Saturday, November 20, 2010
From 1906 to '10, Bermuda issued a set of nine stamps picturing a ship in dry dock (Scott #31-39). 70,560 were issued, and Scott '11 values it at $150.60 for unused. The set's subject enhances its appeal as a Ship topical, and in all probability, there are only a few thousand sets left. It was issued over four years, and as there weren't many collectors of Bermuda a century ago, most were probably used as postage and discarded.
I think that in future, growth in demand among British Commonwealth collectors will be the basis for value increases for better stamps of Bermuda, as the territory's population, though affluent, is probably not large enough to sustain a significant base of collectors.
With about 68,000 people, Bermuda has an thriving economy, with finance as its largest sector, followed by tourism. As a result of its its low direct taxation on personal or corporate income, Bermuda is an offshore financial center. As the offshore domicile of many foreign companies, Bermuda has a highly developed international business economy; it is an "exporter" of financial services, primarily insurance, reinsurance, and investment funds. Finance and international business now constitute the largest sector of Bermuda's economy. As of 2007, Bermuda's GDP was $5.85 billion in 2007, or $91,477 per capita, giving it the highest GDP per capita in the world. Annual GDP growth has averaged 5% over the last 5 years.