Stamp Investment Tip: Uruguay 1944 Surcharged Airmails (Scott #C106-12)

  In 1944, Uruguay created a set of surcharged airmails (Scott #C106-12) by surcharging seven stamps from its 1929-43 Pegasus Issue (also recommended). 10,100 sets were issued, and Scott '14 prices the unused set at $12.00.

Uruguay has issued a number of undervalued sets which I intend to cover in the future. Demand for the country's stamps is boosted by the tendency of many collectors to focus on Latin America as a region.

   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. 

"The Stamp Specialist" blog features wholesale buy prices for stamps which I am interested in purchasing. It includes a buy list for Uruguay. 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: Netherlands Indies 1931 1g Java-Australia First Flight (Scott #C13)

   In 1931, the Netherlands Indies issued a 1 Gulden airmail stamp for use on covers flown on the first flight from Java to Australia (Scott #C13). 35,768 were issued, and Scott '14 prices the unused stamp at $11.00.

The stamp has multiple appeal among collectors of Netherlands and Colonies, Indonesia, and First Flight Cover collectors.

With about 16.6 million people, the Netherlands is the 16th largest economy in the world, and its annual GDP growth has averaged about 2.5% over the last 5 years. Indonesia is a rapidly developing, though still poor, country of 230 million people, with an annual GDP growth rate hovering around 5%-6%. Like most emerging market nations, it faces challenges which will have to be addressed, including corruption and major inequities in the distribution of income.

 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: French Equatorial Africa 1944 Liberation Surcharge (Scott #B12-21)

The important role played by African members of the French Resistance has long been neglected, but it is important to note that some of the first to support the movement were overseas territories in North Africa.

In 1944, French Equatorial Africa overprinted some of its 1941 issues to produce a semi-postal set for which the excess non-postal funds were used to support the French Resistance (Scott #B12-21). Only 10,000 sets were issued, and Scott '14 prices the unused set at $198.00.

The set strongly appeals to French Colonies collectors, as well as World War II topicalists. Furthermore, since the former colony of French Equatorial Africa was granted independence and divided to form the current nations of Chad, Congo, Gabon, and Central African Republic, the set makes an interesting emerging market play as well.

 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: El Salvador 1949 UPU Anniversary (Scott #613,C122-24)

  In 1949, El Salvador issued a compound set of stamps celebrating the 75th Anniversary of the Universal Postal Union (Scott #613, C122-24). 25,000 sets were issued, and Scott '14 prices the unused set at $26.55 .

The set represents an inexpensive bet on the economic growth of El Salvador.

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 just over 1% over the last 5 years. There has been a recent deceleration in economic growth due to the global financial crisis. 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 currently toil in the lowest-paying sectors of the American economy, they work long hours, save a great deal, and are gradually becoming more prosperous.

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", featuring my buy lists for stamps which I wish to purchase, including many items from El Salvador .Periodically viewing dealers' buy lists is an excellent way to remained informed about the state of the stamp market.

Stamp Investment Tip: United Nations -Kosovo 2005 Handicrafts set (Scott #31-34)

   As part of the treaty negotiations ending the 1998-99 Kosovo War, the United Nations set up an interim administration mission (UNMIK) in Kosovo. The UN has since issued stamps for this provisional governing body, and many of the UN-Kosovo sets have topical interest and were issued in small quantities. In my opinion, the better UNMIK sets make far better investments than those issued by any of the three regular UN Offices (New York, Geneva, and Vienna).

   In 2005, UNMIK issued a set of stamps picturing Native Handicrafts (Scott #31-34). 50,000 were issued, and Scott  '14  prices the unused set at $ 18.50. The set has dual appeal to collectors of United Nations and Art Topicalists.

   I continue to like the U.N. as a topic, long-term. The market for U.N.-related topicals should grow over the very long haul as institutions of world government develop in order to take on serious (and possibly existential) problems which can only be coped with globally. Despite the present inadequacy, corruption, and ineffectiveness of the U.N., I view its reform and gradual strengthening as a gradual but irresistible trend.


