Stamp Investment Tip: Cochin China (Scott #1-5)

There are some stamp-issuing entities which issued only a few stamps, making it simple (though not necessarily inexpensive) to form complete collections of them. Such is the case with Cochin China, a former French colony encompassing the southern third of Vietnam, for which the French issued five stamps from 1886-88. Stamps of the colony were superseded by those of Indo-China in 1892.

The five (Scott #1-5) are all French Colonies General Issue stamps surcharged for use in the colony, and though printing quantities are not known, I would estimate that they were produced in the low thousands (for #1, the scarcest), to between ten and twenty thousand for the others. Scott '11 Catalog values for the stamps unused total $430.-.

In addition to the basic stamps, six surcharge errors are known. The inverted surcharge of the 5c on 25c yellow on straw (surcharge type "b"- Scott #3a; CV= $200.- ) is the most common, and perhaps a few hundred exist. The five surcharge errors of #4- the 5c on 25c black on rose, surcharge type "c"- are all very rare to extremely rare. All of the surcharge errors should be purchased conditional on obtaining expertization.

All stamps of this former colony are worthwhile investments, especially the surcharge errors, which have been overlooked because of their obscurity and because they rarely come up for auction. Stamps of Cochin China have multiple market appeal to collectors of French Colonies, Indochina, and Vietnam.


Vietnam is a nation of 86 million people which is in transition from a command economy to a market-driven one. It is still a relatively poor country, with an annual GDP of $ 280 billion. Deep poverty, defined as a proportion of the population living under $1 per day, has declined significantly and is now proportionally smaller than that of China, India, and the Philippines. Annual GDP growth has been impressive, averaging about 7.5% over the past five years, and it is likely that Vietnam will have one of the fastest growing economies over the next several decades. Manufacturing, information technology, and high-tech industries are rapidly growing sectors. Though a relative newcomer to the oil business, Vietnam is now third-largest oil producer in Southeast Asia, with an output of 400,000 barrels per day.


Interest in the better stamps of Indochina and Vietnam has been upstaged by the recent feeding frenzy of the Chinese stamp market. This relative neglect represents a buying opportunity.

Stamp Investment Tip: Annam and Tonkin

Before the French began issuing stamps for its colony of Indochina in 1889, it initially utilized French Colonies stamps, and later surcharged these stamps for use in Annam and Tonkin (now Northern and Central Vietnam) and Cochin China (Southern Vietnam). I favor all stamps of both Annam and Tonkin and Cochin China, as well as the better issues of Indochina, as they have appeal to collectors of both Vietnam and French Colonies.

Focusing on Annam and Tonkin, since the A & T stamps are handstamped surcharges (and therefore subject to fakery, as are all overprinted stamps), I recommend those which are costly enough to purchase conditional on expertization. These include some of the better surcharge varieties, the "Hyphen between 'A' and 'T' " Surcharges (Scott #7-9, which range in Scott '11 Cat. Value from $ 210.- to $ 550.-), and the rare unissued 5c on 2c Brown on buff (Scott #9Note- Scott '11 CV = $ 7,500.-). Printing quantity information is unavailable for these stamps, but it is likely that fewer than 2,000 of each of Sc. #7-9 were issued, and that fewer than 100 the unissued 5c on 2c were prepared.

Vietnam is a nation of 86 million people which is in transition from a command economy to a market-driven one. It is still a relatively poor country, with an annual GDP of $ 280 billion. Deep poverty, defined as a proportion of the population living under $1 per day, has declined significantly and is now proportionally smaller than that of China, India, and the Philippines. Annual GDP growth has been impressive, averaging about 7.5% over the past five years, and it is likely that Vietnam will have one of the fastest growing economies over the next several decades. Manufacturing, information technology, and high-tech industries are rapidly growing sectors. Though a relative newcomer to the oil business, Vietnam is now third-largest oil producer in Southeast Asia, with an output of 400,000 barrels per day.


Interest in the better stamps of Indochina and Vietnam has been upstaged by the recent feeding frenzy of the Chinese stamp market. This relative neglect represents a buying opportunity.

Stamp Investment Tip: South Vietnam 1955 Refugees on a Raft Issue (Scott #30-35)

The French withdrawal from Vietnam, following their defeat at Dien Bien Phu, resulted in the 1954 Geneva Accords, which granted independence to Vietnam, and divided it into northern and southern zones. One of the consequences of this re-alignment was a flood of refugees escaping the North (controlled by the communist Viet Minh, led by Ho Chi Minh) to emigrate to the South. Many of the refugees escaped on rafts.


The plight of these original "boat people" was commemorated by South Vietnam in 1955, with the issuance of the "Refugees on a Raft" set (Scott #30-35). Only 100,000 sets were issued, and Scott '12 prices the unused set at $ 144.00. It is extremely attractive, utilizing the dramatic style of coloration and engraving characteristic of many modern issues of the French colonies, and appeals to Transportation topicalists.

It is somewhat ironic that Vietnam, avowedly communist following the Vietnam War, has now begun to embrace capitalism, and has one of the most rapidly growing economies in the Far East. With 80 million hard-working, industrious people, and another 3 million overseas Vietnamese, many of whom still possess a sentimental attachment to their mother country, it seems inevitable that the better stamp issues of both Vietnams, and also the earlier French colonies of Indochina and Annam and Tonkin, will do well in the coming years.


Regarding North Vietnam and unified Vietnam (post-1975), while there are some issues which may be suitable for investment, it is possible that certain ostensibly "scarce" stamps have been hoarded by corrupt government officials, who await an opportunity to dump them on the market. I advise taking a wait-and-see attitude.


In any case, I recommend accumulation of the "Boat People" set as a solid long-term investment, which will reflect the future economic growth of Vietnam.