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

| Dated: |                      |      |   |                           |      |
|--------|---------------------------|-----------|--------|--------------------------------|-----------|
|   | /s/      Charles E. Bogan |      | SEAL   | /s/      Lawrence J. Zigerelli |      |
|   |                      | Secretary |   |                           | President |

| COUNTERSIGNED: |                                   |                |
|----------------|----------------------------------------|---------------------|
| BY             | Computershare      Trust Company, N.A. |                |
|           |                                   | TRANSFER      AGENT |

|   |   |   |
|--------|--------|--------|

| TEN      COM                                                                                                                                                      | -      | as      tenants in common                                                                      |   | UNIF      GIFT MIN ACT-_______ as Custodian for _______                                          | UNIF      TRAN MIN ACT--_______ as Custodian for _______ |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------|----------------------------------------------------------|
|                                                                                                                                                              |   |                                                                                           |   |                (Cust) | (Minor)                                                  |                        (Cust) | (Minor) |
| TEN      ENT                                                                                                                                                      | -      | as      tenants by the entireties                                                              |   | under      Uniform Gifts to Minors                                                               |                                                     | under      Uniform Transfers to Minors |   |
|                                                                                                                                                              |   |                                                                                           |   | Act      _____________                                                                           |                                                     | Act      _______________ |   |
| JT      TEN                                                                                                                                                       | -      | as      joint tenants with right of survivorship and not as tenants in      common             |   |         (State)                                          |                                                     |           (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 OTHERIDENTIFYING      NUMBER OF ASSIGNEE |   |
|--------------------------------------------------------------------------------|--------|
|                                                                           |   |

| (Please      print or typewrite name and address, including zip code, of      assignee)  |
|-----------------------------------------------------------------------------------------------|
|                                                                                          |   |