In 1934, Uruguay issued a set of eight stamps commemorating the First Year of the Third Republic (Scott #454-61). 4,409 sets were issued and Scott '12 prices the unused set at $35.70.The three stars depicted on the stamps symbolized the three constitutions, the third of which transferred total power to President Gabriel Terra, who had organized a coup d'état, dissolving the General Assembly and governing by decree.
It is likely that most of the sets were used as postage and discarded. The set is grossly undervalued, especially considering that there are many collectors of Latin America who focus on the region as a whole.
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. Annual GDP growth has averaged a little over 3% over the last 5 years.
I have begun a new blog, "The Stamp Specialist", which will feature wholesale buy prices for stamps which I am interested in purchasing. It includes a buy list for Uruguay, and includes the set recommended in this article. Viewing dealers' buy lists every now and then is an excellent way to keep current on the vagaries of the stamp market.
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