Wednesday, June 1, 2011
In 1934, the Italians issued an airmail semi-postal set celebrating the 65th birthday of King Victor Emmanuel and commemorating the first non-stop flight from Rome to Mogadishu (Scott #CB1-10). 10,000 sets were issued, and Scott '11 prices the unused set at $129.00 ($320.- for NH) .
The set has potential dual market appeal to collectors of Italian Colonies/Possessions and collectors of Libya, and should do well based on growth in Italy and Area collecting alone.
Libya has been in the news quite a bit lately, and it is unclear how and when the current crisis will be resolved. A nation of about 6.4 million people, it depends mostly upon oil exports, and has reserves in excess of 44 billion barrels of oil and 54 trillion cubic feet of natural gas. However, the country's not so lovably eccentric authoritarian dictator has siphoned off much of the wealth and distributed it to family members and allies, while keeping his subjects in line by giving free expression to a minimalist conception of human rights. Annual GDP growth has averaged 5% over the last 5 years, and with a little luck, more of that prosperity will be spread among the Libyan people in the future.