Stamp Investment Tip: Niger Coast Protectorate 1897-98 Victoria (Scott # 55-63)

The Niger Coast Protectorate, a territory originally known as the Oil Rivers Protectorate, was a typical colonial "company territory" managed by the Royal Niger Company, which controlled the land, its resources, and its people, for the betterment of its shareholders. The company surrendered its charter to the Crown in 1899, and the Protectorate was incorporated into the two new territories of Northern and Southern Nigeria, which were combined to form the colony of Nigeria in 1914. During its seven-year existence, the Protectorate issued 63 stamps (plus varieties), including some notable rarities. Among the more affordable and accessible is its last issue, the 1897-98 Definitives (Scott #55-63), the third such issue with a design portraying an elderly Queen Victoria. Only 5,500 sets were issued, and Scott '10 values the set unused at $ 193.25 .

Stamps of Niger Coast Protectorate have the potential for dual market appeal among collectors of British Commonwealth and Nigeria.

A nation of over 154 million people, Nigeria is an an emerging market country, and is rapidly approaching middle income status, with an abundant supply of resources, well-developed financial, legal, communications, transport sectors, and a stock exchange which is the second largest in Africa. It is the eighth largest exporter of petroleum in the world. GDP growth has averaged almost 6% over the last 5 years. However, the country also has major problems, including corruption, human rights abuses, grossly unequal distribution of income, and internal religious and tribal conflicts.

Based purely on the growth of demand from British Commonwealth collectors, the set represents a conservative investment with little downside risk. Should Nigeria develop even a modest base of stamp collectors, the set will soar.

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: India- Convention States- Nabha 1885-87 Overprint Issue (Scott #11-25)

During the Raj period, the Convention States of Chamba, Faridkot, Jhind, Nabha, and Patiala had postal agreements with Great Britain, allowing their stamps franking power throughout all of British India. Stamps of the Convention States were all overprinted stamps of British India, in contrast to the stamps of the Indian Feudatory States, which were issued independently, and which were only valid within the issuing states.The stamps of the Convention States are rich in varieties and errors. Typical errors include inverted overprints, spelling mistakes in English or Devanagri, errors of omission and capital letters than the normal types.


I initiated coverage of the Indian Convention States a while back by tipping Chamba Sc. #1-15. As I believe that this is one of the most undervalued areas in Indian Philately, I now continue to focus on it, by recommending the 1885-97 Overprinted Issue of Nabha (Scott #11-25). The top three values of the set (2r to 5r, Sc. # 22-24) had printings of only 572 each, and Scott '10 values the set unused at $ 352.35. While fake overprints may possibly exist on the high values, this does not represent much of a risk, because the difference in value between the stamps overprinted for Nabha and the basic stamps of British India are not enough to justify faking them.

Until the last decade or so, most of the demand for stamps of India's Convention and Feudatory States has come from British Commonwealth collectors and specialists outside of India. With India's economic rise, its stamp market has been heating up considerably. I am confident that in the coming years, the center of demand for these collecting areas will shift to India, as the number of stamp collectors there will number in the millions, if not tens of millions.

Stamp Investment Tip: Spain 1940 Virgin of the Pillar Issue (Scott #B109-22,CB8-17,EB2)

In January of 1940, having just won the Spanish Civil War, the Royalist government of General Franco engaged in a bit of sanctimonious whitewashing and justification of its responsibility for that 3 year bloodbath, issuing a compound set commemorating the 19th Centenary of the Virgin of the Pillar, the patron virgin of Spain and the Hispanic peoples (Scott #B109-22,CB8-17, EB2). The surtax was used to restore the Cathedral at Zaragoza, which had been damaged during the Civil War, in order to help promote a spirit of national healing under a brutal, pietistic, pro-Fascist dictatorship. 85,000 sets were issued, and Scott '10 prices the unused set at $ 399.85 ($ 775.00 for NH).

On the bright side, the set is a beautiful Religion topical issue, and has potential appeal to Catholic collectors in all of Spain's former colonies. Furthermore, the current financial mess in Europe has lowered the value of the Euro and softened demand for better issues of many European countries, including Spain. For those who invest for the long haul, now is a good time to buy.

I strongly favor all scarce and undervalued issues of Spain and its colonies. The nation has 46 million people, the 9th largest economy in the world, and the most rapidly aging population in Europe. Philately will flourish under such conditions over the long-term, despite any temporary economic crises.

Stamp Investment Tip: U.S. 1909 Hudson-Fulton Imperforate (Scott #373)

In 1909, the U.S. issued two stamps celebrating the tercentenary of the discovery of the Hudson River, and the centenary of the Clermont, the first commercial steamboat, built by Robert Fulton (Scott #372-73). The perforated stamp (#372) is by far the more common, as about 72.6 million were issued, and I am not recommending it for investment. However, I am recommending the imperforate version (Scott #373), as only 216,480 were issued, and Scott '10 prices it unused at $ 20.00 ($ 42.50 for NH).