   Kosovo is now a quasi-independent state with about 1.7 million citizens. Before Independence, it was the poorest part of the former Socialist Federal Republic of Yugoslavia, and in the 1990s its economy suffered from the combined results of political upheaval, the Yugoslav wars, Serbian dismissal of Kosovo employees, and international sanctions on Serbia, of which it was then part. After 1999, it had an economic boom as a result of post-war reconstruction and foreign assistance. In the period from 2003 to 2011, despite declining foreign assistance, growth of GDP averaged over 5% a year. This was despite the global financial crisis of 2009 and the subsequent eurozone crisis. A major deterrent to foreign manufacturing investment in Kosovo was removed in 2011 when the European Council accepted a Convention allowing Kosovo to be accepted as part of its rules for diagonal cumulative origination, allowing the label of Kosovo origination to goods which have been processed there but originated in a country elsewhere in the Convention.

   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: Russia - Offices in China

Russian soldiers in Manchuria, 1900

 In the late 19th Century, Russians aimed for control over the Amur River for navigation, as well as the Chinese all-weather ports of Dairen and Port Arthur in the Liaodong peninsula. The rise of Japan as an Asian power provoked Russia's anxiety, especially in light of expanding Japanese influence in Korea. Following Japan's victory in the First Sino-Japanese War of 1895, the Triple Intervention of Russia, Germany and France forced Japan to return the territory won in Liaodong, leading to a de facto Sino-Russian alliance.

 However, local Chinese in Manchuria were incensed at these Russian advances and began to harass Russians and vandalize Russian installations, such as the Chinese Eastern Railway. In June 1900, the Chinese bombarded the town of Blagoveshchensk on the Russian side of the Amur, and in retaliation, the Russians massacred several thousand Chinese and Manchus in that town. The Czar's government used the pretext of Boxer Rebellion to move some 200,000 troops into the area to crush the Boxers, who retaliated by launching a guerrilla war against the Russians, which continued until their defeat by the Japanese in the Russo-Japanese War.


 The Russians issued stamps for their post offices in China in 1899. These were Russian stamps overprinted with the word "KITAI" (Russian for "China") in Cyrillic script. The overprint was applied to all types of stamps up to 1916.  Although the post offices had always accepted Chinese currency at par, a Chinese cent being considered equivalent to a kopeck, in 1917 the overprint was changed to clarify the situation, simply consisting of the value in Chinese money and using Latin letters.  A later round of overprints, in 1920, saw little use, since all Russian post offices in China were closed in that year.

   Many of the stamps of the Russian Offices in China are quite inexpensive, but since all have overprints, I recommend purchase of those which are sufficiently valuable to justify the cost of expertization.. While no quantities issued information is available for these stamps, I estimate that fewer than 1,000 of each of those cataloging $ 250+ were issued, and possibly fewer than 200 for the most valuable. I've listed these stamps and their Scott '14 Catalog Values for unused below:

• 1899-1904 7k Dark Blue, inverted red overprint (Scott #5a; $500.-)
• 1904-08 10k Dark Blue, red overprint  (Scott #11; $1,450.-)
• 1904-08 5r Multi-colored, inverted red overprint (Scott #21a; $375.- )
• 1917 $5 on 5r Multi-colored, inverted surcharge (Scott #68a; $500.- )
• 1920 5c on 5k Claret, double surcharge (Scott #80b; $250.-)

   I consider all better stamps of the various foreign offices in China to be long-term investments. As with all stamps issued by the colonial powers in China, the Russian Offices stamps have been neglected because the Chinese view them as shameful relics of that period of subjugation, which they are. Until reticence replaces resentment and demand for the Foreign Offices is boosted among Chinese collectors, the stamps' values will probably continue to increase steadily, based mostly on collector demand in Russia.

   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: Iran 1959 ILO 40th Anniversary (Scott #1136-37)

   In 1959, Iran issued a set of stamps celebrating the 40th anniversary of the International Labor Organization (I.L.O.), an agency of the United Nations (Scott #1136-37). 50,000 sets were issued, and Scott '14 prices the unused set at just $3.50.

