Stamp Investment Tip: Azerbaijan 2001 Olympic Medalists Souvenir Sheet (Scott #713)

In January of 2001, Azerbaijan issued a flashy souvenir sheet honoring the Azerbaijani Olympic medalists of the Sydney, Australia Olympics of the previous year (Scott #713). 25,000 were issued, and Scott '12 prices the unused souvenir sheet at $5.75.

The sheet has obvious topical appeal for Sports and Olympics collectors, as well as being an inexpensive bet on the growth of Azerbaijan's economy. Recommending it is consistent with my belief that one of the best ways to play the new and newly resurrected countries of Europe and Asia is to focus on popular topicals with low printings.

Azerbaijan is an oil-rich nation of about 9 million people, which also has significant reserves of natural gas and various minerals. Agriculture and tourism are also important to the Azerbaijani economy. The country shares all the problems of the former Soviet republics in making the transition from a command to a market economy, but its energy resources brighten its long-term prospects. It has begun making progress on economic reform, and old economic ties and structures are slowly being replaced. Annual GDP growth has averaged a stellar 16% over the last 5 years, largely based on the frenetic development of the country's oil wealth - an estimated 7 billion barrels of reserves.

Stamp Investment Tip: Switzerland 1940 National Fete Day Souvenir Sheet (Scott # B105)

In 1940, Switzerland issued a semi-postal souvenir sheet honoring National Fete Day (Scott #B105). 75,384 sheets were issued, and Scott '12 prices it unused at $ .

Proceeds from the non-postal surtax funded the Swiss National Fund and the Red Cross, thereby rendering this issue a Red Cross topical.

The International Red Cross and Red Crescent Movement is an international humanitarian movement with approximately 97 million volunteers, members and staff worldwide which was founded to protect human life and health, to ensure respect for all human beings, and to prevent and alleviate human suffering, without any discrimination based on nationality, race, sex, religious beliefs, class or political opinions. From a philatelic investment perspective, the support of almost 100 million of people for this movement creates a significant collector base for better Red Cross/Red Crescent topicals.


Switzerland, a nation of 7.8 million people,is one of the richest countries in the world by per capita, with a nominal per capita GDP of $67,384. The country experienced slow growth in the 1990s and the early 2000s, and was hurt by the global financial crisis, which has resulted in greater support for economic reforms and harmonization with the European Union. Annual GDP growth has averaged about 1.6% over the last five years.

Stamp Investment Tip: Argentina 1931 Coup Anniversary Overprint (Scott #399-405)

On September 6, 1930, Argentina experienced a coup d'etat which the Argentine military, aided by Standard Oil, deposed President Hipolito Yrigoyen, the country's first elected leader. This resulted in the rule of a quasi-fascist, authoritarian regime during a period known in Argentina as the "Infamous Decade."

In September of 1931, six stamps were overprinted to celebrate the first anniversary of the coup (Scott #399-405). 20,000 sets were issued, and Scott '12 prices the unused set at $85.50. Like many better items of Latin America, the set is grossly undervalued, and serves as a poignant reminder of the fact that multinational corporations have often opposed democracy in Latin America by installing or supporting profitable dictatorships.


I continue to favor all better stamps of Latin America as bets on the growth of the region's middle class. Demand for the stamps of the individual countries is bolstered by the tendency of collectors to focus on the region as a whole.

With a population of about 40 million, Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Historically, Argentina's economic performance has been uneven, as periods of high economic growth have alternated with severe downturns. Over the last 5 years, annual GDP growth has averaged over 6%. However, over the last 20 years Argentina has weathered several major debt crises and recessions.


I have begun a new blog, "The Stamp Specialist", which will feature my buy prices for stamps which I am interested in purchasing. I've just posted a buy list for Argentina, including 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.

Stamp Investment Tip: Tahiti 1882-1915 Issues

Tahiti was first visited by Europeans in 1767, who later colonized the island and imported the wondrous benefits of Western civilization, including typhus, influenza, smallpox, alcoholism, prostitution, and Christianity. This disrupted the society of the generally friendly and easy-going native population, over 80% of whom were wiped out.

