Exhibit
  4.1




|COMMON                                                             |  |                                             |  |  | COMMON                                                          
|------------------------------------------------------------------ |  | ------------------------------------------- |  |  | ----------------------------------------------------------------
|NUMBER                                                             |  |                                             |  |  | SHARES                                                          
|C                                                                  |  | [LOGO]
        DUCKWALL - ALCO STORES, INC. |  |  |                                                                 
|                                                                   |  |                                             |  |  |                                                                 
|INCORPORATED
        UNDER THE
        LAWS OF THE STATE OF KANSAS |  |                                             |  |  | SEE
        REVERSE FOR CERTAIN 
        LEGENDS AND DEFINITIONS
|                                                                  
|THIS
        CERTIFIES THAT                                        |  |                                             |  |  | CUSIP
        264142 10 0                                       
|                                                                   |  | SPECIMEN                                    |  |  |                                                                 
|                                                                   |  |                                             |  |  |                                                                 
|is the registered
      holder of                                  |  |                                             |  |  |                                                                 
|                                                                  

SHARES OF
  FULLY PAID AND NON-ASSESSABLE COMMON STOCK, PAR VALUE $.0001, OF

DUCKWALL-ALCO
  STORES, INC.

CERTIFICATE
  OF STOCK

transferable on the books of the
Company by the holder hereof in person or   by duly authorized attorney upon surrender of
this certificate properly endorsed.   This certificate is not valid until countersigned
by the Transfer Agent.

IN
  WITNESS WHEREOF, the Company has caused the facsimile signature of its President
  to be printed hereon and the facsimile of its seal to be printed hereon and
  attested by the facsimile signature of its Secretary printed hereon.

|Dated: |                            |           |      |                         |          
|------ | -------------------------- | --------- | ---- | ----------------------- | ---------
|       | /s/ Charles
      E. Bogan |           | SEAL | /s/ Glen
      L. Shank |          
|       |                            | Secretary |      |                         | President



|COUNTERSIGNED: |                |               
|-------------- | -------------- | --------------
|BY             | UMB BANK, N.A. |               
|               |                | TRANSFER AGENT



| |  | 
| |  | 

---



The following abbreviations,
    when used in the inscription on the face of this certificate, shall be construed
    as though they were written out in full according to applicable laws or regulations:

|TEN COM                                                                                                                                                                 | - | as tenants
        in common                                                           |  | UNIF GIFT MIN ACT-_______ as
          Custodian for _______ | UNIF TRAN MIN ACT--_______ as
          Custodian for _______
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | -------------------------------------------------------------------------------------- |  | ------------------------------------------------------------ | -------------------------------------------------------------
|                                                                                                                                                                        |   |                                                                                        |  | (Cust)                                                       | (Minor)                                                      
|TEN ENT                                                                                                                                                                 | - | as tenants
        by the entireties                                                   |  | under Uniform Gifts to Minors                                |                                                              
|                                                                                                                                                                        |   |                                                                                        |  | Act _____________                                            |                                                              
|JT TEN                                                                                                                                                                  | - | as joint
        tenants with right of survivorship and not as tenants in common       |  | (State)                                                      |                                                              
|                                                                                                                                                                        |   |                                                                                        |  |                                                              |                                                              
|TOD                                                                                                                                                                     | - | transfer
        on death direction in event of owners death, to person named on face |  |                                                              |                                                              
|                                                                                                                                                                       
|Additional
        abbreviations may also be used though not in the above list.
        _______________________________________________________________________________
|                                                                                                                                                                       
|For
        value received, ________________ hereby sell, assign and transfer unto                                                                                     

|PLEASE
        INSERT SOCIAL SECURITY OR OTHER
        IDENTIFYING NUMBER OF ASSIGNEE | 
|------------------------------------------------------------------------------------- | 
|                                                                                      | 

|(Please print or typewrite name
        and address, including zip code, of assignee)                                               
|------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                    
|                                                                                                                                    
|                                                                                                                                    
|                                                                                                                                    
|                                                                                                                                    
|__________________________________________________________________________________                                                  
|of the stock represented
        by the within Certificate, and do hereby irrevocably constitute and appoint                        
|__________________________________________________________________________________                                                  
|to transfer the said
        stock on the books of the within named Company with full power of substitution
        in the premises.

Dated:

X

| | NOTICE:  THE SIGNATURE(S)
        TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE
        FACE OF THE CERTIFICATE IN EVERY PARTICU-LAR, WITHOUT ALTERATION OR ENLARGE-MENT
        OR ANY CHANGE WHATEVER. | 
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 



X

|ALL GUARANTEES MUST BE MADE BY A FINANCIAL
      INSTITUTION (SUCH AS A BANK OR BROKER) WHICH IS A PARTICIPANT IN THE SECURITIES
      TRANSFER AGENTS MEDALLION PROGRAM (STAMP), THE NEW YORK STOCK
      EXCHANGE, INC. MEDALLION SIGNATURE PROGRAM (MSP), OR THE STOCK
      EXCHANGES MEDALLION PROGRAM (SEMP) AND MUST NOT BE DATED. GUARANTEES
      BY A NOTARY PUBLIC ARE NOT ACCEPTABLE.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 

---