Stamp Investment Tip: Azerbaijan Aquarium Fish Souvenir Sheet (Scott #743)

In 2002, Azerbaijan issued an attractive and humorous souvenir sheet picturing aquarium fish (Scott #743). Only 20,000 of this Animal topical sheet were issued, and Scott '11 prices it unused at $10.00.

The sheet makes an interesting and low-risk speculation based on its appeal as an Animal topical, and as a bet on the economic growth of Azerbaijan and the development of a stamp market there. This recommendation is consistent with my belief that one of the best ways to play the new and newly resurrected countries of Europe and Asia is to focus on popular topicals with low printings.


Azerbaijan is an oil-rich nation of about 9 million people, which also has significant reserves of natural gas and various minerals. Agriculture and tourism are also important to the Azerbaijani economy. The country shares all the problems of the former Soviet republics in making the transition from a command to a market economy, but its energy resources brighten its long-term prospects. It has begun making progress on economic reform, and old economic ties and structures are slowly being replaced. Annual GDP growth has averaged a stellar 21% over the last 5 years, largely based on the frenetic development of the country's oil wealth - an estimated 7 billion barrels of reserves.

Those interested in viewing a list of scarce stamps with printing quantities of 100,000 or fewer should take a look at the StampSelector Scarce Stamp Quantities Issued List, which currently contains over 9,400 entries.

Stamp Investment Tip: Uruguay 1960-61 Flight Monument (Scott #C211-22)

In 1960-61, Uruguay issued a set of airmail stamps picturing a statue symbolizing "Flight", part of a monument to fallen aviators (Scott #C211-22). 20,000 sets were issued, and Scott '11 prices the set at $17.20 for unused.

As it is likely that most of the sets were used as postage and discarded, perhaps a a few thousand remain. It is grossly undervalued, especially considering that there are many collectors of Latin America who focus on the region as a whole.


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.

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 Uruguay, and includes the set recommended in this article. 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: Penrhyn Island 1903 Overprint (Scott #10-12)

In 1903, New Zealand overprinted three stamps picturing birds from its 1898 Issue in thee for use on Penrhyn Island, one of its dependencies
(Scott #10-12). The overprint utilized the local Cook Islands Maori language, to facilitate use by the 395 natives who lived on the island. Penrhyn Island later was administered as one of the Cook Islands, which attained full independence in 1973.

13,800 sets were issued, and Scott '11 prices the unused set at $91.50.

It might seem reasonable to wonder why StampSelector would recommend issues from obscure islands in the South Pacific that have small populations and about which few people even know.
Generally, I am recommending these issues based on their low printings increasing external demand. Aside from the growth in interest among British Commonwealth collectors, many of these islands were once dependencies of either Australia or New Zealand, which issued stamps for them, and philatelists in these countries consider them as similar to former colonies.

Hence, the primary sources of demand for the stamps of Penrhyn Island will not be found among the few hundred Penrhyn Islanders or the 20,000 or so Cook Islanders, but in New Zealand and among the collectors of British Commonwealth worldwide.

New Zealand is a modern, prosperous nation of about 4.3 million people, with a GDP of $115 billion. Over the last 10 years, annual GDP growth has averaged about 3%. The economy was hurt by the recent global financial crisis, and is beginning to recover. In 2005, the World Bank praised New Zealand as being the most business-friendly nation in the world. The nation has a stamp collecting demographic similar to Great Britain's, and the demand for better material should increase dramatically as population aging accelerates. The percentage of New Zealanders aged 60 and over will rise from 18% in 2009 to 29% in 2050.

New Feature Announcement: StampSelector Scarce Stamp Quantities Issued List

I invite all readers to take a look at a new feature associated with the StampSelector blog, the StampSelector Scarce Stamp Quantities Issued List (or SSSSQIL).

Currently containing just over 9,700 entries, the SSSSQIL represents an ongoing attempt to list all stamps with known issuance quantities or quantities sold of 100,000 or fewer. It is a compilation of information from many different sources - the product of several years of work which I initially undertook to supplement my knowledge and improve my effectiveness as a philatelic investor.