The French annexed the island in 1843, and brutally crushed a rebellion by the ungrateful natives. In 1882, the French began issuing stamps for Tahiti, by overprinting their French Colonies General Issues. Thirty-one regular postage stamps, two semi-postals, and twenty six postage dues were issued, and all of Tahiti's stamps which catalog $50 or more had printings ranging from extremely low (less than 100) for the most expensive, to modest (low thousands) for the least. The printing quantities of many of these stamps are noted in the StampSelector Scarce Stamp Quantitites Issued List (under the France and Colonies category).

I recommend purchase of all stamps of Tahiti cataloging $250 or more. This includes many of the regular issues, the 1915 15c Blue Semi-postal (Scott #B1), and all of the Postage Due stamps. As fake overprints exist, these stamps should be purchased conditional on obtaining expertization. Though rather plain-looking, stamps of Tahiti  are eagerly sought after by collectors of French Colonies, French Polynesia, and the South Pacific area in general.

General Commentary: Demographic Trends Favoring a Multi-Decade Bull Market in Stamps

In the 2009 StampSelector article "General Commentary: Demographics and the Stamp Market", I described demographic trends which determined whether a particular country's stamps would tend to rise or decline in value. As I am now convinced that various long-term global trends favor a multi-decade bull market for better stamps in general, I've decided to summarize some of the most important of these trends:

1) The Rise of a Global Middle Class: I've noted this trend in several articles, including "General Commentary: When Does a Collector Become an Investor?" The basic thrust of the argument is that democratization and the emergence of a global middle class, especially in rapidly developing countries that were once considered part of the "Third World", is bringing tens of millions of people into the philatelic fold.

2) Global Aging: I described this trend in the article "General Commentary: The Aging Population and the Coming Stamp Market Boom", which notes the tendency of many collectors to begin young, put the hobby on hold for several decades, and then return to it on a more serious basis later in life, implying that the population of stamp collectors will increase as the proportion of middle-aged and elderly people grows.

3) The Growth of the Internet: while there is no substitute for actually examining stamps before purchasing them, the buying and selling of stamps online has grown by leaps and bounds over the last decade. Stamps are a nearly ideal commodity for online trading, as they are small, flat, and easy to scan. While the risk of purchasing overgraded stamps still exists, many venues, including Ebay, give buyers with the right to return stamps for a refund, and may also provide feedback or references. An ever-increasing wealth of accessible information may be found online, as well the opportunity to join collector groups and clubs via social networking. These changes have revolutionized collectibles markets in general, and will continue to do so as more and more people gain Internet access. It is all quite astounding when one considers that only 20 years ago, a collector had to amass a substantial philatelic library in order to have access to information that is now free, that he probably attended only one or two local stamp clubs (if any), and that the only convenient means of disposing of his collection were either by selling it to a dealer or through a stamp auctioneer.

4) Increasing Social and Technological Complexification: the rapid social and technological advances of recent years and the unprecedented dynamism of Modern Society have their drawbacks, including higher levels of stress, anxiety, and depression. Clearly, many in our society suffer from "complexity burn-out," and do well to seek out activities which are refreshingly simple, relaxing, and enjoyable. Stamp collecting has been used as a form of therapy to help handicapped and autistic children, and a charitable organization, "Stamps for the Wounded", promotes stamp collecting among wounded soldiers in hospitals, in order to raise their morale and help them to heal more quickly. Whether as a form of mental health maintenance or simply as recreation, Philately offers an attractive alternative for those who are tired of the noise and inanity of television or video games.

Those interested in learning more about investing in stamps are encouraged to read the Philatelic Investment Guide ($5), available on Kindle, and accessible from any computer.

Stamp Investment Tip: U.S. 2005 $15 Mini-sheet (RW72b)

In 2005, the U.S. Fish and Wildlife Service issued the first Duck Stamp Mini-sheet (Scott #RW72b). The sheet was issued with little fanfare, and most Duck Stamp collectors did not even realize that it even existed until it had sold out. 1,000 mini-sheets were issued and signed by the artist, and Scott '12 prices the unused sheet at $2,000.00.

