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Long Island Power Company (now LIPA) Bond Certificate from 1983

Long Island Power Company (now LIPA) Bond Certificate from 1983

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Are the certificates authentic?

Yes, all of the certificates we sell are authentic stock and bond certificates unless otherwise mentioned in the description. At one point in time, this certificate represented a share of of the company, or a bond receipt. These certificates have been removed from circulation and digitalized, as seen by cancellation holes, stamps and writing on the certificate. We offer these certificates as a collectable item, not a security.  

 

This is an orange Long Island Power Company's bond certificate for $1000, due in 1983. It has been cancelled as seen by the punch holes. 

Originally established as the Long Island Lighting Company (LILCO), they issued bond certificates to fund their operations. 

The Long Island Power Company originated as the Long Island Lighting Company (LILCO), founded in 1910 by Ellis Laurimore Phillips and a group of New York City investors, including George W. Olmsted. Their initial business plan was to acquire and interconnect multiple small power utilities that served individual villages on Long Island into an island-wide grid

On the last day of 1910, LILCO was officially organized, merging four small Suffolk County utilities: the Amityville Electric Light Company, the Islip Electric Light Company, the Northport Electric Light Company, and the Sayville Electric Company. The New York Public Service Commission (PSC) allowed LILCO to begin operations on June 1, 1911.

In the 1970s, LILCO began issuing high-rate bond certificates, with some reaching substantial denominations like $25,000 due in 1983. The company's financial landscape dramatically shifted in the 1980s when it accumulated $7.3 billion in total debt, with a staggering $4.5 billion directly related to the controversial Shoreham Nuclear Power Plant.

The New York State legislature intervened by creating the Long Island Power Authority (LIPA) in 1986, a strategic move designed to restructure LILCO's massive debt. By 1998, LIPA had effectively taken over LILCO's operations, transforming the power company's financial structure and bond management.

Materials and care

Here are some quick tips to preserve your certificate for decades to come. 

Paper quality: Stock certificates were printed on a variety of certificate paper dating back to the mid 1800s. Most of these vintage collectable certificates have signs of used & wear , cancellation holes, pencil / pen writing, stamps, staples, adhesives, slight rips, missing coupons and other features. 

Handling: Always handle the certificate with clean, dry hands or use cotton gloves to avoid transferring oils and dirt from your skin onto the paper.

Storage: Store the certificate in a cool, dry place away from direct sunlight, which can cause fading. Use acid-free folders or archival-quality plastic sleeves to protect it from moisture, dust, and physical damage.

Framing: If displaying the certificate, use a frame with UV-protective glass to prevent light damage. Ensure the certificate is mounted using acid-free materials to avoid any chemical reactions that could degrade the paper over time.

Avoid Exposure: Keep the certificate away from direct sun, extreme temperatures and humidity, which can cause the paper to warp or deteriorate. Avoid exposing it to pollutants, such as smoke or chemicals, which can cause discoloration.

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