EXTREMELY RARE 1940 WORKS PUBLISHING, INC. STOCK CERTIFICATE
Issued to The Alcoholic Foundation — One of Only Three Known to Exist
This remarkable artifact is one of the rarest surviving documents from the earliest history of Alcoholics Anonymous—a genuine Works Publishing, Inc. stock certificate, issued in 1940 for five shares and made out directly to “The Alcoholic Foundation.” Only two other original examples are known to remain in private or institutional collections.
Historical Significance
Works Publishing, Inc. was created by AA cofounder Bill Wilson and early AA member Hank Parkhurst as a practical solution to a monumental problem: how to finance the printing of the Big Book.
In 1938–39, the fellowship had no money, no formal structure, and no financial backers. The proposed book, Alcoholics Anonymous, could not move forward without funding. The solution was bold and unprecedented:
Sell shares of Works Publishing, Inc. at $25 par value to raise capital.
These shares—represented by certificates such as the one offered here—financed the First Printing of the Big Book in April 1939, the publication that would change the lives of millions.
Although the stock offering was conceived before publication, the actual certificates were not printed and issued until 1940, more than a year after the Big Book first appeared.
Why This Certificate Is Unique
Issued to “The Alcoholic Foundation”
While most certificates were sold to individual investors or issued as compensation for services rendered, this particular certificate was made out to “The Alcoholic Foundation,” the predecessor of today’s General Service Board.
This initially appears unusual, but detailed research reveals the explanation:
-
L. Berkowitz of New York City purchased five shares of Works Publishing stock.
-
He donated his shares outright to The Alcoholic Foundation, strengthening AA’s financial footing during its most vulnerable years.
-
The pencil notation “Berkowitz” on the back of the certificate supports this provenance.
Unredeemed
In April 1942, The Alcoholic Foundation began systematically buying back the Works Publishing shares from individual stockholders. These redemptions are normally documented on the back of the certificates.
Because this certificate was already owned by the Foundation, there was no need for redemption documentation on the back. This alone makes it incredibly rare.
Survival Rarity
Only three certificates of this type are known to exist today—including this one.
Most were redeemed, destroyed, or discarded. Virtually none remain in such superb condition, and almost none survive with direct lineage to the Alcoholic Foundation itself.
Details of This Certificate
Issuer: Works Publishing, Inc.
Certificate No.: 37
Date: 1940
Shares: Five (5)
Par Value: $25 each
Issued to: The Alcoholic Foundation
Condition: Exceptional — crisp, clean, with no folds, tears, or stains
Backside: Only a single pencil notation “Berkowitz”; no redemption writing, stamps, or cancellations
Printed in: New York, under state incorporation
Dimensions: 12.5” x 8.5”
The ornate green border, period typography, and original signatures of Works Publishing officers make this an extraordinary display piece for AA archivists.
Provenance & Importance for Collectors
Artifacts from AA’s earliest financial structure are exceedingly scarce. This certificate represents:
-
The fundraising mechanism that made the Big Book possible
-
A connection to L. Berkowitz, one of AA’s earliest supporters
-
Direct issuance to The Alcoholic Foundation, the organizational heart of AA
-
One of the few surviving corporate documents from the fellowship’s founding era
Items of this caliber rarely appear on the market.
Condition
This certificate has been exceptionally well preserved, exhibiting Strong edges, Minimal toning, No creases or tears, Clean, Sharp printing, and Fully legible signatures and text
Please examine all photos closely to appreciate its outstanding condition.
A cornerstone document in the history of Alcoholics Anonymous —worthy of museum display or a premier private archive.
