Canceled — Stock certificates that are perforated or otherwise canceled have no value as a marketable securities because the original shareowner named on the certificate surrendered the certificate to a transfer agent during a change of
ownership (sale, trade, acquisition, merger, etc.). Like other obsolete stock certificates, they no longer reflect
partial ownership in a company.

Uncanceled — If for whatever reason the shareholder named   on the certificate failed to surrender it during a change of ownership, the stock shares would have nonetheless been canceled on the books and any remaining value turned over to the Unclaimed Property Division of the owner’s state. Some uncanceled stock certificates are in this category. 

Other Uncanceled — Uncanceled stock certificates can also be the remains of aspiring companies that issued stock to raise capital but subsequently went bankrupt. New oil and gas ventures could easily fail amidst dry holes or other oilfield hazards and leave investors holding uncanceled valueless paper shares. Like other obsolete stock certificates, these may be popular with scripophily collectors who value their often intricate artwork and history.