Stamp Investment Tip: New Hebrides (British) 1921 1p on 5p Olive Green, Inverted Surcharge (Scott #26a)

   I'm initiating coverage of New Hebrides, an island group in the South Pacific that now forms the nation of Vanuatu. The colony was administered as a condominium, a rare form of colonial territory in which sovereignty was shared by two powers, in this case Britain and France. 

   The first British issues were Fiji Edward VII stamps overprinted for use on the islands. These were followed by the Native Idols stamps of 1911, some of which were surcharged over the next 13 years when certain denominations were in short supply.

   From 1920-21, five stamps were surcharged "1p" and "2p" (Scott #26-30 ;Scott '14 CV for unused = $18.75). The scarcest of the values was the 1p on 5p Olive Green (#26), of which 9,900 were issued. While this set is worth considering,  there also exists an inverted surcharge (26a), which Scott '14 prices unused at $3,000.- . Quantities issued information is unavailable for this error, but I'm guessing that one or two sheets of 50 went through the overprinting machine upside-down. As with most rare overprinted issues, this stamp should be purchased conditional on obtaining expertization.

    The Republic of Vanuatu has about 100,000 citizens, so I think it unlikely that a significant collector population will develop there. However, due to the former dual colonial administration, New Hebrides stamps appeal to both collectors of British Commonwealth and French Colonies.

   Those interested in viewing a list of scarce stamps with printing quantities of 100,000 or fewer may wish to view the StampSelector Scarce Stamp Quantities Issued List, which currently contains over 9,700 entries. Researching quantities issued data is vital to determining in which stamps to invest. 
  

Phila-Trivia: S. A. Taylor and the Mormon Stamp Hoax

   By the 1860s, stamp collecting had already become a very popular hobby, and many countries issued their first stamps during this period, fueling  interest further.  John Walter Scott published his first stamp catalog in 1868, a 21-page pamphlet with the long-winded title "Descriptive Catalogue of American and Foreign Postage Stamps, Issued from 1840 to Date, Splendidly Illustrated with Colored Engravings and Containing the Current Value of each Variety." 

S.A. Taylor

      One of the more colorful individuals who gravitated toward the absurd new fad of collecting bits of colored paper, and even paying good money for them, was Samuel Allan Taylor (1838-1913). Taylor was one of the pioneers of stamp collecting in the U.S. and published the first North American stamp journal, "The Stamp Collector's Record." He was also a notorious producer of bogus stamps, known as 'the Master Grafter', and was the leader of the 'Boston Gang' of philatelic forgers.

    He was at the height of his fraudulent career between 1863 and '79, and for one of his productions, a fictitious U.S. local, used his own portrait in the design. Many of Taylor's creations were obvious fakes. He had a keen sense of humor, evident in many stamps he produced, and he was partly an artist and partly a cynical faker who thrived in his profession. Taylor once said that he was "a man of flexible conscience and  speculative disposition." He contended that his output was for use as "space-fillers," the genuine stamps being too expensive for the average collector. He circulated his stamps widely and his patrons paid little for most of them, but he could work up a a very deceptive job when in the mood.

   Among Taylor's least convincing forgeries were imitations of two stamps of the Confederacy: one of the 1862 2c Blue, picturing a simian Jefferson Davis, and another of the 1863 2c Brown Red, with a depressed Andrew Jackson. 

   In 1863, an article appeared in "The Stamp Collector's Magazine" describing a stamp issued in 1852 by Mormon leader Brigham Young for prepaying postage to and from Salt Lake City and the rest of the Utah Territory. According to the article, "This and some other attempts at independent government on the part of Brigham Young and his followers caused the Washington authorities to dispatch a military force to the Great Salt Lake for the purpose of restoring order and allegiance. It met with but ill success, however."

   The stamps were printed in several colors, and bear a crude, block-printed likeness of Joseph Smith, the founder of the Church of Latter Day Saints. In 1864, postal authorities confiscated covers franked with these stamps bound for England. In December of that year, Taylor published an article in his journal admitting that they were "facsimiles" and included an illustration of his creations. When Brigham Young was interviewed about the matter,  he responded that he "had never thought of issuing a postage stamp." One can only speculate as to the identity of the source of the 1863 article which attributed some legitimacy and historical significance to the stamps, as to who tried to create canceled covers bearing them, and whether, after the government intervened, Taylor was motivated by fear of being thrown in prison to admit to creating the stamps as "facsimiles." In any case, this brazen attempt to rewrite history failed.

   I've recently read that these fakes, which may be considered "Cinderellas", sell for around $10.- to $15.- each. They'd make interesting additions to a Mormon topical collection. The stamps have potential dual market appeal to collectors of Cinderellas and Religion/Mormonism topicals, as fantasy stamps related to a religion of which there are over 15 million adherents worldwide. Assuming that no more than a few hundred of each remain, they could actually be good investments.