The stamp is not only a beautifully engraved Ship Topical, but it is of local interest in New York and New Jersey. In my opinion, the best formats in which to purchase the issue are as a plate number block of 6 (CV = $ 240.00; $ 375.00 as NH) or as a center line block of 4 (CV = $ 210.00; $ 360.00 as NH). The stamps were produced in sheets of 60 (with one plate block and one center line block per sheet), yielding only 3,608 of each of these positional blocks. A much higher proportion of the imperforate Hudson-Fultons were retained by collectors than were the perforated stamps, so I am guessing that between 700 and 1,500 of each remain.

Gum bends are very common on #373. Endeavor to purchase examples which are free of them, especially if purchasing blocks.

Those interested in joining a community of stamp investors are welcome to join the "StampSelectors" group on Facebook. The group provides a valuable forum for those who wish discuss this blog, as well as trade or communicate with stamp collectors, dealers, and investors from all over the world.

Phila-Trivia: Postage Before 1840

While it is common knowledge that in 1840, Rowland Hill created the first postage stamp, Great Britain's "Penny Black," and that William Mulready created the first postal stationery, most stamp collectors are unaware that earlier attempts were made which resulted in some notable forerunners.

The earliest item similar to a postage stamp was created and used by a Frenchman, M. De Velayer, in 1653, during the reign of Louis XIV. He set up mail boxes and delivered any letters placed in them if they used envelopes that only he sold. Letters were wrapped with a slip of paper bearing the inscription (in translation) "post-paid______day of_________1653." An enemy of De Velayer's put live mice into the letter boxes and ruined his business. Unfortunately, none of De Velayer's "postage strips" are known to remain.

De Velayer's mail box
In 1818, Sardinia issued stationery which may have been used postally, and which bore imprinted images of a nude horseback rider blowing a trumpet. There were three values - 15, 25, and 50 centesimi - and the letter paper was sold at post-offices and by tobacco vendors. Use of the stationery was discontinued in 1836, due to a change in postal regulations. There is some debate regarding whether the amounts charged for the stationery actually paid for postage, as some argue that the Sardinia sheets were sold to raise taxes.

Sardinian stationery of 1818
In the early 1800s, some Swedish letter writers attached feathers to their covers with red wax seals, in order to imply that the letter should "fly to its destination." Obviously, these feathers bore only a slight resemblance to stamps in form and function, but they are interesting, nonetheless. A few Swedish "feather covers" still exist, and occasionally are sold at stamp auctions.

A Swedish "Feather Letter"

                                                        A 40 lepta Black stamp was issued in Greece in 1831. Covers exist bearing the stamp; however, there is some dispute over whether it was an actual postage stamp, or a charity label issued to raise funds for Greek refugees from Crete. A March 13, 1831, government decree requested that every citizen contribute 40 lepta or more for the welfare of recently arrived emigres from Turkish-controlled Crete to the liberated mainland, and ordered that billets be issued to donors. It is possible that these "stamps served to reward or document donations.

1831 Greek Postage Stamp or Charity Label (block of 4)

It is clear that Rowland Hill built on early innovations of the previous two centuries. These had failed mostly because initially, postal services served only a wealthy, literate elite. The issuance of postage stamps and the organization of a large and complex postal system coincided with the beginning of the Industrial Revolution, which rendered the establishment of an efficient and inexpensive mail service for the general public both necessary and progressive.

Stamp Investment Tip: Iran 1957 Baden-Powell Centenary (Scott #1073)

In 1957, Iran issued a stamp honoring the Centenary of the Birth of Robert Baden-Powell, the founder of the Boy Scouts (Scott #1073). 85,000 stamps were issued, and Scott '10 prices it unused at $ 8.50. I continue to favor Boy Scout Topicals, especially those issued by countries for which I feel bullish about the stamp market. Worldwide membership of the Boy Scouts is estimated at 25 million, and Scouting topicals are extremely popular internationally. The Boy Scouts of America even promote the hobby with a stamp collecting merit badge.



Note that a common defect found on many Iranian stamps of the '50s is badly toned, "gloppy" gum. When purchasing #1073, 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.

Stamp Investment Tip: British Columbia and Vancouver Island

British Columbia and Vancouver Island, a British colony which joined the Canadian Confederation in 1871, issued eighteen stamps between 1860 and 1869. All are scarce and worthy of consideration as investments, as the market for Canada and B.N.A. looks very bullish long-term. The Canadian provinces are particularly interesting, as they appeal to both collectors of Canada and British Commonwealth.

Quantities issued are known for some of the issues, including the 1869 Surcharged Colony Seal stamps (Scott #14-18), of which only 4,800 of each were issued. Scott '10 Catalog Values for these, unused or used, range from $ 725.- to $ 1,750.-, and covers are especially rare. The designs for these stamps were narrowly spaced when they were printed, so centering tends to by abysmal. Expect to pay a premium for stamps with the perfs clear on all four sides. Considering the low printing for this 140 year old issue, and the fact that most of these stamps are poorly centered, it is likely that no more than a few hundred of each exist in sound, Fine or better condition.