Quantities issued information is very important for those interested in investing in stamps, as it provides a basis for estimating supply. The decision to utilize the 100,000 maximum was somewhat arbitrary, as it's probably too high for some countries and too low for others, depending upon the levels of collector appeal.

Thanks to all who have viewed this site.

Stamp Investment Tip: Hawaii 1893 Black Provisional Government Overprints (Scott #65-73)

In 1893, following the contrived planter's rebellion that ultimately resulted in Hawaii's annexation by the U.S., Hawaii overprinted some of its earlier 1883-86 Kingdom stamps for use by its new provisional government (Scott #65-73). All stamps of this set with the exception of #66 are scarce and undervalued, and #66C is rare. I've listed the better stamps, along with their Scott '11 values for unused and printing quantities, below:

-1893 2c Rose Vermilion (Scott #65; Sc. '11 CV =$80.00-$200.00 NH ; 6,250 issued)
-1893 6c Green (Scott #66C; Sc. '11 CV = $14,000.00 ; 50 issued)
-1893 10c Vermilion (Scott #67; Sc.'11 CV= $ 20.00-$50.00 NH; 25,000 issued)
-1893 10c Red Brown (Scott #68: Sc. '11 CV= $ 10.00-$25.00 NH ; 31,200 issued)
-1893 12c Red Lilac (Scott #69; Sc. '11 CV = $325.00-$525.00 NH ; 3,750 issued)
-1893 15c Red Brown (Scott #70; Sc.'11 CV= $25.00-$55.00 NH ; 20,000 issued)
-1893 18c Dull Rose (Scott #71; Sc. '11 CV= $35.00-$75.00 NH ; 5,830 issued)
-1893 50c Red (Scott #72; Sc.'11 CV = $80.00-$175.00 NH ; 11,499 issued)
-1893 $1 Rose Red (Scott #73; Sc.'11 CV=$140.00- $300.00 NH ; 6,099 issued)

Despite the fact that these are overprints, it's not necessary to purchase them conditional on obtaining expertization, because the basic Kingdom stamps are never significantly less expensive than the overprints (in fact, they are generally more expensive). The 6c Green (Scott #66C), is the notable exception to this rule.


It is surprising that there are still many undervalued stamps of Hawaii, given that it is the most popular U.S. Possession among U.S. collectors, and that it is an important cultural and economic nexus between the U.S. and the Far East.

Many of the definitives of the Kingdom Period and the later Provisional Government overprints may be found quite well centered. As the P.S.E. (Professional Stamp Experts organization) now grades U.S. Possessions stamps, I advise selecting for condition and centering when purchasing them. Should the current grading fetish persist, Hawaiian stamps that grade XF-90 or higher will sell at auction for multiples of their catalog value.

Stamp Investment Tip: Ethiopia 1944 Menelik II Centenary (Scott #263-67)

In 1944, Ethiopia issued a set of five stamps commemorating the centenary of the birth of King Menelik II (Scott #263-67). 39,000 sets were issued, and Scott '12 prices the unused set at $20.50 .

The first King Menelik was traditionally believed to be the son of King Solomon and the Queen of Sheba, and is credited with having founded the Solomonic dynasty that ruled Ethiopia with few interruptions for close to three thousand years. Menelik II (1844-1914) is revered as a strong and enlightened leader who extended Ethiopia's territory, transformed it into a modern state, and defeated the Italians, who wished to colonize Ethiopia, at the Battle of Adwa (1896).

The Menelik II set has obvious patriotic appeal to Ethiopians, and it is likely that most were used as postage and discarded. How often can one purchase an attractive set of stamps, for which probably fewer than 15,000 remain, from a rapidly developing country with tens of millions of people, for so little?


Ethiopia is still a poor country, with an estimated population of over 85 million people. However, it has one of the fastest growing economies in the world, with annual GDP growth of 9%-11%. It has the greatest water reserves in Africa, and is one of its most fertile countries. According to the New York Times, it has the potential "to become the breadbasket for much of Europe if its agriculture were better organized."

