Thursday, October 15, 2009
In 1943, the Dominican Republic issued a rather "plain" plane set (Scott #C43-45). Only 10,000 sets were issued, and Scott '10 prices the set unused at a mere $ 5.65 and used at $ 2.80. There are many issues of this country which I feel are undervalued (and I intend to tip some of them in the future), but this set is exceptional, because I feel that it is grossly undervalued, perhaps because it is boring, and has therefore been neglected by most collectors. I recommend this set in VF NH, LH, and Used conditions, and I believe that despite its current inexpensiveness, it will be a real challenge to locate in quantity. In all probability, most of the 25 centavos high values were probably used and discarded, and it would not surprise me at all if fewer than 2,000 sets remain.
With a population of about 10 million people, the Dominican Republic is considerably better off than its neighbor Haiti, with which it shares the island of Hispaniola. Though long known for sugar production, its economy is now dominated by the service sector. The country has become the Caribbean's largest tourist destination. Over a million Dominicans now live in the U.S., and they send billions in remittances home to their families, amounting to a tenth of the GDP. Annual GDP growth has averaged around 6.5% over the last 6 years, although it has been uneven from year to year, and unevenly distributed. As in much of Latin America , reforms will be necessary to address governmental corruption and the gulf between rich and poor.