Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Disney Stops Issuing Paper Stock in Blow to Collectors

Walt Disney Co. plans to stop issuing stock certificates, delivering shares only in electronic form in a blow to would-be collectors of the documents featuring drawings of Bambi and Mickey Mouse.

When investors transfer shares, paper ones won’t be reissued, Disney said yesterday in a regulatory filing. The changes, which take effect on Oct. 16, will shrink the supply for websites pitching the items as a way to interest children in investing. The company said it will offer non-negotiable certificates as a substitute.

Collectors have made Disney certificates the most popular at, a Gilbert, Arizona-based company that provides the documents in a frame for a fee. While many companies have eliminated paper shares to save money, Disney’s have stayed top sellers, said Bob Kerstein, founder of, a website for collectors.

“It’s such a PR tool for them,” Kerstein said. “Disney was the major holdout. I’m pretty surprised. Everybody’s in cost-cutting mode.”

Disney’s stock certificates feature founder Walt Disney surrounded by Dumbo, Donald Duck and other characters, according to the website, which also offers framed shares for a fee.

“Like hundreds of other companies, Disney will no longer be issuing paper stock certificates in an effort to create a more secure and efficient system,” the company said in a statement. Collectors may request non-negotiable “certificates of acquisition,” Disney said.

“It’s not the same as a stock certificate, but it’s nice that Disney is recognizing fans want something,” Kerstein said.

Collector’s Items

Stock certificates dating back to the company’s initial public stock offering and hand-signed by Disney can fetch more than $25,000, Kerstein said. Companies have been doing away with them for years because of the expense, he said.

GiveAShare’s favorites list includes Disney, Harley-Davidson Inc. and Facebook Inc. Because Facebook issues its stock electronically, GiveAShare provides a personalized replica, according to the site.

Disney’s change is likely to spark a last-minute rush among collectors and higher prices for existing certificates, according to Rick Roman, a co-founder of GiveAShare.

“Since we started, Disney has been the most popular,” Roman said in an interview. “It appeals to kids, they have one of the best-looking certificates and there’s some fanatical adults that want them as well. That ends up being a good way to teach kids about stocks.”

Disney, based in Burbank, California, fell 0.6 percent to $63.59 at the close in New York. The stock has gained 28 percent this year.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.