Ethiopia has a fascinating philatelic history, and most serious collectors who specialize in Ethiopia are Europeans and Americans. I expect that this will change over the long-term, as it has for so many countries which have risen out of poverty. It doesn't take much imagination to envision how prices for scarce, inexpensive issues of Ethiopia will be affected if more of a middle class develops and more Ethiopians begin collecting their own stamps.

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: Canada 1918-34 Semi-Official Airmails (Scott #CLP1-52)

From 1912 through 1934, private mail services delivered mail via airplane to remote parts of Canada for which the regular postal service was insufficient or non-existent. Beginning in 1918, some of these companies produced and sold stamps, which were to be affixed to the back of envelopes carried. Canadian postal regulations required that regular postage also be paid for delivery of this mail.

Until recently, these stamps were listed only in specialized Canadian and Airmail catalogues. Now, they may also be found in Scott's Classic Specialized Catalogue, a book which conveniently lists worldwide stamps of the first hundred years of stamp issuance (1840-1940). Incidentally, while new Scott Classic Catalogues are pricey (about $130), used copies that are 2-4 years old may sometimes be found on ebay for $20 -$40. It's a useful reference to have, as it lists many stamps not found in the regular Scott's, and carrying one to shows and auctions is certainly easier than lugging around Scott's Volumes I to VI, plus the U.S. Specialized Catalogue.

When a major stamp catalogue lists a new category of stamps that it's publishers heretofore considered either dubious or too obscure to include, it can significantly boost demand for those stamps. This may seem like the "tail wagging the dog" as far as the stamp market is concerned, but in this case, the tail is large enough that the aforementioned dog may need to take a Dramamine. In other words: "If they put it in the book, then it's worth a look."

This is especially true when such stamps have low printings, as do Canada's Semi-official Airmails, most of which were issued in the low thousands. The stamps are relics of the early days of airmail delivery, and appeal to both Canadian collectors and to Aerophilately topicalists worldwide. Printing quantities may for these and other issues may be found by viewing the StampSelector Scarce Stamp Quantities Issued List (under British America - Canada)

I continue to favor all better stamps of British North America as worthy of consideration. The area is very popular among collectors of both Canada and British Commonwealth, and the better items represent solid investments, as interest in stamp collecting in Canada is much stronger than it is in the U.S. .


With a population of about 31 million, Canada is one of the world's wealthiest countries, and is one of the world's top ten trading nations. GDP growth has averaged 1.2% over the past five years, which takes into account the contraction of 2009 and '10 due to the global financial crisis. Canada's population is expected to age significantly over the next decades. 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.

Stamp Investment Tip: Burundi 1965 Birds (Scott #111-25/C8-16)

In 1965, Burundi issued a colorful attractive compound set featuring birds (Scott #111-25/C8-16). 30,000 were issued, and Scott '12 values the unused set at $49.00.

Birds are among the most popular subjects of Animal Topicals, and though it is unlikely that a significant stamp market will develop in Burundi in the near future, there is some interest in Belgium for stamps of its former colony.

A nation of about 10 million, Burundi has one of the ten poorest countries in the world. Its largest industry is agriculture, which accounts for over half of its GDP. The nation's largest source of revenue is coffee, which makes up 93% of Burundi's exports. Other agriculture products include cotton, tea, maize, sorghum, sweet potatoes, bananas, manioc (tapioca); beef, milk, and hides. The country also has significant deposits of minerals, including uranium, nickel, cobalt, copper, and platinum. Annual GDP growth has averaged about 4% over the last 5 years.

Stamp Investment Tip: Netherlands Antilles 1944 Red Cross Airmail Semi-postals (CB13-20)

In 1944, the Netherlands Antilles issued an airmail semi-postal set portraying Princess Juliana (Scott #CB13-20). The excess, non-postal funds from the sale of the set went to fund the Red Cross. 40,000 sets were issued, and Scott '11 prices the unused set at $14.30.

The International Red Cross and Red Crescent Movement is an international humanitarian movement with approximately 97 million volunteers, members and staff worldwide which was founded to protect human life and health, to ensure respect for all human beings, and to prevent and alleviate human suffering, without any discrimination based on nationality, race, sex, religious beliefs, class or political opinions. From a philatelic investment perspective, the support of almost 100 million of people for this movement creates a significant collector base for better Red Cross/Red Crescent topicals. This topical appeal, as well as the growth in interest in stamps of the Netherlands Colonies should bolster the value of this currently inexpensive set.