  The Stamp Auction Bidders and Consignors Union (SABACU) is a forum for discussing stamp auctions, and represents the interests of stamp auction bidders and consignors in their dealings with stamp auctioneers. All stamp collectors and dealers are welcome to join.  


 

Stamp Investment Tip: Newfoundland 1857 Pence Issue (Scott #1-9)

  

   Newfoundland issued its first stamps, the "Pence" Issue,  in 1857 (Scott #1-9). These pictured the Rose, Thistle, and Shamrock, representing the union of England, Scotland, and Ireland, a fitting symbol since many of the early immigrants to the colony were of Scottish or Irish descent, and wished to discard archaic hatreds as they made their way in the New World. The set includes the first triangular stamp issued in the Americas, the 3p Green (Scott #3).


   All of the stamps of this issue are scarce to rare, and worthy of consideration as investments. Five of the stamps (Scott #2, 4, 6, 7, and 9) are somewhat pricey, and the best way to purchase them is probably as used VF-appearing seconds with minor faults such as shallow thins or unobtrusive creases, if such can be had for 10% to 15% of catalog value. Should there be any doubt as to authenticity, insist on making the purchase conditional on obtaining expertization. There are some fairly convincing forgeries of this issue, especially by Sperati.

   I've listed these stamps, along with printing quantities and Scott '14 values for unused and used, below:

• 1857 1p Brown (Scott #1: 70,000 issued; $120.-  for unused; $ 200.-   for used)
• 1857 2p Scarlet Vermilion (Scott #2: 3,000; $ 17,500.-  for unused; $ 5,500.- for used)
• 1857 3p Green (Scott #3: 16,000; $475.-  for unused; $ 475.- for used)
• 1857 4p Scarlet Vermilion (Scott #4: 5,000; $11,500.-  for unused; $ 3,750.- for used)
• 1857 5p Brown Violet (Scott #5: 11,000; $ 300.-  for unused; $ 375.-  for used)
• 1857 6p Scarlet Vermilion (Scott #6: 5,000; $ 22,500.-  for unused; $ 4,750.-  for used)
• 1857 6 1/2p Scarlet Vermilion (Scott #7: 2,000; $ 4,500.-  for  unused; $3,750.-  for used)
• 1857 8p Scarlet Vermilion (Scott #8: 8,000; $ 450.- for unused; $ 475.-  for used)
• 1857 1sh Scarlet Vermilion (Scott #9: 2,000; $ 45,000.- for unused; $ 10,000.- for used)

  Many of the better stamps of Newfoundland were issued in modest quantities. I intend to revisit them in the future, as I am "doggedly bullish" (to badly mix metaphors) about better British North America in general. This area is very popular among collectors of both Canada and British Commonwealth, and the better items represent solid investments, as interest in stamp collecting in Canada is much stronger than it is in the U.S. .

  With a population of about 31 million, Canada is one of the world's wealthiest countries, and is one of the world's top ten trading nations. GDP growth has averaged just over 1% over the past five years, which takes into account the decline of 2.9% in 2009 due to the global financial crisis. Canada's population is expected to age significantly over the next decades. Canadians over 60 are projected to increase from 16.7% of the population in 2000 to 27.9% in 2025, and 30.5% in 2050. Consequently, in the future, many more Canadians will be spending time working on their stamp collections on cold winter days.

  Those interested in becoming part of an international community of stamp collectors, dealers, and investors are encouraged to join the "Stampselectors" group at Facebook. The group hosts lively discussions concerning stamp investment and practical aspects of collecting, and provides a useful venue for those who wish to buy, sell, or trade stamps.    

Stamp Investment Tip: Tunisia 1916 Semi-postals (Scott #B3-11)

   Tunisia was a French protectorate until 1956. In 1916, it surcharged some of the stamps from its regular Scenes set of 1906, issuing a semi-postal set funding relief of prisoners of war in Germany (Scott #B3-11). Only 9,474 sets were issued, and Scott '14  prices the unused set at $290.05.

  This scarce set has a potential dual market among collectors of both French Colonies and Tunisia.

   Tunisia was led  was led by the authoritarian government from 1987 until the Tunisian Revolution of 2011. Tunisia now finds itself as an export-oriented country in the process of liberalizing and privatizing an economy that, while averaging 5% GDP growth since the early 1990s, has suffered from corruption benefiting politically connected elites. The country has a diverse economy, and its major industries include agriculture, mining, manufacturing, petroleum products and tourism. This republic of 10.3 million people is considered a moderate Islamic nation, and was ranked the most competitive economy in Africa and the 40th in the world by the World Economic Forum. The European Union is Tunisia's main trading partner, and the country has also attracted major investments from several Persian Gulf countries.