With a population of about 31 million, Canada is one of the world's wealthiest countries, and one of the world's top ten trading nations. GDP growth has averaged 2.2% over the past five years, which takes into account the 0% growth of 2009 due to the global financial crisis. Canada's population is expected to age significantly over the next decades, thereby bolstering its population of serious collectors. 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 learning more about investing in stamps are encouraged to read the "Guide to Philatelic Investing" ($5), available on Kindle, and easily accessed from any computer.

Stamp Investment Tip: Venezuela 1899-1901 Bolivar Issue (Scott #142-49)

From 1899-1901, Venezuela issued an attractive set of definitives honoring Simon Bolivar (Scott #142-49). Fewer than 1,000 of the 2b Orange high value (Sc. #149) were issued, and Scott '10 prices the unused set at $ 375.00. I strongly recommend either the complete set or the high value for investment. It is yet another example of a grossly undervalued issue of Latin America, which should do very well as the region continues its economic development.

With a population of about 26 million, Venezuela is resource-rich, and consistently ranks among the top ten oil producers in the world. Annual GDP growth has averaged almost 10% over the last 5 years, although it has been decelerating recently due to lower oil prices. Under Chavez-style quasi-socialism, the percentage of Venezuelans living below the poverty line has decreased from 48% in 2002 to 30% in 2006. The country has begun diversifying its economy away from its current near-total dependence on petroleum exports, and has spawned a rapidly growing manufacturing sector.

Those interested in joining a community of stamp investors are welcome to join the "StampSelectors" group on Facebook. The group provides a valuable forum for those who wish discuss this blog, as well as trade or communicate with stamp collectors, dealers, and investors from all over the world.

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: Bangkok 1877-85 Issues

Between 1882 and 1885, Great Britain issued stamps for use by British personnel in Bangkok, initially by by overprinting "BRITISH CONSULATE BANGKOK" on stamps of Straits Settlements, and later by overprinting Straits Settlements stamps with a "B." Most of the the 29 Bangkok stamps are scarce to extremely rare (with #12 and #14 being the exception) and quantities issued for each ranging from under 100 to about 8,000. Being overprints, all Bangkok stamps should be purchased conditional on obtaining expertization.



I favor all stamps of Bangkok that are expensive enough to warrant expertization, including the overprint varieties. These rather dull looking stamps are sought by collectors of both British Commonwealth and Thailand, two growing markets. The stamp market in Thailand is particularly hot right now, and I feel it will remain strong for decades.



A nation of 63.5 million, Thailand is considered one of the newly industrialized "Asian Tiger" nations, exporting over $105 billion worth of goods and services annually. It is still mainly an agricultural nation, and is the world's #1 exporter of rice, although the relative importance of agriculture is declining as other industries develop. Over the last five years, annual GDP growth has averaged about 3%, reflecting a recent slowing due to the global financial crisis.

Stamp Investment Tip: Saudi Arabia 1934 Proclamation Issue (Scott #138-49)

In 1932, the Kingdom of the Hejaz and Nejd was renamed the Kingdom of Saudi Arabia, and in 1934, it issued its first stamps under that name, a set proclaiming Emir Saud as Heir Apparent (Scott #138-49). 4,000 sets were issued in both perforated and imperforate form, and Scott '10 prices either at $ 2,266.00 for unused.


Although betting on the economic development of Saudi Arabia is not without risk, I feel that the potential returns from investing in its better stamps vastly outweigh the threat of an overthrow of its monarchy and a radicalization of the country. It seems probable that the government will continue its policies of gradual reform and co-opting or corrupting its potential adversaries with oil money.


An extremely affluent nation with an estimated population of 28 million, Saudi Arabia officially has 260 billion barrels of oil reserves - about 24% of the world's total proven reserves. Though currently almost wholely dependent upon the petroleum industry, the Kingdom is attempting to diversify by building "economic cities," which will focus on pharmaceuticals, tourism, finance, education and scientific research. Annual GDP growth over the last 5 years has averaged about 5%, and it is likely that, barring the potential for disruption due to political instability, Saudi Arabia will continue to sustain high growth over the next decades. The threat of instability is real, as the Saudi government is rated the world's seventh most authoritarian regime, according to The Economist's Democracy Index. As a monarchy sworn to govern on the basis of Islamic Law, Saudi Arabia maintains a legal system which may seem feudal to many people, prescribing capital punishment and various forms corporal punishment, including amputation, for actions which are not even considered crimes in most countries. Intra-family rivalries and the heady mix of religion, politics, greed, and regional militarism make for a potentially explosive combination, but this is nothing new, and the House of Saud has proven its resilience time and time again by surviving and maintaining its primacy over the last hundred years.

Stamp Investment Tip: Poland-Exile Government Monte Cassino Issue (Scott #3K17-20)

During World War II, the Polish Government in Exile, based in London, issued stamps for letters posted from Polish merchant ships and warships. In June of 1944, it issued a set of four stamps honoring the final capture of Monte Cassino by Polish forces (Scott #3K17-20). The Battle of Monte Cassino was actually a series of four costly battles fought by Allied forces (from many different nations) so that they might seize Rome. The pivotal role played by the Poles in the final fourth battle against the Nazis gave hope to those fighting for Polish Independence. Only 55,000 sets were issued, and Scott '10 values it at $ 30.00 for unused ($70.- for NH), and $ 80.00 for used. Philatelic covers bearing the whole set exist, and these are quite desirable.