I continue to favor stamps of the European colonies and possessions over the stamps of their mother countries. The quantities issued for the colonies tend to be modest, and worldwide interest in them often grows at a faster rate. For the most part, stamp of the Netherlands Antilles appeals to Netherlands Colonies collectors, but as Curacao is a popular tourist destination, it's likely that in the future, interest in its stamps will grow in the Americas as well.

With about 16.6 million people, the Netherlands is the 16th largest economy in the world. It is an affluent industrial and trading nation, with a well-educated population, and an active stamp collecting community. Its annual GDP growth has averaged about 2.5% over the last 5 years, reflecting a slowing due to the global financial crisis.

Stamp Investment Tip: U.N.- Kosovo 2004 National Costumes (Scott #22-25)

In 2004, the United Nations Interim Administration in Kosovo (UNIAK) issued a set of four stamps picturing Kosovar National Costumes (Scott #22-25). Only 30,000 of these Art-related topical sets were issued, and Scott '12 prices the unused set at $100.-.

I continue to like the better U.N. and U.N.-related stamps long-term. The market for these stamps 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.

In my opinion, the best philatelic investment bets on increasing interest in the U.N. are not to be found among the regular issues of its main offices in New York, Geneva, and Vienna, but rather among peripheral items, such as the Swiss International Organizations stamps, stamps issued by UNTEA and UNIAK, and some of the scarcer U.N.-related topicals issued by various countries. The printing quantities of stamps issued by the main U.N. offices are simply too high, and I expect that much of them will be available for less than face value for some time to come.

Stamp Investment Tip: Japan National Parks Souvenir Sheets

Japan began issuing sets and souvenir sheets honoring its National Parks in the late 1930s. Some of these attractive souvenir sheets, especially the earliest, were issued in quite modest quantities, and should continue to increase in value in the future. The five scarcest are:

- 1939 Aso National Park s/s (Scott #293a; Scott '11 CV= $85.00/$140.- for NH ; 76,000 issued)

-1940 Daisetzuan Nat'l Pk. s/s (Sc. #306a; Sc.'11 CV= $190.-/$350.- for NH ; 42,000 issued)

-1940 Kirishima Nat'l Pk. s/s (Sc. #311a; Sc. '11 CV =$150.-/$350.- for NH ; 50,000 issued)

-1940 Daitan and Niitaka-Arisan Nat'l Pks. s/s (Sc. #318a; Sc.'11 CV=$ 80.-/$175.- for NH; 76,000 issued)

-1941 Tsugitaka-Taroko Nat'l Pk. s/s (Sc. #323a; Sc.'11 CV=$80.-/$175.- for NH ; 76,000 issued)

These souvenir sheets were issued with folders, and those with accompanying folders command a premium. Most were issued on very thin, fragile paper, and gum bends and minor creases are common defects of which to be aware.

I've no doubt that Japan's economy will eventually rebound after having been hit by the recent horrific earthquake, tsunami, and nuclear disaster which caused so much devastation. Japan is the third largest economy in the world (after the U.S. and China), and has a large and active stamp collecting community. I believe that the National Parks souvenir sheets will continue to grow in popularity, especially as increasing interest in environmental preservation worldwide supplements Japanese demand, which is based on a cultural reverence for natural beauty.

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

Stamp Investment Tip: Argentina 1910 Centenary of the Republic (Scott #160-75)

In 1910, Argentina celebrated its centenary as a republic by issuing a set of 16 stamps (Scott #160-75). Only 12,500 sets were issued, and Scott '11 prices it unused at $338.05.

It is likely that the vast majority of these sets were used as postage and discarded. It wouldn't surprise me if fewer than a couple thousand remain, in any condition.

I continue to favor all better stamps of Latin America as bets on the growth of the region's middle class. As collectors often focus on Latin America as a whole, demand for the stamps of the individual countries is supplemented by the the more general regional focus.

