Stamp Investment Tip: Lagos 1882-1902 Victoria (Scott #13-38)

 From 1882-1902,  Lagos, a British Protectorate which later became part of Nigeria, issued a set of twenty six stamps picturing a young Queen Victoria for Lagos (Scott #13-38). The Scott Catalog doesn't treat this issue as a set, because there were at least two types of many of the stamps issued. Many of its stamps are quite undervalued, and one could do worse than attempting to form a small specialized collection comprising the set, its varieties, covers, etc..

I've listed those stamps from the set with issuance quantities known (or quantities remaining after supplies were destroyed by postal authorities) of 100,000 or less, and included the Scott '14 values for unused.

•  2p Gray(Scott #17) 41,780 - $ 90.-
•  3p Orange Brown (#20) 24,540 - $ 26.-
•  3p Lilac and Brown Orange (#21) 143,820 (believed destroyed: 85,800) - $ 3.-
•  4p Rose (#22) 36,240  - $ 200.-
•  4p Violet (#23) 41,760  - $ 150.-
•  5p Lilac and Green (#25) 92,160 (believed destroyed: 57,540) - $ 3.-
•  6p Olive Green (#26) 22,500  - $ 9.-
•  6p Lilac and (Red Violet or Carmine Rose #27 and #28) Total for both: 86,340  (believed destroyed: 23,400) - #27: $ 5.50, #28: $ 5.75
•  7 1/2p Lilac and Carmine (#29) 55,620- $ 3.25
• 10p Lilac and Yellow (#30)  43,380 (believed destroyed: 23,100) - $ 3.75
• 1sh Orange (#31) 22,200 - $ 14.-
• 1sh Yellow Green and Black (#32)  86,460 (believed destroyed: 26,220) - $ 6.50
• 2sh6p Olive Brown (#33) 900  - $ 375.-
• 2sh6p Green and Carmine Rose (#34)  28,260 (believed destroyed: 18,060) - $ 27.50
• 5sh Blue (#35) 600 - $ 700.-
• 5sh Green and Ultramarine (#36)  28,320 (believed destroyed: 18,900) - $ 47.50
• 10sh Brown Violet (#37 - the set's key stamp) 420  - $ 1,700.-
• 10sh Green and Brown (#38) 24,720 (believed destroyed: 13,620) - $ 110.-

Stamps of Lagos have the potential for a strong dual market among collectors of British Commonwealth and Nigeria.

A nation of over 154 million people, Nigeria is an an emerging market country, and is rapidly approaching middle income status, with its abundant supply of resources, well-developed financial, legal, communications, transport sectors and stock exchange (the Nigerian Stock Exchange), which is the second largest in Africa. It is the eighth largest exporter of petroleum in the world. GDP growth has average almost 6% over the last 5 years. However, the country also has major problems, including corruption, human rights abuses, grossly unequal distribution of income, and internal religious and tribal conflicts.

Based purely on the growth of demand from British Commonwealth collectors, this set and its scarcest  values (#33,33, and 37) represent a conservative investment with little downside risk. Should Nigeria develop even a modest base of stamp collectors, it will soar.

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