Stamp Investment Tip: Ionian Islands 1941-43 Occupation Issues (Scott #N1-NRA5)

   The Ionian Islands were occupied by Italy in 1941 after its invasion of Greece, and in 1943 by the Germans after the Italians withdrew. The Italian and German forces issued 49 stamps during the occupation (not counting varieties) and many of these stamps are quite scarce, including some of the relatively inexpensive ones.

N17

  Unfortunately, all are overprinted stamps of Greece, and since fake overprints exist, only the most pricey of the stamps are worth buying,
due to the necessary cost of obtaining certificates. These six stamps are from the Italian Occupation - pairs overprinted for the islands of Cephalonia and Ithaca. I've listed them below, along with quantities issued and Scott '14 values for unused:

• 1941 30d Orange Brown (N17; 364 issued; $1,400.- )

NC5

Airmail Stamps:

• 1941 25d Rose (NC3; 319;  $650.- )
• 1941 50d Violet - the key stamp (NC5; 115; $4,500.- )
• 1941 100d Brown (NC6; 245; $2,250.- )
• 1941 50L Violet Brown (NC11; Unknown; $ 2,400.-)

Postal Tax Stamp:

• 1941 50L Gray Green on pale green (NRA5; Unknown; $875.-)  

   I haven't listed the various overprint varieties, which should also be considered if the total cost (including expertization) is within reason.

   These stamps have remained grossly undervalued because of the inconvenience and cost of getting them expertized, but they have multiple market appeal in Italy, Greece, and possibly Germany (due to the later occupation).

   Those interested in viewing a list of scarce stamps with printing quantities of 100,000 or fewer may wish to check out 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.

General Commentary: the European Sovereign Debt Crisis- Part 1: Greece

The massive accounting and securities fraud which is currently being referred to as the "global financial crisis" cold-cocked Europe's financial institutions and equities markets from 2008 to 2010. Iceland, Greece, Portugal, Ireland, Spain, Great Britain were among the hardest hit. Violent riots erupted in Greece, largely as a response to austerity programs imposed on the general public by the government. In Europe, as in the United States, some economic populism has come to the fore as an expression of outrage at the governmental bailouts of the corporate oligarchy which caused the mess in the first place. Nevertheless, the public is still generally complacent, the financial reforms put into place have been largely cosmetic and ineffectual, and as yet, there is no bull market for guillotines.

Generally speaking, the crisis has put many stamps of Europe on sale, including a number of better items which probably should not be. In all likelihood, these countries will recover and return to prosperity, but in the meantime, there are many desirable stamps from these countries which once sold for 40%-80% of catalogue value, and which now are selling in the 15%-35% range. To some extent, the situation resembles a minor "ground floor opportunity," though not as extreme as one sometimes finds in the developing world. The economic chaos is sadly forcing some collectors to haphazardly dump their collections on the market, creating an glut of tasty morsels for vultures with a long view.

As noted in my 2009 "ground floor" article, the most conservative approach to such an unstable and unpredictable situation is to focus on scarce items which will tend to hold up no matter what happens, and on popular topicals which have worldwide appeal. By way of illustration, I've selected three sets from Greece ranging in cost from cheap to expensive. I may recommend items from some of the other affected nations in future articles.

The cheapest of the three is the 1958 Greek Ships set. 115,999 were issued, and Scott '11 values it at $13.95 for unused. It should do well as an attractive Transportation topical regardless of what happens to the Greek economy. Note that the Michel catalogue notes a scarce double-printed black error of the 3.50 Drachma value (Michel #672DD).

Greece's third airmail set of 1933 (Scott #C8-14) tastefully combines symbols of flight with Classical Greek imagery. 30,000 sets were issued and it is moderately priced by Scott '11 at $67.- ($200.- for NH) . The set appeals to aviation collectors, as well as those interested in Greek Mythology.

The most expensive set which I am recommending is the 1940 Greek Youth Organization set (Scott #427-36, C38-47). This compound set has always been one of the toughest issues of modern Greek philately. Only 8,630 sets were issued, and Scott '11 values the unused set at $475.55 ($1,000.- for NH) . The airmails within the compound set add immense topical appeal to topicalists who seek stamps thematically related to Art/Architecture, Religion, or Greek Mythology, as they feature ancient Greek temples and early churches and monasteries. If you locate this set, it is likely to be at a stamp auction, and it is possible that only a slight"financial crisis discount" will kick in when you attempt to bid for it, but one may always hope for the best.

Stamp Investment Tip: Greece 1933 Graf Zeppelin Issue (Scott #C5-7)

In 1933, Greece issued a set of stamps commemorating the Italy Flight of the airship "Graf Zeppelin" (Scott #C5-7), and picturing a Zeppelin flying over the Acropolis. 25,000 sets were issued, and the stamps were intended to prepay postage on covers from Greece carried on that flight. Scott prices the unused set at $ 118.00 ($325.00 for NH).

I recommend purchase of the set- NH, LH, or on covers carried on the flight.

Zeppelin stamp and cover collecting is extremely popular worldwide, and this set is sought by collectors of both Greece and Zepps. Many countries issued stamps for use on the various Zeppelin flights, and those interested in learning more about the Zeppelin issues and their usages should consider purchasing a Michel Zeppelin Specialized Catalog or a Sieger Zeppelin Post Catalog.