This is, by far, the scarcest Duck stamp item ever issued by the Federal Government, and will probably remain a key for some time to come.

The Duck Stamp collecting community is interesting because it represents an atypical crossover market which includes collectors of general U.S. stamps, U.S. Revenues, Duck hunting collectibles and Wildlife art. Because revenues from the sales of the stamps are used to purchase and protect wildlife habitats, it may be considered a "green" collectible, and Duck stamp collecting is actively promoted by the Department of the Interior's Fish and Wildlife Service. I estimate that currently there are between 8,000 to 10,000 "serious" Duck stamp collectors in the U.S., and many others who buy them to them to fill spaces in their general U.S. albums.

Coincidentally, the Scott value of the sheet and the price of an ounce of gold are about the same. However, over time, humans have produced about 10 billion ounces of gold, enough to fill a cube 82 feet on each side, while there are only 1,000 of RW72b, enough to comprise a small stack the thickness of a few decks of cards. And, of course, there is plenty more gold to be found, especially if there are advances in mining and refining technology. One might well ask: which investment will glitter more, over the long-term?

I wish to thank Bob Dumaine, President of Sam Houston Philatelics, for providing much of the information used in this article.


Those interested in learning more about investing in stamps are encouraged to read the Philatelic Investment Guide ($5), available on Kindle, and accessible from any computer.

Stamp Investment Tip: Sudan 1931-35 Statue of General Gordon (Scott #C4-15)

From 1931-35, Sudan issued an attractive set of 15 airmail stamps picturing a statue of General Charles "Chinese" Gordon sitting atop a camel (Scott #C4-15). 35,000 sets were issued, and Scott '12 prices the unused set at $53.40.

The set has potential dual market appeal among collectors of British Commonwealth and collectors of Sudan.

Until recently, Sudan was a nation of about 42 million people, living under what is perhaps the most vicious regime on the planet. It had suffered several civil wars over the last 50 years, including the one waged in Darfur, which earned the government international condemnation and charges of genocide. Recently, Southern Sudan (population = 8.2 million) gained independence, and it is unclear whether this will result in a lasting peace. Both countries are rich in oil, natural gas, and minerals. Agricultural production remains the most important sector, employing 80% of the workforce and contributing 39% of GDP, but most farms remain rain-fed and susceptible to drought. Political instability,adverse weather, and weak world agricultural prices ensures that much of the population will remain at or below the poverty line for years. Annual GDP growth (for Sudan as a whole) has been very high, averaging almost 8% over the last five years. However, it is very likely that most (or all) of the prosperity has benefited only the ruling elite, as Sudan was not only one of the world's most murderous countries, but also one of the most corrupt.

I recommend the set on the basis of its appeal among British Commonwealth collectors, as it's honored subject, General Gordon, gained fame as a martyr for the British Empire. Should a significant collector population ever develop within either of the two Sudans, it would provide an additional catalyst for price appreciation.

Those interested in joining a community of stamp investors are welcome to join the "Stampselectors" group on Facebook. The group provides a valuable forum for those who wish discuss this blog, as well as trade or communicate with stamp collectors, dealers, and investors from all over the world.

Stamp Investment Tip: Panama 1948 Revolutionaries (Scott #C88-95)

In 1948, Panama issued a set of eight airmail stamps honoring the Revolutionaries of 1903, who led Panama to secede from Colombia (Scott #C88-95). 6,474 sets were issued, and Scott '12 prices the unused set at $18.50.

As with all Latin American stamps, there are many collectors who focus on the region as a whole, which supplements demand for the stamps of the individual countries.

A nation of 3.4 million people, Panama is the fastest growing economy and the largest per capita consumer in Central America. Panama's economy, because of its key geographic location, is mainly based on a well developed service sector heavily weighted towards banking, commerce, tourism, trading. The handover of the Canal and military installations by the United States has given rise to large construction projects. Tourism has grown rapidly during the past 5 years due to the government offering tax and price discounts to foreign guests and retirees. The country also has valuable copper and gold deposits, which are beginning to be developed. Annual GDP growth has averaged over 7% over the last 5 years.