With a population of about 40 million, Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Historically, Argentina's economic performance has been uneven, as periods of high economic growth have alternated with severe downturns. Over the last 5 years, annual GDP growth has averaged a whopping 8.5%. However, over the last 20 years Argentina has weathered several major debt crises and recessions.

I have begun a new blog, "The Stamp Specialist", which will feature my buy prices for stamps which I am interested in purchasing. I've just posted a buy list for Argentina, including the set recommended in this article. 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: Papua 1906-07 Overprints

In 1905, the British transferred the administration of British New Guinea to Australia, which changed the name of the territory to "Papua." In 1906 and '07, the Australians overprinted the original British New Guinea 1901 Lakatoi stamps with the territory's new name. Two different overprints were used, creating two sets - the 1906 set with the large overprint (Scott #11-18), and the 1907 set with the small overprint (Scott #19-26). Both are scarce, and in my opinion, grossly undervalued, as only 2,730 of #11-18 and 5,135 of #19-26 were issued, and Scott '11 prices them unused at $604.50 and $242.00, respectively.

Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by the rugged terrain and the high cost of developing infrastructure. Agriculture provides a subsistence livelihood for most of the population of about 7 million. Annual GDP growth has increased dramatically over the last 5 years, from 1% in 2005 to about 7% in 2009. Still, the majority of the population is extremely poor, and I do not foresee the development of a significant collecting population within the country for some time.


Most of the collectors of Papua New Guinea are British Commonwealth collectors or Australians, because the country was administered by Australia until 1975, and maintains close ties with that nation. I recommend purchase of the better stamps of Papua, New Guinea, and Papua New Guinea based on the probable growth in interest among Australian collectors, and collectors of British Commonwealth.


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

General Commentary: Are "Forever" Stamps a Good Investment

In 2007, the U.S. Postal Service sold its first "Forever" stamps, which pictured the Liberty Bell, for 41 cents each. These were marked "USA FIRST-CLASS FOREVER", indicating that the stamps would always be sufficient to pre-pay the first class rate, regardless of how much the rate increased in the future. Recently, the U.S.P.S. decided that, beginning in 2011, all first-class stamps will be Forever stamps. Both frequent mailers and collectors have sometimes pondered the question of whether Forever stamps are a good investment.

My response is that, in general, they are probably not. Over the last 80 years, postal rates have increased at a compounded annual rate of approximately 3 1/2% per year. This is about the same as the average annual inflation rate for the U.S. over the last 100 years (3.43%), implying that the buying power of the cost of a stamp has remained pretty much the same.

Furthermore, as any U.S. collector with some experience with the stamp market knows, it is often possible to purchase large quantities of "discount postage", either from dealers or through stamp auctions, at 85% to 90% of face value. Dealers pay about 30% less when buying it wholesale. Undoubtedly, this will also be the case with Forever stamps.

However, there may be some instances in which the inflation-linked rates of Forever stamps could give some added protection to the philatelic investor. Every once in a while, the Postal Service issues a souvenir sheet or booklet in lower-than-normal quantities. Those speculating on such items will benefit from the fact that even if collector demand does not increase for what they've purchased, their purchase's value will be linked to future rate increases. The same applies to those who purchase plate number strips and other positional items, and it also holds true if other countries hop on the bandwagon, and issue such stamps in low printing quantities.

Stamp Investment Tip: Algeria 1930 French Occupation Centenary Semi-postals (Scott #B14-26)

In 1930, the French issued a set of thirteen semi-postals celebrating the centenary of their occupation of Algeria (Scott #B14-26). 44,900 were issued, and Scott '12 prices the unused set at $ 135.75.

The set is an attractive one, picturing scenic views and historic buildings and monuments of Algeria. It appeals to collectors of French Colonies, and should also do well as Algeria's economy grows and a stamp market develops there. The set's subject, which honors the French occupation, may have dampened interest for it among Algerians due to a "resentment of the victimized" effect, but this factor usually becomes less important over time.

Note that an inverted center error of the 5fr + 5fr high value exists (Scott #B26a; Scott '12 CV= $ 750.-). Only 50 of the error were issued. , and I strongly recommend purchase of it, as it is rarer than the U.S. Inverted Jenny, for less than a thousandth of the cost. For stamp investors with deep pockets, there is much to be said for focusing on grossly undervalued rarities, rather than accumulating quantities of less expensive items.