  I view the 1916 Semi-postal set as an attractive investment based solely on interest from French Colonies collectors. Of course, should a significant stamp market develop among Tunisians, the set will be given an added boost.

   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. 

Stamp Investment Tip: Panama 1936 Arosemena Surcharge (Scott #C19-20)

In 1936, Panama issued a pair of airmails commemorating the centenary of the birth of  President Pablo Arosemena by surcharging two stamps from its 1924 regular issue (Scott #C19-20). Arosemena was a progressive statesman who worked tirelessly to promote parliamentary democracy. Only 200 of #C19 and 30,000 of #C20 were issued, and Scott '14 prices them unused at $400.00 and $1.00, respectively.

The better stamp (#C19)  should be purchased conditional on obtaining expertization, as fake surcharges exist. It honors a prominent individual of historical significance to
Panamamians. Though it is half as scarce as the U.S. Inverted Jenny, it may be had for less than a thousandth of the cost.

   The relatively common #C20 might also be a  good investment. In all likelihood, most were probably used as postage and discarded, so probably fewer than 10,000 remain, in any condition. A double surcharge variety exists (Scott #C20a; CV= $60.- as unused), but unfortunately, the cost of getting it expertized - a necessary expense when purchasing scarce overprints - is too high in relation to the current value of the stamp to make it a worthwhile investment.

  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 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 8% over the last 5 years.

   "The Stamp Specialist" blog features my buy prices for stamps which I am interested in purchasing. I've posted a buy list for Panama. Viewing dealers' buy lists every now and then is an excellent way to keep up with the vagaries of the stamp market.

Stamp Investment Tip: Italian States-Roman States 1852 50b and 1sc Papal Arms (Scott #10-11)

      Prior to the unification of Italy, it was divided into a number of independent states, known as the Italian States, most of which issued their own stamps. The Papal, or Roman, States, under the direct rule of the Pope, issued stamps from 1852 to 1868. The  Roman States were the last of the feudal principalities to be
incorporated into the Kingdom of Italy when the Italians annexed them after France abandoned its garrisons in Rome during the disastrous Franco-Prussian War of 1870.

   As with stamps of the German States, Italian States philately is a minefield laden with an abundance of reprints, fakes and forgeries.  Consequently, prices of Italian States stamps have lagged. With the exception of the rarities, many Italian States stamps often can be purchased in F-VF+ condition for 25%-35% of Scott. Better items which seem questionable should be purchased conditional on obtaining expertization.

   Two Roman States stamps worth considering are the high values of the 1852 Papal Arms Issue, the 50b Dull Blue and the 1sc Rose (Scott #10-11). 50,000 of the 50b and 10,000 of the 1sc were issued, and Scott '14 prices them at $16,000.- unused and $1,800.00  used for the 50b and $4,000.- unused and $3,600.-  used for the 1sc.

   The 50b is a rarity in unused condition, well beyond the affordability of most collectors, so I recommend purchase of it in used condition. The 1sc may is worth buying either unused or used. In either case, I reiterate that these stamps should be purchased only on condition of obtaining expertization.

      The main attraction of better stamps of the Roman States, once the authenticity hurdle has been overcome, is their current multiple market appeal among collectors of the stamps of Italy, Italian States, and the Vatican, which is the Roman States' much-reduced modern remnant. Also, there is the potential for growth in the stamp collecting population among Catholics worldwide, of whom there are over 1.2 billion. Many live in developing countries in which the middle classes are expected to grow dramatically. All stamps of the Roman States and the Vatican may be viewed as Religion topicals, and these may be of interest to this new generation of collectors.

Those interested in viewing a list of scarce stamps with printing quantities of 100,000 or fewer may wish to view the StampSelector Scarce Stamp Quantities Issued List, which currently contains over 9,700 entries. Researching quantities issued data is vital to determining in which stamps to invest.
   

Stamp Investment Tip: Macao 1892-93 Newspaper Stamps (Scott #P1-3)

(P3-Best centering that I could find!)

 From 1892-93, Macao surcharged three stamps from its 1888 King Luiz series, issuing a set intended for postal use when mailing newspapers (Scott #P1-3). 60,000 were issued, and Scott '14 prices the unused set at $ 21.-  .

  This is precisely the sort of neglected back-of-book sleeper that should do well as interest in stamps of the Far East continues to grow. The overprint  varieties, which run between 6 and 9 times the cost of the basic stamps, are also worthwhile; I estimate that no more than a few thousand of each of these were issued. It is likely that the vast majority of these stamps were used as postage and discarded.

