The US could have $780 billion in forgotten paper stock certificates laying around — how to cash in if you inherit one

In today’s digital trading world, paper stocks are relics of a bygone era. But according to an op-ed penned by Michael Bodsen, President and CEO of the Depository Trust & Clearing Corporation, as of 2021, $780 billion worth of physical stock certificates remain.

This means treasure troves of shares on actual paper may be floating around the country forgotten in safety deposit boxes, old safes or antique desk drawers.

So, what happens if you inherit some?

Let’s say you’ve recently lost a loved one, and while sifting through an old filing cabinet you stumble across a bundle of stock certificates tucked into a folder. Maybe they’re for a household name like Walmart or IBM, dated sometime in the early ’90s. You have no idea if they’re still valid, what they’re worth, or what to do next.

What exactly did you find, and how do you cash it in? Here’s what you need to know to assess the value, understand the process and avoid leaving money on the table.

To figure out whether your certificate still holds value, start by examining the company name, the number of shares and the date. If the business still exists, you’ll want to look up its investor relations department or check a reputable financial site to confirm it’s publicly traded. But if the company has changed names, merged or been acquired, things can get trickier. Your stock may have morphed into shares of another firm, or if the company went out of business the shares may be worthless. Take note of the registered owner’s name and the CUSIP number, which is crucial for tracking a stock’s history.

At this point, you’ll want to contact the present-day company’s transfer agent. These firms handle stock ownership records and can confirm whether the certificate is valid, whether the shares have split and what they’re worth today. An agent will likely ask for the information above and may help you trace any corporate actions that have affected its value over time. If you inherited these stocks, they may assist with transferring ownership, as long as you have supporting documentation, such as a will or death certificate.