 1949 required that all new issued shares should be approved by the Title Verification Committee.

Therefore, although it is difficult to determine the exact date, it can be presumed that the titles re-printed due to these measures were after October 6, 1944 and before January 17, 1949.

An example is the actions of the Kilo-Moto Mines, with the legend at the top:


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