   The set has appeal as a United Nations topical.

I continue to like the U.N. as a topic, long-term. The market for U.N.-related topicals should grow over the very long haul as institutions of world government develop in order to take on serious (and possibly existential) problems which can only be coped with globally. Despite the present inadequacy, corruption, and ineffectiveness of the U.N., I view its reform and gradual strengthening as a gradual but irresistible trend.

    I believe that the I.L.O. set is undervalued due to the unpopularity of Iran's stamps, a consequence of its pariah status. Currently, Iranian stamps of the pre-revolutionary period are primarily of interest to collectors among the Iranians living abroad, a relatively affluent group, of whom there are about 1.3 million.

  Note that a common defect found on many Iranian stamps of the '50s is badly toned, "gloppy" gum. When purchasing #1047, endeavor to select examples with clean gum.

   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.

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: Brazil 1843 Numerals (Scott #1-3)

 In 1843, Brazil issued its first stamps - a set of three, each of which bore a numeral within an oval ornamental design (Scott #1-3). These stamps later became known as the "Bull's Eyes" because the arrangement of the stamps in the sheet permitted se-tenant pairs which resembled a pair of bull's eyes. 1,148,994 #1, 1,502,142 of #2, and 349,182 of  #3 were issued, and Scott '15 prices them unused and used at $4,500.00/$550.00 for #1, $600.00/$300.00 for #2, and $4,000.00/$1,400.00 for #3.

   Brazil was the second country in the world, after Great Britain, to issue postage stamps valid within the entire country (as opposed to a local issue). The Bull's Eyes are far less famous (and far more scarce) than Great Britain's Penny Black, of which almost 69 million were issued.

  I consider stamps to be a conservative investment in the growth of Brazil's economy, middle class, and stamp collecting community.

 With 191 million people, Brazil is the largest economy in Latin America, and the world's eighth largest. Political and economic reforms have given the country a brighter future than it had in the bad old days of oligarchical dictatorship. The Brazilian economy is diverse, the country is aggressively investing in its future by generously funding technological research and education, and exports are booming. Annual GDP growth has averaged a little over 2.5% over the last 5 years.

 There are a number of undervalued Brazilian issues with low printing quantities, some of which have topical appeal, and recommending them for accumulation seems a no-brainer. Brazil looks destined to become an economic superpower, and even if it mirrors the philatelically anemic U.S. and only one out of a thousand Brazilians become serious stamp collectors, they'll be competing for their nation's better stamps, only to find that the cupboard is bare.

 "The Stamp Specialist" blog features my buy prices for stamps which I am interested in purchasing. I've posted a buy list for Brazil. 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: Solomon Islands 1908-11 War Canoe (Scott #8-18)

   I'm initiating coverage of the Solomon Islands by recommending purchase of its 1908-11 War Canoe set (Scott #8-18). While I considered "beginning at the beginning" with the first set (Scott 1-7), which is also very scarce, excellent counterfeits exist of the first set (while they don't of the second), and it isn't expensive enough to make expertization worthwhile. 5,460 of the second War Canoes set were issued, and Scott '14 prices it unused at $ 272.- .

   The islands were a British protectorate until 1976, and early Solomon Islands issues appeal mainly to collectors of British Commonwealth as well as Australian collectors, because Australia has close ties to the Solomons. The later issues that are worth considering are mostly topicals.

  There are just over half a million Solomon Islanders, and the Islands' per-capita GDP of $600 ranks it as a lesser developed nation. More than 75% of its labor force is engaged in subsistence and fishing. The islands are rich in undeveloped mineral resources such as lead, zinc, nickel, and gold. Tourism, particularly diving, is an important service industry for Solomon Islands. Growth in that industry is hampered, however, by lack of infrastructure and transportation limitations. Over the last five years, annual GDP growth has averaged about 5%.
  
   I view the set as an inexpensive, conservative bet based on prospects for increased demand among British Commonwealth and Australian collectors.

  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.