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Thursday, September 24, 2009

Stamp Investment Tip: Uruguay 1929-43 Pegasus Issue (Scott #C27-60A)

Between 1929 and 1943, Uruguay issued a magnificent set of thirty-six airmail stamps, the Pegasus Issue (Scott # C27-60A). Each stamp bears the same design but in different colors, and the set has become a favorite among Horse and Animal topical collectors. Only 5,000 sets were issued, and Scott '10 values it unused at $ 417.90. Because of its length and the fact that it was issued over 14 years, the set has become increasingly difficult to find complete and in decent shape (F-VF LH or better). I believe it to be a bargain at full Scott if found F-VF+ NH, or discounted by 40%-50% for LH.

A related issue with the same design, the 1944 Surcharged Pegasus set (Scott # C106-12) is also worth targeting. It had a somewhat higher printing (15,000), but is also far less expensive (Scott '10 Catalog Value = $ 12.00) .

I hesitate to recommend the 1935 Pegasus set (Scott #C63-82), because Scott notes that counterfeits of this set exist. I have not seen examples of these counterfeits, so cannot comment on how convincing they are.

With a population of about 3 1/2 million people, most of whom are of European or mixed descent, Uruguay has a stamp collecting population which will probably approach European levels in the years to come. Uruguay is one of the most economically developed, politically stable and least corrupt countries in Latin America, and is moving away from its dependence on agricultural exports and toward development of commercial technologies, especially software.

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