I have begun a new blog, "The Stamp Specialist", which will feature my buy prices for stamps which I am interested in purchasing. I've just posted a buy list for Panama, including the set and souvenir sheet 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.

Those interested in learning more about investing in stamps are encouraged to read the Philatelic Investment Guide ($5), available on Kindle, and easily accessible from any computer.

Stamp Investment Tip: Bulgaria 1953 Medicinal Flowers Souvenir Sheet (Scott #843a)

In 1953, Bulgaria issued a souvenir sheet picturing Medicinal Flowers (Scott #843a). 50,000 were issued, and Scott '12 prices it unused at $55.00 .

Aside from being an investment in Bulgaria's economic development, the souvenir sheet also appeals to collectors interested in either Flower or Medical topicals. I think it likely that interest in Medical Topicals will trend upward as the number of medical professionals increases.

Since the fall of communism, Bulgaria, with a population of about 7.6 million, has experienced rapid economic growth, although its GDP per capita is only about $13,000, about 40% of the European Union average. It has an industrialized, open free-market economy, with a large, moderately advanced private sector and a number of strategic state-owned enterprises. The World Bank classifies it as an "upper-middle-income economy." Tourism is a steadily growing, and the country also benefits from rich natural resources, a highly educated population and an export-oriented agricultural sector. Annual GDP growth has averaged 2.5% over the last 5 years, reflecting a recent major contraction due to the European debt mess.

Stamp Investment Tip: Nepal 1961 Children's Day (Scott #134)

I'm initiating coverage of Nepal by recommending a rather plain typographed stamp, the 1961 Children's Day stamp, picturing Prince Gyanendra canceling stamps (Scott #134). 16,000 were issued, and Scott '12 prices the unused stamp at $60.00.

While clearly the stamp is visually boring and is of little topical interest (other than a tenuous tie-in with the UN's Universal Children's Day), its scarcity and inexpensiveness render it a low-risk bet on the economic development of Nepal, as well as the growth of interest in stamps of the British Commonwealth. Mediocre centering is endemic to this issue, so when purchasing, attempt to select examples which are F-VF or better - nicer than the one pictured here.


A Himalayan nation of about 27 million, Nepal is a primarily agricultural country, and major products include tea, rice, corn, wheat, sugarcane, root crops, and milk.The spectacular landscape and diverse, exotic cultures of Nepal represent considerable potential for tourism, but growth in this industry has been stifled by recent political instability. Annual GDP growth has averaged just under 4% over the last five years.

Stamp Investment Tip: Republic of China 1961 Chiang Kai-shek Souvenir Sheet (Scott #1319a)

In 1961, the Republic of China (Taiwan) issued a souvenir sheet celebrating the 1st anniversary of President Chiang Kai-shek's 3rd inauguration (Scott #1319a). Given the number of issues honoring Chiang Kai-shek, it would seem that the citizens of the R.O.C. were most grateful for the many years of their paternal dictator's leadership. 100,000 were issued, and Scott '12 values the unused souvenir sheet at $20.00.

Better stamps and souvenir sheets of the R.O.C. have done well over the last few decades, but the market has been cooler than that for stamps of the People's Republic. I believe that as capitalism and incremental democratization take hold in the P.R.C., relations between the "two Chinas" will gradually improve, as will demand for stamps of the R.O.C.. The process of thawing may have already begun: as of 2008, more than $ 150 billion has been invested in the P.R.C. by Taiwanese companies, and about 10% of the Taiwanese labor force works in the P.R.C., often to run their own businesses.


In the meantime, most of the demand for stamps of Taiwan will originate from collectors in Taiwan itself and among overseas Chinese (of which there are approximately 35 million). Taiwan, a nation of 23 million people, is one of the four "Asian Tigers," and has experienced explosive economic growth and industrialization over the last 5 decades. Annual GDP growth has averaged about 4% over the last 5 years, but this reflects the zero growth of 2009, a result of the global financial mess.

Those interested in learning more about investing in stamps are encouraged to read the Philatelic Investment Guide ($5), available on Kindle, and accessible from any computer.