The set has dual appeal to collectors of Poland and World War II topicals. I have little information regarding demand for the set in Italy, but there is a potential for that to become significant, as well.

With 38 million people, Poland is one of the fastest growing economies of all of the formerly Communist countries, with annual GDP growth averaging about 5.5% over the past 5 years. The nation has steadfastly pursued a policy of liberalizing the economy, and was not severely impacted by the recent global financial crisis. It is likely that Poland will be one of the world's fastest growing economies over the next several decades.

Better stamps of Poland should rise in value as the country prospers and the population of Polish stamp collectors increases. Interest in Polish history and national pride are important elements in the culture of this oft-conquered people, and there are some 10 million Polish-Americans with ties to the country.

Stamp Investment Tip: Cape of Good Hope Triangles

The Cape of Good Hope was the first stamp-issuing entity to produce triangular stamps, beginning with its first issue of 1853. As with many early issues, printing quantities are not known for most of the Triangles, which include some of the great rarities of Philately. Despite the fact that there is some specialized interest in this area, including the collecting of varieties, "square pairs", and covers, the market for Cape of Good Hope Triangles (with the exception of the rarities) is somewhat cool, and one can often find sound, three-margin examples for 25%-35% of Scott, and F-VF appearing seconds at 6%-12%. Researching these stamps and forming a specialized collection of the relatively inexpensive ones could prove highly profitable in the long run.


Stamps of the Cape of Good Hope have dual market appeal among collectors of both British Commonwealth and South Africa. While I like many of the Triangles, two that I favor for which the printing quantities are known are the 1863-64 6p Purple and 1sh Emerald (Scott #14 and 15), which had printings of 95,520 and 37,920, respectively, and Scott '10 values (as unused) of $ 275.00 and $ 475.00. A 1sh Pale Emerald shade (Scott #15a- Scott '10 CV = $ 1,200.-) is also known, and it's probably at least 3 or 4 times scarcer than the normal #15.

South Africa is a country of vast potential. As a middle-income country of about 49 million, it has an abundant supply of resources, well-developed financial, legal, communications, energy, and transport sectors, a stock exchange that ranks among the top twenty in the world, and a modern infrastructure supporting an efficient distribution of goods to major urban centers throughout the entire region. South Africa is ranked 25th in the world in terms of GDP. Annual GDP growth has averaged about 4% over the past 5 years. It is likely that South Africa will be one of the fastest growing economies in the world over the next decades.

General Commentary: When Does a Collector Become an Investor?

When does a collector become an investor? This seems a simple enough question, but answering it requires quite a bit of analysis, because one must consider the perspectives of the individual collector, the group of collectors of a particular collectible, and Society as a whole.

The individual collector often begins as a child who is not concerned with the monetary value of his collection. In a sense, he is investing time, effort, and some money into collecting, in order to reap a return that comes in the form of enjoyment of his collection, knowledge, and social interaction with other collectors. In time, he may come to understand that some of his collectibles are worth more than others, and may be sold for cash or traded for others- in other words, that his collection is not merely a plaything, but an asset. As he grows older, he may engage in buying and selling of collectibles and re-invest the profits in his collection. He may compare his collection to other assets in which he has invested, attempt to evaluate its prospects as an investment, and even attempt to evaluate the prospects of individual items within it. There is a natural progression from beginning collector to more advanced collector to collector/dealer to investor. Each new level builds upon the knowledge gleaned before, because in order to be a successful dealer or investor, one must understand the nature of the market for the collectible, and how other collectors, dealers, and investors think.

A similar evolutionary process occurs in the development of a group that is interested in a particular collectible, such as stamps. The first stamp collectors of the 1840s and '50s were not concerned with monetary value, but simply collected for the sheer enjoyment of it. Many mounted their stamps by pinning them to boards, and there were even instances of early stamp collectors using sheets of stamps as decorative wallpaper. The first stamp dealers, catalogs, and albums did not appear for decades. In the earliest years of the hobby, when "timbromania" ("stamp madness") swept through Europe, there was no distinction made between stamps which were common and those that were rare, and the very idea that these essentially worthless bits of paper might have value would have seemed laughable to most collectors of the era. In time, the first dealers set up shops to cater to collectors, specialists and scholars wrote books and monographs on various countries' stamps, wealthy collectors focused upon the rarer items, stamp clubs and societies were established, and a more sophisticated, diverse market began to develop, and continues to do so.