A nation of over 35 million people, Algeria ranks 14th in petroleum reserves, containing 11.8 billion barrels of proven oil reserves with estimates suggesting that the actual amount is even more, and 8th in natural gas reserves, with 160 trillion cubic feet. Agriculture is also an important sector. Algeria is known for the fertility of its soil, and exports cereal grains, vegetables, fruits, esparto grass, and cork. Nevertheless, the country suffers from major disparities in income and high unemployment, which the government is striving to ameliorate. Annual GDP growth has averaged about 4.5% over the last 5 years.

Stamp Investment Tip: Guatemala 1939 Air Officials (Scott #CO1-6)

In 1939, Guatemala overprinted 8,083 of its Central American Presidents sets of 1938, issuing its first Airmail Official set (Scott #CO1-6). Scott '11 prices the unused set at $ 6.60.

Aside from the fact that I favor all undervalued issues of Latin America, the Presidents set has obvious appeal throughout Central America. The inexpensiveness of this set is astounding, considering its minuscule printing quantity. Even given Guatemala's current economic conditions, it would still be cheap at five times its current catalog value. It is possible that it's been overlooked because it's an air official set, languishing, for now, in Back-of-Book obscurity.

With a population of about 14 million, Guatemala is a poor but developing country. Since the end of the Civil War in 1996, the country has witnessed a successful transition from authoritarian dictatorship to democracy, although major inequities in income still need to be addressed. In recent years the export sector has grown dynamically. Some of Guatemala's main products include fruits, vegetables, flowers, handicrafts, and textiles. The 1996 peace accords that ended the decades-long Civil War removed a major obstacle to foreign investment, and tourism has become an increasing source of revenue. Annual GDP growth has averaged just under 5% over the last 5 years.

I have begun a new blog, "The Stamp Specialist", which will feature my buy prices for stamps which I am interested in purchasing. I've just posted a buy list for Guatemala, including the set and souvenir sheet recommended in this article. Viewing dealers' buy lists every now and then is an excellent way to keep current on the vagaries of the stamp market.

Those interested in becoming part of an international community of stamp collectors, dealers, and investors are welcome to join the "Stampselectors" group and organization pages at Facebook. These host lively discussions concerning stamp investment and practical aspects of collecting, and are excellent venues for those who wish to buy, sell, or trade stamps.

Stamp Investment Tip: Liechtenstein 1932 Official Stamps (Scott #O1-8)

I'm initiating coverage of Liechtenstein by starting at the end, and going to the "back-of-the-book." Often, "B-O-B" items with low printings prove to be sleepers, because they are initially neglected by collectors who later seek them out in order to fill their empty album spaces.

In 1932, Liechtenstein issued its first Official stamps by overprinting its regular issue of 1930 (Scott #O1-8). Only 14,300 sets were issued, and Scott '11 prices the unused set at $ 238.50 ($700.- for NH).

All of the early Liechtenstein Officials sets are good, but this set and the second, 1933 set (Scott #O9-10; CV =$ 200.-; 15,979 issued) are extremely undervalued.

Liechtenstein is one of Europe's smallest countries, but it's stamps are very popular worldwide, especially in Switzerland, Austria, and Germany. I recommend accumulation of the country's better items in anticipation of a European economic recovery.

Stamp Investment Tip: Japan 1954 Kannon Booklet Pane (Scott #580a)

In 1954, Japan issued a 10 yen stamp picturing Kannon, or Guanyin, a bodhisattva venerated by Buddhists and associated with compassion (Scott #580). The stamp was issued in booklet form (Scott #580a), and only 60,000 booklets were issued. Scott '11 prices the unused booklet at $175.- .

10 yen was a lot for the average Japanese to spend on a stamp in the early '50s, when Japan was still just beginning to recover from the depredations of World War II. It is likely that most of these stamps were simply used to pay the postage on parcels, and that many of the booklets collected were originally purchased by foreigners.