Stamp Investment Tip: Venezuela 1951 Third Bolivarian Games Souvenir Sheet (Scott #C337a)

In 1951, Venezuela issued a souvenir sheet celebrating the Third Bolivarian Games (Scott #C337a). The Bolivarian Games are a regional multi-sport event held in honor of Simón Bolívar, and open to athletes from Bolivia, Colombia, Ecuador, Panama, Peru and Venezuela. 20,000 of the souvenir sheet were issued, and Scott '12 prices it unused at $20.00.

Aside from its appeal to collectors of Venezuela and Latin America in general, the souvenir should also do well as a Sports topical. The sheet is large and was issued on thin paper, so when purchasing it, ascertain that is free of bends and creases.


With a population of about 26 million, Venezuela is resource-rich, and consistently ranks among the top ten oil producers in the world. Annual GDP growth has averaged almost 10% over the last 5 years, although it has been decelerating recently due to lower oil prices. Under Chavez-style quasi-socialism, the percentage of Venezuelans living below the poverty line has decreased from 48% in 2002 to 30% in 2006. The country has begun diversifying its economy away from its current near-total dependence on petroleum exports, and has spawned a rapidly growing manufacturing sector.

I have begun a new blog, "The Stamp Specialist", featuring my buy lists for stamps which I wish to purchase, including many items from Venezuela .Periodically viewing dealers' buy lists
is an excellent way to remained informed about the state of the stamp market.


Those interested in joining a community of stamp investors are welcome to join the "Stampselectors" group on Facebook. The group provides a valuable forum for those who wish discuss this blog, as well as trade or communicate with stamp collectors, dealers, and investors from all over the world.

Stamp Investment Tip: French Southern and Antarctic Territories 1967 20fr Rocket (Scott #29)

Four countries claim territory in the Antarctic and issue stamps for their territories. They are Australia (Australian Antarctic Territory), Great Britain (British Antarctic Territory), New Zealand (the Ross Dependency), and France (the French Southern and Antarctic Territories). Of these, the French territory, also known as French Antarctic and abbreviated as F.S.A.T. or T.A.A.F., is of most interest to philatelists, because most of the F.S.A.T. stamps were issued in modest quantities and many are beautifully engraved. Most stamps issued for the various Antarctic territories are sold to collectors, as only a few hundred scientists reside in research facilities in the Antarctic.

In 1967, the F.S.A.T. issued an attractive 20fr stamp in honor of the launching of the first space rocket from Adelie Land (Scott #29). 60,000 were issued, and Scott '12 prices the unused stamp at $26.00.

Demand for stamps of the French Antarctic is strong in France and among collectors of French Colonies/Area, and the Rocket stamp has the added appeal of being a Space topical. Despite its beauty and topical appeal, it has lagged behind some of the territory's other early issues with comparable printing quantities, some of which sell for 5 to 10 times as much.

General Commentary: How Green is Your Collection? The Case for Eco-Topicals

As man-made threats to the environmental health of the planet become more and more evident, it seems reasonable to assume that interest in collecting stamps which are thematically related to preserving the environment will also tend to increase. Though generally, the issuance of stamps which have subjects directly related to environmental preservation is a recent phenomenon, there are many topical areas which are indirectly related.

Among the earliest stamps issued which most directly relate to conservation are stamps of various countries celebrating the natural beauty of their national parks, such as the U.S. 1934-35 National Parks sets (Scott #740-49 and 756-65) and those of Japan (issued from 1936 on). While certain National Parks issues may warrant a closer look by investors, "scenes stamps" are not among the most popular topicals.

According to a recent survey taken by the American Topical Association (A.T.A.), the most popular stamp collecting topical among U.S. collectors is Animals, the fifth most popular is Flora, and the subgroups of Birds, Marine Life, and Insects are also very popular (at 7th, 12th, and 14th places, respectively). These topicals certainly are ec0-related, although it is possible that not all collectors who focus on them consider themselves environmentalists. Unfortunately, no similar survey has ever been taken internationally, but it seems likely that global interest in these topical areas is roughly the the same.

