by Christopher Freeburn | October 9, 2013 12:29 pm
Call it a sign of the times: Collectors, who have prized stock certificates issued by Disney (DIS) for generations, are now out of luck as the mouse empire goes strictly digital.
Disney says that starting on Oct. 16, it will no longer reissue printed certificates when company shares are transferred between investors. The certificates, which show drawings of popular Disney characters, have long been a favorite with collectors, Bloomberg notes.
By ending its paper stock certificates, Disney aims “to create a more secure and efficient system,” the media giant said in a statement, noting that it will still provide collectors with non-negotiable “certificates of acquisition.”
The operator of one certificate collector website noted that Disney had long resisted the trend among other companies to eliminate stock certificates.
Walt Disney appears on Disney certificates, accompanied by Dumbo, Donald Duck, Bambi and Mickey Mouse. Certificates from the Disney’s first stock offering signed by Disney himself can sell for more than $25,000 among collectors.
Collectors are expected to rush to acquire certificates before the policy takes effect next week.
Shares of Disney sank almost 1% in Wednesday mid-day trading.
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