Within philately, there is a tendency for collecting areas to attain greater specificity and refinement as their markets develop. For decades, German collectors were considered the most "advanced" within the philatelic community, and as with other advanced markets, collecting of Germany and Area (its colonies, offices, occupation stamps, etc.) includes the collecting of varieties, cancels, covers, and many other niches, as well as a sophisticated awareness of condition grading, and detection of fakes and forgeries. As a philatelic market develops for stamps of a particular country, the collecting of the better items from that country is no longer the simple "fun" that a child might have in accumulating pretty little pieces of paper. The "fun" becomes more complex - the stamp is not merely an object of beauty or even of historical, cultural, or geographical interest; its presence in the album brings the collection closer to completion, and it is has value because collectors value it. To some extent, the buying and selling stamps may be considered a hobby or obsession as much as a business, because the intensity of absorption and level of knowledge and understanding required to do it successfully blurs such distinctions. At the most advanced levels, the stamp investor comes to realize that he is not merely investing money, but a part of himself. The hobby takes on aspects of a community, a world unto itself.

When considering society as a whole, the question of why people collect at all comes into play. A collection is, in a sense, a microcosm, a window through which one may domesticate and view the world as a whole. There is an emphasis on detail - on specificity of description and organization - which relates and connects any object or collection of objects to the greater world outside of the seemingly myopic and obscure pursuit of apparently unimportant trivia. Each object in the collection has a history - it presents story which relates to the reasons behind and means of its creation, and its relationship to other objects in the collection. As a hobby, collecting is really a pursuit of knowledge in objectified form, and it requires an openness to complexity and detail - a pluralistic philosophical perspective which views the world as diverse and multi-dimensional, rather than simple and homogenous.

Until the beginning of the Industrial Age about 200 years ago, only the wealthiest members of society had the means and leisure time to pursue any form of intellectual enrichment, including collecting. Until then, there was no "middle class" of any consequence, nor did most people survive until middle age. Most people were illiterate or semi-literate, spent most of their time working and providing for the survival of their families, and lived in hovels. The "Renaissance Man" or "man of the world" was usually an aristocrat or successful merchant who might form a collection of art or other objects with which he could impress his wealthy friends.

The development of a sizable middle class, the increase in life expectancy and availability of education, and more recently, globalization, cosmopolitanism, the increased interest in multiculturalism, and the greatly enhanced access to information and markets via the Internet have all contributed to a growing "collectible-awareness" in the world as a whole. The implications of the old adage "today's trash is tomorrow's treasure" have been borne out in recent times, blazed across the airways in the form of television coverage of celebrity collectibles auctions, TV series focused on antiques, treasure and relic hunters, and flashed over computer screens of Ebay bidders engaging in buying and selling on a 24/7 basis in a never-ending series of often viciously competitive auctions. There has been an explosion of collectible categories as well, as these have expanded to include objects never previously considered to be collectibles: lunch boxes, expired credit cards, phone cards, lottery tickets, greeting cards, advertising , entertainment, and political memorabilia, action figures, game cards, found objects, and so on. Those individuals most involved with this seemingly surreal world, who have a heightened "collectible-awareness," now consider almost any object in light of its potential future value as a collectible.

In effect, high culture is no longer monopolized by the wealthy, nor is "popular culture" considered vulgar or plebeian. There has been an intermixing and commodification of the two realms, and the artifacts of culture are now assigned monetary value by the invisible hand of the market. The effects of this new orientation go far beyond a transformation in perspective of those who consider themselves collectors. As most humans now belong to a competitive, predominantly capitalist global society, even those who do not actively participate in the collectibles market are influenced, and persuaded to take account of the value of these commodities when opportunities arise. Objects which were once collected purely for pleasure -out of a sense of wonder, or based on feelings of nostalgia- are now viewed as valuable and important representations of the world's culture. Even those who are not inclined to collect anything may be drawn into the web for purely economic reasons. We are all becoming Renaissance Men and Women: worldly, pragmatic, and open to appreciating the value of things once deemed trivial, exotic or obscure. And at the very top of this new Tower of Babel that is the collectibles market resides a priesthood of oracles and astrologers, predicting and profiting from the vagaries of economic and demographic trends affecting the future values of these objects which the world has come to treasure.

Stamp Investment Tip: Indian Legion 1R + 2R Azad Hind Issue (Michel # VII)

In 1943, the Germans produced a set of stamps for Subhas Chandra Bose's Azad Hind, or Indian National Army (Michel #I-X). These were intended to serve initially as propaganda labels, later to be used as postage after the "liberation" of India from the British by the I.N.A.. The stamps were never transported to India, and stayed in storage in Germany until the end of the war. All of the Azad Hind stamps except the 1R+2R Indians Bearing Azad Hind Flag (Michel #VII) are common, as 1 million of each of the lower values were printed. Three types of the 1R+2R stamp and four proofs are known:

-1R+2R Black, imperforate (1st Printing; Mi. #VIIa- 4,500 produced; Mi. CV= Euros 600.-)

- 1R+2R Black and Orange, imperforate (2nd Printing; Mi. VIIb- 2,000 produced; Mi. Cv = 250 .- Euros .-); a large number of these exist on ungummed paper (Mi. CV= 35.- Euros)

- 1R+2R Black, Orange, and Green, imperforate (3rd Printing; Mi. VII- 7,000 produced; Mi. CV= Euros 250.-)

Proofs noted in Michel:

- 1R+2R Violet (400 produced; Mi. CV= Euros 500.-)

- 1R+2R Carton paper (100 produced; Mi. CV = Euros 500.-)

- 1R+2R On the back of a piece of carton paper, with ad. printed on the front, imperforate (Unknown quantity; Mi. CV= Euros 600.-)

- 1R+2R Proof of Michel VIIb (Black and Orange) on orange colored paper, imperforate (Unknown quantity; Mi. CV= Euros 2,000.-)

Forgeries exist of this issue, so it should be purchased conditional on obtaining expertization.