Collector demand for pro-conservation stamps which picture animals has bolstered the market for better recent stamps and souvenir sheets honoring the World Wildlife Fund issued by various countries. In the U.S., demand for Migratory Bird Hunting and Conservation Stamps, also known as "Duck Stamps", has remained strong, to the extent that their issuance has expanded beyond the Federal government to include many states and some Native American Tribal Lands. Since 1993, the Fish and Wildlife Service has also issued "Junior Duck Stamps", which are basically labels designed by teens and children, with no validity as revenues. The program has proven successful solely on the basis of sales to collectors, and some of these stamps have increased dramatically in value. Several of the earliest Junior Ducks currently retail for around $500 each, which is quite impressive when one considers that they're basically glorified cinderellas. All of the U.S. Duck stamp programs support environmental conservation, since the funds derived from the sale of the stamps are used to purchase wetlands, but to what extent this beneficial aspect affects collector demand is impossible to gauge.

In my opinion, the interest in topicals related to the environment will continue to increase, and the best way to benefit from the trend will be to aim for the scarcest stamps and souvenir sheets issued by countries with growing collector populations, thereby benefiting from growth in both demand for the topicals and the economic growth of the issuing countries.

Stamp Investment Tip: U.S. 1979 15c John Paul Jones, Perf 12 variety (Scott #1789B)

There are times when album or catalog publishers can significantly influence the stamp market, by virtue of a "tail wagging the dog" effect. Such is the case with a stamp which might have been considered a boring perforation variety, had they not stepped in and given the story a new spin.

In 1979, the U.S. issued a 15c stamp honoring John Paul Jones, the naval hero of the American Revolution. Two common perforation types of this stamp exist, perf. 11x12 and perf. 11 (Scott #1789 and 1789A). However, there also exists a scarce perf. 12 variety of this stamp (Scott #1789B). Scott '12 prices #1789B at $3,500.00, and fewer than 200 are believed to exist.

In most cases, modern imperforate and color-missing errors are listed as varieties of the basic stamps. Often, they are quite scarce, with fewer than 100 to a few hundred known, and these errors are far more visually striking than a perf variety, but for the most part, they are significantly less expensive than the John Paul Jones Perf. 12. The reason for this discrepancy involves a decision by album publishers.

Several popular albums include a space for #1789B, as if it were a completely different stamp, rather than just a variety. Consequently, a stamp collector purchasing one of these albums must endure the philatelic equivalent of Purgatory, staring at an empty space that demands to be filled.

As long as some album publishers continue to classify #1789B in this manner, it will increase in value for years to come. At the very least, it makes sense to get out the old perf gauge if one comes across a motley group of 15c John Paul Jones stamps.

Note that #1789B should be published conditional on obtaining expertization. Relatively inexpensive imperforate printer's waste exists for this issue, and there is the risk that someone may try to reperforate some of it, to produce bogus Perf. 12s.

Thanks to Bob Dumaine of Sam Houston Philatelics for providing much of the information used in this article.

Stamp Investment Tip: Bushire 1915 Issues (Scott #N1-29)

In 1915, the British briefly occupied the strategically located Iranian port of Bushire, and issued stamps by overprinting stamps of Iran (then known as Persia). The city had initially been occupied by the British during the Anglo-Persian War (1856-57), returned to Iran in 1913, and then re-occupied by the British who were attempting to counter the efforts by a German spy, Wilhelm Wassmuss (also known as the "Lawrence of Persia"), to foment a guerrilla war against Britain. Throughout the late 19th and early 20th centuries, Persia had been subjected to the "Great Game" - a geopolitical competition between Britain and Russia for supremacy in Central Asia.

The stamps of Bushire are scarce to rare, and quantities issued are known for the September, 1915 set (see the SSSSQIL- British Asia List). They have dual market appeal for collectors of both British Commonwealth and Iran, and as they are overprints, should be purchased conditional on obtaining expertization from either the Royal Philatelic Society of London or the British Philatelic Association.


Stamps of Iran are not widely collected at present, partly for political reasons and partly because of the ubiquity of fakes among the early overprinted issues. Nevertheless, it is an oil-rich nation (ranked second in both oil and natural gas reserves) of 76 million people, and there are signs that many of them are becoming fed up with the corrupt and reactionary theocracy that is isolating Iran from the rest of the world. Furthermore, it is beginning to diversify away from its dependence on oil into other industries, such as biotech, nanotech, and pharmaceuticals, and it has the potential to develop a thriving tourism sector, should it institute reforms and begin to improve its image.