I've no doubt that Japan's economy will eventually rebound after having been hit by the recent horrific earthquake, tsunami, and nuclear disaster which caused so much devastation. Japan is the third largest economy in the world (after the U.S. and China), and has a large and active stamp collecting community. Furthermore, the Kannon booklet has worldwide appeal as a Buddhist Religion topical. There are hundreds of millions of Buddhists in the world, many of whom live in the rapidly developing countries of East Asia, and there is little doubt that Buddhist Topical stamps will grow in popularity over the long-term.

Note that these booklets are often found with minor condition problems, especially gum bends and perf separations. Try to buy a one that's clean and fault-free.

Stamp Investment Tip: India 2005 Flora/Fauna Miniature Sheet (Scott #2101a)

In 2005, India issued a miniature sheet picturing animals and flowers (Scott #2101a). 100,000 were issued, and Scott '11 prices the unused sheet at $11.00 .


Over the last decade or so, India has issued a number of souvenir sheets in quantities of 50,000 to 100,000. I intend to recommend some of them in future articles. While India's stamp market is heating up, the process has been more gradual than that of its neighbor, China. Had a comparable popular topical souvenir sheet been issued there it would probably retail for at least 50 to 100 times the current cost of this Flora/Fauna sheet.

This souvenir sheet should be targeted for aggressive accumulation as a grossly undervalued popular topical issue from a nation of 1.2 billion people which is becoming an economic superpower. I think that in certain respects, the Indian stamp market resembles the Chinese stamp market of 20-25 years ago. In the coming years, the "serious" stamp collecting population of Indians will number in the millions, if not tens of millions.


Those interested in becoming part of an international community of stamp collectors, dealers, and investors are welcome to join the "Stampselectors" group and organization pages at Facebook. These host lively discussions concerning stamp investment and practical aspects of collecting, and are excellent venues for those who wish to buy, sell, or trade stamps.

Stamp Investment Tip: Paraguay 1939 Peace Conference (Scott #355-61, C113-21)

In 1939, Paraguay issued a compound set of sixteen stamps commemorating the First Buenos Aires Peace Conference (Scott #355-61, C113-21). This set was issued in the aftermath of the Chaco War, a pointless and bloody territorial conflict between Paraguay and Bolivia, ignited in part by the issuance of postage stamps by these countries showing maps with different boundaries. Only 5,000 sets were issued, and Scott '11 prices the unused set at $42.30.

The set should do well based on the growth of stamp collecting in Paraguay as well as interest in Latin American stamps in general. It is a memorial to the tens of thousands of soldiers who died needlessly in the war, and brings to mind Voltaire's comment: "The only way to comprehend what mathematicians mean by Infinity is to contemplate the extent of human stupidity."


With about 6 1/2 million people, Paraguay is an emerging market nation with the potential to become a major agricultural exporter. Its subtropical climate allows for 5 harvests every 24 months, and it has vast tracts of virgin arable land. In addition, manufacturing has shown strong growth in the production of edible oils, garments, organic sugar, meat processing, and steel. Annual GDP growth has averaged 4.5% over the past 5 years, and was steadily increasing until it experienced a recent slight decline due to the global financial crisis.

I have begun a new blog, "The Stamp Specialist", which will feature my buy prices for stamps which I am interested in purchasing. I've just posted a buy list for Paraguay, including the souvenir sheet recommended in this article. 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: Indonesia 1989 Flowers Souvenir Sheets (Scott #1378)

In 1989, Indonesia issued a set and souvenir sheet picturing flowers (Scott # 1376-77, 1378). Only 20,000 of the souvenir sheet were issued, and Scott '11 prices it unused at $35.00. Flowers are a very popular collecting topic, so demand for this issue should continue to grow on that basis alone.

A recent Price, Waterhouse, Coopers report projects that Indonesia will be one of the world's fastest growing economies over the next forty years. Should this prove accurate, and should a burgeoning Indonesian middle class provide a base for a developing stamp market, then it is likely that the values of the country's better modern souvenir sheets will increase many-fold.

