Stamp Investment Tip: Nicaragua 1961 Dag Hammarskjold Overprint (Scott #C494-99)

   On September 18, 1961, U.N. Secretary-General Dag Hammarskjold was killed in a plane crash en route to cease-fire negotiations in the Congo.He is the only person to have been awarded a posthumous Nobel Peace Prize,  and remains the only U.N. Secretary-General to die in office. President John F. Kennedy called Hammarskjöld “the greatest statesman of our century".

   Many countries issued stamps in memory of Hammarskjold, including Nicaragua, which overprinted its 15,000 of its 1958 UNESCO sets (Scott #C424-29) with his name and date of death (Scott #C494-99). Scott '13 prices the unused set at $3.55.


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.

Nicaragua is a poor nation of about 5 1/2 million people, and annual GDP growth of about 3%. It is largely dependent upon agriculture and remittances from Nicaraguans living in other countries. Nevertheless, its government has instituted economic reforms, and important secondary industries, such as tourism, banking, mining, and fisheries, are expanding.

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 Nicaragua. 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: Nicaragua 1967 Ruben Dario Souvenir Sheets (Scott #C601a, C605a)

In 1967, Nicaragua issued a set and pair of souvenir sheets honoring its most famous poet, Ruben Dario (Scott #C598-605, and C601a, C605a). 20,000 sets and 5,000 of #C605a were issued, and Scott '11 prices the unused sets at $2.25 and the unused pair of souvenir sheets at $4.00 . Though the sets were printed in greater quantity, it is likely that they had a much higher usage and attrition rate than the souvenir sheets.

Both seem ridiculously inexpensive, especially given the fact that many stamp collectors focus on Latin America as a region. The development of even a small stamp collecting community within Nicaragua would significantly bolster the value of the value of this issue.

Nicaragua is a poor nation of about 5 1/2 million people, and annual GDP growth of about 3%. It is largely dependent upon agriculture and remittances from Nicaraguans living in other countries. Nevertheless, its government has instituted economic reforms, and important secondary industries, such as tourism, banking, mining, and fisheries, are expanding.

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 Nicaragua. Viewing dealers' buy lists every now and then is an excellent way to keep current on the vagaries of the stamp market.

Phila-Trivia: The Stamp That Moved a Canal

In 1902, the U.S. Congress was considering legislation to fund a canal across Nicaragua to connect the Pacific Ocean with the Caribbean Sea. However, engineer Philippe Bunau-Varilla opposed the idea as impractical, and successfully argued against it by presenting a certain stamp as evidence.

M. Bunau-Varilla worked for a French company that had attempted to build a similar canal across Panama. However, engineering crises, financial mismanagement, and deadly yellow fever epidemics eventually bankrupted the company and prevented it from completing the project. Still believing that Panama presented the best way for such a canal, Bunau-Varilla attempted to influence Congress to change its plans, claiming that Nicaragua’s terrain was too unwieldy. In the spring of 1902, nature worked in favor of Bunau-Varilla. Mt. Momotombo, a volcano in Nicaragua, erupted.

Bunau-Varilla knew that publicizing the incident would alter the American Canal vote. Nicaraguan officials immediately began denying reports of the volcanic eruption, and Bunau-Varilla was left struggling for a way to counter the Nicaraguan cover-up. Luckily, he remembered once seeing a Nicaraguan postage stamp featuring Mt. Momotombo, which conveniently depicted with smoke rising from the top. After rummaging through stamp shops in Washington, D.C., he found the one he was looking for and promptly purchased 90 copies. Bunau-Varilla actively campaigned throughout the Northeast, carrying pictures and postage stamps of Nicaragua's Mt. Momotombo spewing ash and lava over the proposed route.
All 45 U.S. senators received the Mt. Momotombo stamp, complete with Bunau-Varilla’s caption, “An official witness to volcanic activity in Nicaragua.” This volcano, they were told, would threaten the canal route.

On June 19, 1902, the Senate voted to change the location of the canal, and the Panama route won. $ 40 million was appropriated to the Buneau-Varilla's New Panama Canal Company, under the Spooner Act of 1902.

However, another obstacle remained. At the time, Panama was a department of the Republic of Colombia. Colombia signed the Hay–Herran Treaty in 1903, ceding land in Panama to the United States for the canal, but the Senate of Colombia rejected ratification. Bunau-Varilla's company was in danger of losing its $40 million from the Spooner Act, so he drew up war plans with Panamanian juntas in New York . By the eve of the war, Bunau-Varilla had already drafted the new nation's constitution, flag (design shown at left), and military establishment, and promised to float the entire government on his own checkbook. Bunau-Varilla's flag design was later rejected by the Panamanian revolutionary council on the grounds that it was designed by a foreigner. Although he prepared for a small-scale civil war, violence was limited to the death of a single laborer. As promised, President Roosevelt interposed a U.S. naval fleet between the Colombian forces south of the isthmus and the Panamanian separatists, ending the conflict and giving Panama its independence.

Bunau-Varilla, as Panama's ambassador to the United States, was invested with plenipotentiary powers by President Manuel Amador. Lacking formal consent of the government of Panama, he entered into negotiations with the American Secretary of State, John Hay, to give control of the Panama Canal area to the U.S.. No Panamanians signed the resulting Hay–Bunau-Varilla Treaty. Bunau-Varilla had received his ambassadorship through financial assistance to the rebels, he had not lived in Panama for seventeen years, and he never returned. Many Panamanians long resented his betrayal of the trust put in him by the new Panamanian authorities. The treaty was finally undone by the Torrijos–Carter Treaties in 1977.

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

Stamp Investment Tip: Nicaragua 1949 Amateur Baseball Issue (Scott #717-29,C296-308)

In 1949, Nicaragua issued a compound set of 26 stamps commemorating the 10th World Series of Amateur Baseball (Scott # 717-29,C296-308). In addition, a set of 26 of each denomination in souvenir sheet form was also issued (Scott #729Note, C308a). The basic set is of some interest, with an issuance of 40,000 and a Scott '10 value of $ 35.95 as unused, but the set of souvenir sheets is far scarcer, with only 2,500 issued and a Scott '10 value of

$225.00.

The set is of great interest to Sports Topical collectors, and two of the values are also Scouting topicals.

Nicaragua is a poor nation of about 5 1/2 million people, and annual GDP growth of about 3%. It is largely dependent upon agriculture and remittances from Nicaraguans living in other countries. Nevertheless, its government has instituted economic reforms, and important secondary industries, such as tourism, banking, mining, and fisheries, are expanding.

I recommend both the regular set and the souvenir sheets based on topical interest alone. Should you locate a set of the souvenir sheets, ascertain whether any of the sheets have creases, major bends, or toning before purchasing it. The sheets are unwieldy, tend to curl, and are often found with condition problems.