Stamp Investment Tip: El Salvador 1940 Rowland Hill (Scott #586,C69-70)

In 1940, El Salvador issued a compound set commemorating the centenary of the first postage stamp, which was issued as a result of the efforts of Sir Rowland Hill (Scott #586, C69-70). Only 10,000 sets were issued, and Scott '11 prices the unused set at $36.50 .


Over the last decade or so, a "stealth bull market" has developed for better Latin American material, especially for scarce issues with wide topical appeal. Supplies have been gradually depleted, and many items which formerly retailed for about 20%-30% of Scott are now selling for 60%-80%, and their catalog values have substantially increased as well. Frequently, Michel Values, which are usually much higher than Scott for Latin America, are used by auction houses when listing this material. As the region has cast aside its authoritarian dictatorships and become more democratic, it has experienced healthy economic growth and the concurrent development of a middle class.

El Salvador, a nation of 5.7 million, is a poor though steadily developing economy, which has experienced annual GDP growth averaging 3.5% over the last 5 years. In addition, there are between 500,000 and 1 million Salvadorans in the U.S., most of whom immigrated during El Salvador's "Dirty War" of 1979-92. Salvadorans in the United States are among the hardest-working immigrants, and send about $800 million back to their families in El Salvador every year. Although Salvadoran Americans toil in the lowest-paying sectors of the American economy, they are slowly but inexorably becoming more prosperous. They work long hours, save a great deal, and are gradually entering the middle class.

While I believe it may take a while for a significant stamp collecting population to develop among Salvadorans, this is mitigated by the fact that many collectors of Latin American stamps collect the region generally, rather than specializing in a particular country.

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 El Salvador, including 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.

Stamp Investment Tip: Austria 1931 Rotary Issue (Scott #B87-92)

In 1931, Austria issued a set of six semi-postal stamps in celebration of the Rotary International Convention, held in Vienna (Scott #B87-92). 50,000 sets were issued, and Scott '12 prices the unused set at $180.00 ($575.00 for NH). The non-postal portion of the set's cost went to benefit the charitable works of the Rotary International organization.

As a topical category, Rotary on Stamps is intriguing, because there are over 1.2 million Rotarians worldwide, many of whom are affluent, and there have been over 2,000 Rotary-related stamps issued by various countries. There is even a Rotary on Stamps Fellowship. The stated purpose of Rotary International is to bring together business and professional leaders to provide humanitarian service, encourage high ethical standards in all vocations, and help build goodwill and peace in the world.

Even without the boost from its topical appeal, the set makes a good conservative investment, which should do well over the long run based on growth of the Austrian stamp market.

Austria, a nation of 8.3 million people, is one of the 12 richest countries in the world in terms of GDP per capita, with a well-developed social market economy and a high standard of living. Alongside its highly developed industries, international tourism is the most important part of the national economy. Germany has historically been the main trading partner of Austria, making it vulnerable to rapid changes in the German economy. However, since Austria became a member state of the European Union it has gained closer ties to other European Union economies, reducing its economic dependence on Germany. In addition, membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to the emerging economies of the European Union. Annual GDP growth has averaged 1.5% over the past 5 years, reflecting a recent contraction due to the global financial crisis.

Stamp Investment Tip: Republic of China 1952 Land Tax Reduction (Scott #1046-51)

In 1952, the Republic of China (now known as Taiwan) issued a set celebrating the reduction of the land tax (Scott #1046-51), as well as a special imperforate version of the set (Scott #1046-51Note). 80,000 of the normal, perf. set and 20,000 of the imperf. set were issued, and Scott '12 values them unused at $351.00 and $1,100.- respectively.

Both should do well as the stamp markets in both Chinas continues to develop. Although fewer of the imperforate set were issued, these were generally not used as postage, and it is likely that many of the perf. sets were used as postage and discarded.