At this point, many readers might wonder: Why recommend an unissued stamp, not listed by Scott, which is basically just a cinderella?

I feel that the 1R+2R stamp is exceptional, because of its historical significance, its scarcity, and its compelling potential dual market for collectors of both India and Germany. Bose and the I.N.A. are not well known in the West, but his role in the struggle for independence has been recognized by India, which has issued five postage stamps commemorating him and his army. He was a prominent figure in the independence movement, and was elected president of the Indian National Congress twice, but had to resign from the post following ideological conflicts with Gandhi. He felt that non-violent resistance would prove ineffectual, and he was willing to assist the Axis war effort, but he never liked the Nazis and once commented that we was willing to "shake hands with the Devil to achieve India's independence." Gandhi is honored as the saint and savior of India's independence movement, but it should be noted that when non-violent political movements succeed, they often do so partly because of the fear that the enraged masses will resort to less humane alternatives.

I view this stamp as an interesting and probably low-risk speculation. In the coming years, the "serious" stamp collecting population of Indians will number in the millions, and I expect that enough of these new collectors will want the Azad Hind Flag stamps to push their values dramatically upward.

Stamp Investment Tip: Switzerland 1922-44 League of Nations Officials

In a number of previous articles, I have expressed the opinion that the demand for U.N. Topicals will increase as the U.N. gradually gains credibility and becomes an effective institution for dealing with global problems. The same holds true for other stamps related to global government, which I feel will either gradually assume more importance, or grow in fits and starts as critical problems requiring global solutions suddenly and unexpectedly rear their ugly heads.


The League of Nations, which preceded the U.N., was headquartered in Geneva, and utilized overprinted Swiss stamps. The League failed to stop aggression and mass murder by the Axis powers, and was replaced by the U.N. after the end of World War II. Stamps issued for use by the League and various other international organizations are listed as Swiss officials. I favor all of the scarce and undervalued stamps issued by these international organizations, but initially will focus on those issued for the League, which I've listed, along with quantities issued and Scott '10 Catalog Values (for used) , below:


-1922-31 Overprint (Scott #2O1-30; 11,300; $ 555.35 )

-1930-44 Overprint, grilled gum (Scott #2O2a-26a; 6,500; $ 751.75 )

-1935-36 Overprint, grilled gum (Scott #2O31-34; 75,000; $ 19.25)

-1922-25 Overprint, ordinary gum (Scott #2O31a-34a; 75,000; $ 53.00 )

-1928 5fr Blue (Scott #2O35; 12,500; $ 87.50)

-1932 Overprint (Scott #2O36-41; 50,000; $ 107.20)

-1934 Overprint (Scott #2O42-46; 50,000; $ 23.00)

-1937 Overprint, grilled gum (Scott #2O47a-55a; 20,000; $ 20.95)

-1937 3fr Orange Brown (Scott #2O56; 8,000; $ 190.00)

-1938 Overprint (Scott #2O57-60; 34,000; $ 19.90)

-1938 Circular Overprint (Scott #2O61-64; 24,000; $ 26.00)

-1939 Overprint (Scott #2O65-67; 25,300; $ 58.50- $19.75 unused)

-1942-43 Overprint (Scott #2O68-69; 84,500; $ 2.70)

-1944 Overprint (Scott #2O70-90; 42,464; $ 75.40- $ 40.30 unused; $ 65.00 NH)



As these issues are all overprinted Swiss stamps, much of the current demand for them comes from collectors of Switzerland. A far greater proportion of the Swiss population are stamp collectors than are Americans, and the level of interest there is comparable to that which exists Germany.

Switzerland, a nation of 7.8 million people,is one of the richest countries in the world by per capita, with a nominal per capita GDP of $67,384. The country experienced slow growth in the 1990s and the early 2000s, and was hurt by the global financial crisis, which has resulted in greater support for economic reforms and harmonization with the European Union.

Stamp Investment Tip: Egypt 1932-39 Military Stamps

Between 1932 and 1935, the British provided stamps at a reduced rate for use by their military forces in Egypt, per the terms of a concessionary arrangement made with the Egyptian government. The stamps were to be affixed to the back of envelopes bearing an "Egypt Postage Prepaid" handstamp on the front, and were used by military personnel and their families for letters sent to Great Britain and Ireland.