  While I often recommend obtaining authentication when buying overprinted stamps, it's not necessary for this set, since the basic (non-surcharged) stamps are actually worth more than the surcharged ones. Even the overprint varieties are not worth significantly more.

In my opinion, all of the better stamps of the European and other foreign former Colonies/Possessions in China should be considered for investment, as they have dual markets both in their former home countries and in China.

In 1999, Macao became a special administrative district of the People's Republic of China. With a population of about 500,000, Macao's economy is dependent upon tourism, much of it geared toward gambling, although important secondary sectors include apparel manufacturing and financial services. Annual GDP growth has been high, averaging over 9% over the last 7 years. The fact that much of Macao's economic growth has been driven by a regional monopoly on gaming is a little worrisome, because obviously there is no guarantee that the People's Republic won't relax restrictions on gambling in the rest of China, allowing more competition. Nevertheless, I feel that certain scarce issues of this former colony are grossly undervalued, given the number of collectors who will chasing them.

The Stamp Auction Bidders and Consignors Union (SABACU) is a forum for discussing stamp auctions, and represents the interests of stamp auction bidders and consignors in their dealings with stamp auctioneers. All stamp collectors and dealers are welcome to join. 
   

Stamp Investment Tip: Georgia 1996 Birds Issues (Scott #140-41, 142-43)

  I'm initiating coverage of stamps of the Republic of Georgia with its 1996 set of two miniature sheets of 16 picturing birds (Scott #140-141) and the accompanying set of two souvenir sheets (Scott #142-43) The miniature sheets are quite attractive, while the souvenir sheets aren't. In any case, 37,000 of the miniature sheet sets and 23,000 of the souvenir sheet sets were issued, and Scott '14 prices them unused at $22.-  and $12.50, respectively.

   This issue appeals to Animal/Bird topicalists as well as being an inexpensive bet on the growth of  Georgia's economy. Recommending it is consistent with my belief that one of the best ways to play the new and recently resurrected countries of Europe and Asia is to focus on popular topicals with low printings.

  With a population of about 4.5 million, the Republic of Georgia suffered severe damage to its economy due due to civil strife in the 1990s. With the help of the IMF and World Bank, it has made substantial economic gains since 2000, achieving robust  growth and curtailing inflation. Georgia has a sizable hydroelectric capacity, a factor that has become an increasingly important component of its energy supplies and policies. The country’s topography and abundance of hydro resources give it serious potential to dominate hydroelectric markets in the Caucasus region. Agriculture and tourism have also been principal economic sectors. Annual GDP growth has averaged just under 5% over the past 5 years.

Those interested in becoming part of an international community of stamp collectors, dealers, and investors are encouraged to join the "Stampselectors" group at Facebook. The group hosts lively discussions concerning stamp investment and practical aspects of collecting, and provides a useful venue for those who wish to buy, sell, or trade stamps.    
 

Stamp Investment Tip: Colombia 1940 Santander Centenary (Scott #475-84)

   In 1940, Colombia commemorated the centenary of the death of General Francisco Santander, the leader in Colombia's War of Independence, and the nation's first president (Scott #475-84). Only 5,000 sets were issued, and Scott '14 prices the unused set at $ 109.10.

   In my opinion, the set is grossly undervalued, and should be purchased in F-VF+, NH, LH, or used condition.

A nation of 45 million people, Colombia has been plagued by decades of serious internal armed conflict, drug trafficking, corruption, and gross inequities of income, but has nevertheless racked up impressive annual GDP growth averaging 5.5% over the last 5 years. Moreover, until the global financial fiasco cut its GDP growth to 3% in 2009, it had been steadily accelerating, from 2% in 2003 to 8% in 2008. Recently, the government, armed to the teeth by the U.S., has applied a dual policy of combining military pressure with negotiations to cope with the various guerrilla factions within the country. This seems to have worked to some extent, as the number of insurgents has been halved, and the number of homicides and kidnappings drastically reduced. While some argue that the Colombian government is still utterly corrupt, and has violated human rights and supported paramilitary death squads in order to achieve relative peace, it may be that this is par for the course, given the nation's history. A dialogue between the Colombian government and guerrillas of the FARC-EP began in 2012 with the aim to find a political solution to the armed conflict. The Colombian government and rebel groups met in Cuba, and as of November 2013, the talks have been promising. The Government also began a process of assistance and reparation for victims of conflict.The main challenge that the country faces will be that of sharing more of the wealth with the majority of the population so as to develop more of a middle class and political center. Otherwise, it will devolve into a violent, unstable mess.

"The Stamp Specialist" blog features my buy prices for stamps which I am interested in purchasing. I've posted a buy list for Cuba. Viewing dealers' buy lists every now and then is an excellent way to keep up with the vagaries of the stamp market.