Better stamps and souvenir sheets of the R.O.C. have done well over the last few decades, but the market has been cooler than that for stamps of the People's Republic. I believe that as capitalism and incremental democratization take hold in the P.R.C., relations between the "two Chinas" will gradually improve, as will demand for stamps of the R.O.C.. The process of thawing may have already begun: as of 2008, more than $ 150 billion has been invested in the P.R.C. by Taiwanese companies, and about 10% of the Taiwanese labor force works in the P.R.C., often to run their own businesses.

In the meantime, most of the demand for stamps of Taiwan will originate from collectors in Taiwan itself and among overseas Chinese (of which there are approximately 35 million). Taiwan, a nation of 23 million people, is one of the four "Asian Tigers," and has experienced explosive economic growth and industrialization over the last 5 decades. Annual GDP growth has averaged about 4% over the last 5 years, but this reflects the zero growth of 2009, a result of the global financial mess.

Stamp Investment Tip: India 1904 China Expeditionary Force Overprint (Scott #M12-20)

As with the other colonial powers smuggling opium into China, bribing corrupt officials, and generally making a mockery of Chinese sovereignty during the 19th and early 20th centuries, Great Britain maintained "spheres of influence" within China, and maintained post offices there and in Hong Kong. This understandably led to some resentment among the Chinese who attempted to forcibly eject the foreign parasites. The Boxer Rebellion (1898-1901) was crushed by the multinational China Expeditionary Force, to which the various colonial powers had contributed personnel. In a truly British combination of efficiency and irony, Great Britain added Indian units to the C.E.F., thereby setting one colonized and exploited people against another.

In 1904, a set of nine Indian stamps from its Edward VII Issue were overprinted for use by the C.E.F. (Scott #M12-20). 5,568 sets were sold, and Scott '12 prices the unused set at $118.00.

The set has potential appeal in three growing markets: collectors of British Commonwealth, India, and China. Many of the best investments in Indian stamps are to be found among the obscure colonial back-of-book items and the Convention States. The Indian stamp market is really just beginning to take off, and is at a stage similar to the Chinese stamp market of 30 years ago.

The set should also do well based upon demand from China, but that may require a change in attitude on the part of Chinese collectors. Many, if not all, of the better foreign offices in China stamps are grossly undervalued, because most Chinese collectors disdain them as relics of foreign imperialism, which they are. Nevertheless, I feel that they are excellent investments solely on the basis of growing demand in their home countries, and because I believe that eventually, the Chinese will bid them up as well. Many of these issues are undervalued to such an extent that they are currently selling for less than P.R.C. souvenir sheets and Cultural Revolution sets which are at least 30 to 100 times more common. When reticence begins to replace rage, they will zoom upward at a rate that will shock and amaze the the vast majority of collectors who unwisely neglected to read this blog.

Stamp Investment Tip: Uruguay 1934 First Year of the Third Republic (Scott #454-61)

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.

Stamp Investment Tip: Indonesia 1988 Summer Olympics Souvenir Sheets (Scott #1354a-55a)

In 1988, Indonesia issued a pair of souvenir sheets celebrating the Summer Olympics (Scott #1354a-55a). Only 20,000 sets were issued, and Scott '11 prices them unused at $45.00 . Olympics issues are among the most popular Sports topicals, so demand for these souvenir sheets should continue to increase on that basis alone.

A recent Price, Waterhouse, Coopers report projects that Indonesia will be one of the world's fastest growing economies over the next forty years. Should this prove accurate, and should a burgeoning Indonesian middle class provide a base for a developing stamp market, then it is likely that the values of the country's better modern souvenir sheets will increase many-fold.


Indonesia is a rapidly developing, though still poor, country of 230 million people, with an annual GDP growth rate hovering around 5%-6%. It is the largest economy in Southeast Asia. While the manufacturing and service sectors are growing rapidly, agriculture still employs more of the working population than either. The country has extensive natural resources, including crude oil, natural gas, tin, copper, and gold. Its major export commodities include oil and gas, electrical appliances, plywood, rubber, and textiles. Like most emerging market nations, Indonesia faces challenges which will have to be addressed, including corruption and major inequities in the distribution of income.