These stamps are of particular interest because they have dual market appeal among collectors of both British Commonwealth and Egypt, with the growing stamp market in Egypt being a potentially powerful catalyst that could push the values of these stamps up significantly. I've listed the British Forces in Egypt stamps with the lowest printing quantities, along with their Scott '10 Catalog Values, below:

- 1932 3m Black on sage green (Scott #M2; 41,800; $ 55.00 )

- 1933 3m Brown Lake (Scott #M4; 54,000; $ 8.75 )

- 1934 3m Deep Blue (Scott #M6; 63,000; $ 8.25)

- 1935 1p Jubilee Overprint (Scott #M9; 27,000; $ 325.00)

- 1935 3m on 1p Bright Carmine (Scott #M11; 10,000; $ 25.00)

In addition, there is a non-Scott-listed variety of the 1935 3m Christmas stamp (Scott #M10). The normal vermilion stamp (Scott '10 CV=$ 2.25) is relatively common, with 101,100 issued. The neglected yellow orange variety (Michel #10b), which is currently valued at around triple the normal stamp, had a printing of only 12,075.

Also note that the 1935 1p Jubilee Overprint (Scott #M9) has added appeal as part of the George V Silver Jubilee Omnibus set of stamps issued by the various Commonwealth countries.

With an estimated 76 million people, Egypt possesses one of the most developed economies in the Mid-East, with a GDP growth rate of 5%-7%. The government is undertaking major economic reforms to further spur development, including massive investments in infrastructure and liberalizing economic and tax policies to encourage foreign investment. Egypt's main challenge in the years to come will be one of social and political democratization - how to assure that enough of the new wealth trickles down to the majority of the population to lessen the problems of poverty and political instability. Nevertheless, barring major political instability, it is likely that Egypt will be one of the fastest growing economies over the next several decades.

Stamp Investment Tip: Russia 2002 Booklet Panes

Russia has issued a number of scarce booklet panes in recent years, some of which have topical appeal. Booklet issues are often ignored when they're first released, especially if the stamp designs duplicate those issued in regular sheet format. After a while, however, collectors begin to get that horrible empty feeling from seeing blank spaces in their albums, and desperately hurry to their favorite dealers to lap up the supply.

In 2002, Russia issued four scarce booklets- three of which are attractive and have topical appeal, and one of which is boring, but worth buying anyway. I've listed them, along with their topic categories, quantities issued, and Scott '10 Catalog Values, below:

-2002 New Hermitage, 150th Anniversary (Art/Paintings; Scott #6684a-88a bklt.; 10,000; $ 40.00)

-2002 St. Petersburg, 300th Anniversary (Art/Architecture; Scott #6695a-99a bklt.; 10,000; $ 80.00)

-2002 Carriages (Transportation; Scott #6705f-05j bklt.; 10,000; $ 46.00)

-2002 Census (Scott # 6718a bklt; 12,000; $ 75.00)

With 142 million people, Russia is the 8th or 9th largest economy in the world, with vast reserves of natural resources and a highly educated population. Since the collapse of the Soviet Union, Russia has experienced several major economic crises in its transition to capitalism. Annual GDP growth has averaged 3.2% over the last 5 years, which takes into account an 8% contraction in 2009, due to the global financial crisis. The country is still plagued by corruption and organized crime, making it somewhat reminiscent of America during its "Wild West" and Robber-Baron periods. Nevertheless, the middle class has grown from just 8 million people in 2000 to 55 million in 2006.

Those interested in joining a community of philatelic investors are welcome to join the "StampSelectors" group on Facebook. This lively group engages in trading as well as discussions of issues related to stamp investment and Philately in general.

Stamp Investment Tip: Philippines 1944 "Victory" Handstamps

During the Philippines Campaign of 1944-45, the Allied forces gradually liberated the islands from the Japanese. As a propaganda tactic, in 1944 crude violet "VICTORY" handstamps were applied to some earlier Philippines issues. Many of these stamps are scarce to very rare, and comprise what would be an extremely expensive compound set (Scott # 463-84, C63, E8-9, J16-22, O38-43), though it is likely that very few, if any, complete sets remain in collections. They have dual market appeal in both the Philippines and the U.S., as they were issued during a period in which the islands were technically in transition from U.S. Administration to Independence.

Fake handstamps exist, so it is necessary to purchase these stamps conditional on obtaining expertization. I've listed them, along with quantities issued (when known) and Scott '10 Catalog Values for unused, below:

1944 Violet "VICTORY" Handstamps:

-2c (on #411; Scott #463; 168; $ 325.00)

-as above, booklet pane of 6 (Scott #463a; 28; $12,500.00 )

-2c (on #461; Scott #464; 24,400; $ 10.00 )

-4c (on #384; Scott #465; 807; $ 42.50 )

-6c (on #385; Scott #466; 64; $ 3,500.00 )

-6c (on #409; Scott #467; Unknown; $ 225.00)

-6c (on #413; Scott #468; 206; $ 4,750.00)

-6c (on #453; Scott #469; 235; $ 350.00)

-6c (on #466; Scott #470; 141; $ 1,750.00)

-6c (on #459; Scott #471; Unknown; $ 275.00)

-8c (on #436; Scott #472; 1,643; $ 17.50)

-10c (on #415; Scott #473; 450; $ 300.00)

-10c (on #437; Scott #474; 358; $ 275.00)

-12c (on # 410; Scott #475; Unknown; $ 1,100.00)

-12c (on #454; Scott #476; 36; $ 6,000.00)

-12c (on #460; Scott #477; Unknown; $ 375.00)

-16c (on #389; Scott #478; 122; $ 2,250.00)

-16c (on #417; Scott #479; 200; $ 1,250.00)

-16c (on #439; Scott #480; 500; $500.00)

-20c (on #440; Scott #481; 1,401; $ 110.00)

-30c (on #420; Scott #482; 248;$ 350.00 )

-30c (on #442; Scott #483; 200; $ 750.00)

-1p (on #443; Scott #484; 21; $ 6,250.00)

Airmail:

-4c Rose Carmine (Scott #C63; 122; $ 3,750.00)

Special Delivery:

-20c Dull Violet (on #E5b; Scott #E8; 138; $ 1,400.00)

-20c Blue Violet (on #E7; Scott #E9; 600; $ 550.00)

Postage Dues:

-4c Brown Red (Scott J16; 306; $ 150.00 )

-6c Brown Red (Scott J17; 390; $ 90.00 )

-8c Brown Red (Scott J18; 379; $ 95.00 )

-10c Brown Red (Scott J19; 405; $ 90.00)

-12c Brown Red (Scott J20; 423; $ 90.00)

-16c Brown Red (Scott J21; 425; $ 95.00)

-20c Brown Red (Scott J22; 375; $ 95.00)

Officials:

-2c (on #O27; Scott #O38; 138; $ 375.00)

-2c (on #O37; Scott #O39; 13,100; $ 10.00)

-4c (on #O16; Scott #O40; 2,634; $ 42.50 )

-6c (on #O29; Scott #O40A; Unknown; $ 8,000.00)

-10c (on #O31: Scott #O41; 665: $ 500.00)

- 20c (on #O22; Scott #O42; Unknown; $ 8,000.00)

-20c (on #O26; Scott #O43; Unknown; $ 1,750.00)

As a newly democratic and newly industrialized country of 92 million which is moving away from from its centuries-old complete dependence on agriculture, the Philippines could turn out to be one of the most successful emerging markets in the Pacific Region. The government tends toward fiscal conservatism coupled with long-term economic planning, and annual GDP growth has been around 6%-7%. Barring extreme political instability, it is likely that the Philippines will be one of the fastest growing economies over the next decades.

Stamp Investment Tip: Mexico 1932 50c Air Official (Scott #CO18)

In 1932, Mexico overprinted its 1927 50c Dark Blue and Claret airmail stamps "SERVICIO OFICIAL," for government use. The vast majority of the stamps overprinted had watermarked paper (Scott #CO19) , but one hundred stamps of the 1922 issue (same design, but on unwatermarked paper), were also overprinted by accident, creating a very scarce stamp (Scott #CO18), which Scott '10 values at $ 1,000.00 for both unused ($ 1,600.00 for NH) and used.

The usual caveat for overprinted issues applies: purchase the stamp conditional on receiving authentication, preferably from the Mexico-Elmhurst Philatelic Society (M.E.P.S.I.). I believe this stamp has been unjustifiably neglected because it's a back-of-book issue, and because it's an unwatermarked paper variety. These factors will diminish in importance as the stamp market develops in Mexico.

With a population of about 109 million, Mexico has had consistent annual GDP growth of between 3 and 5%. It has a diverse and developing economy, but modernization remains a slow and uneven process, and current challenges include addressing income inequality and corruption, upgrading the infrastructure, and reforming tax and labor laws. Despite its problems, it is likely that Mexico will experience significant economic growth over the coming decades.

General Commentary: Which Economies Will Grow the Fastest?

A recent report by Price,Waterhouse, Coopers, the world's largest professional services firm, projects long-term economic growth rates (to 2050) for the world's fastest growing economies. According to the report, China is expected to overtake the U.S. as the world's largest economy in around 2025 , while India will nearly catch up with the U.S. by 2050. The report also ranks the twenty fastest growing economies according to their projected average annual GDP growth over the next forty years. In order of ranking, these are: Vietnam, India, Nigeria, the Philippines, Egypt, Bangladesh, China, Indonesia, Pakistan, Malaysia, Thailand, Iran, Brazil, Turkey, Argentina, South Africa, Saudi Arabia, Mexico, Russia, and Poland.


Such long-term predictions should be taken with a grain of salt. However, it is likely that if the report proves to be generally correct, a selection of better stamps from these countries will do well over the next decades as these countries become more prosperous, assuming that the prosperity is sufficiently shared to allow for a growing middle class. Obviously, when assessing each individual country's prospects, the political and economic risks should be taken into account. Diversifying so as to create a "portfolio" of better stamps from among the high growth countries would tend to lessen the overall risk.


Those interested in joining a lively and growing community of "stampselectors" are welcome to join the "StampSelectors" group on Facebook. The group offers the opportunity to meet and communicate with other collectors, investors, and dealers from all over the world, buy and sell stamps, and discuss investment recommendations and the content of this blog.