Indonesia is a rapidly developing, though still poor, country of 230 million people, with an annual GDP growth rate hovering around 5%-6%. It is the largest economy in Southeast Asia. While the manufacturing and service sectors are growing rapidly, agriculture still employs more of the working population than either. The country has extensive natural resources, including crude oil, natural gas, tin, copper, and gold. Its major export commodities include oil and gas, electrical appliances, plywood, rubber, and textiles. Like most emerging market nations, Indonesia faces challenges which will have to be addressed, including corruption and major inequities in the distribution of income.

General Commentary: Trends Toward Specialization in Developing Stamp Markets

As a country emerges from Third- or Fourth World status and begins to develop a middle class, its domestic demand for goods and services becomes more variegated and complex. Whereas previously, the vast majority of its population was mainly concerned with survival and alleviating the miseries of poverty, it now has far more time and money to invest in recreational activities. Hobbies, such as collecting stamps, take root as effective means of enhancing the quality of life and alleviating the boredom and stress that are byproducts of the society's increased affluence, competitiveness, complexity, confusion, dynamism, and social mobility.

As a stamp market develops within an emerging market country, it undergoes several transformative phases which reflect the evolution of demand within the country's philatelic community. Obviously, each country represents a separate case, with its own unique set of circumstances which affect its stamp market. Nevertheless, some useful generalizations may be made regarding emerging stamp markets, and these may be helpful when projecting demand trends for particular categories of stamps.



During the "prologue" state of an underdeveloped country's stamp market- its "zeroth" phase- before the country begins the transition to a middle-income economy, most of the demand for its stamps comes from three groups of collectors: members of the country's wealthy elite, foreign specialists, and worldwide topical collectors. The first two groups are similar, in that both tend to be small and both may collect the country as a whole, but also focus on rarities, varieties, and obscure items. The third group, topical collectors, will only purchase those issues which fall under their chosen topical areas. Demand among the first two groups for better stamps of the country tends to be either static or gradually increasing, although it may be bolstered if investors who view the country's stamps as undervalued join the fold. Topical demand growth will, as always depend upon the popularity of the topic.

The initial phase in the development of a country's stamp market is marked by the a general focus on regular issues and commemoratives as well as the growth in interest in topicals related to the country's culture and prominent national figures. Beyond airmail stamps and semi-postals, there is not much emphasis on back-of-book items at this stage. Often, either no specialized catalogues for the country's stamps exist, or if they do, they are decades old and out-of-print. The appetites of "arriviste" collectors in newly developing nations are often as indiscriminate as they are voracious. India's stamp market provides an example of a rapidly growing collecting community where almost none existed before, and in which many of the new collectors are adults who did not have the means or opportunity to collect as children. As a consequence, it has seen an explosion of demand for flashy items which were once considered wallpaper, such as minor errors on Indian stamps and modern Indian First Day Covers. Adult neophyte collectors are far more common in the developing world than in affluent countries in which most adult collectors began as children, and this phenomenon can strongly influence demand.

The second stage is characterized by the beginnings of specialized collecting, as collectors' interests expand to include varieties and back-of-book items, such as special delivery stamps, postage dues, officials, parcel post stamps, etc.. Often when a country's stamp market reaches this stage, dealers or specialists publish specialized catalogues and albums for the country's stamps, where either none existed before or those that did exist were long out-of-print. The expansion of interest in formerly neglected back-of-book items is sometimes accompanied by dramatic increases in the values of these items.

Extending specialization further, the third stage (which may be viewed as incorporating all of the later stages) is characterized by enhanced interest in postal history, ephemera, and "back-of-back-of-book" items, including quasi-cinderellas, such as locals, carriers, savings stamps, revenues, etc.. Once again, obscure items which had almost no value in the initial stages come into the limelight of collector interest.

The important lesson to draw from this is that when one wishes to profit from the development of a stamp market, it is often a good idea to think ahead by buying neglected oddball items which no one cares about yet, if their value might be enhanced due to trends toward increased specialization. Just as stamps of many formerly poor emerging market countries were once been considered wallpaper, the peripheral items of these countries that are considered junk now may be worth considering.

Stamp Investment Tip: Newfoundland 1911 Royal Family Issue (Scott #104-14)

In 1911, Newfoundland issued a set of eleven stamps portraying members of the British Royal Family (Scott #104-14). 20,000 were issued, and Scott '11 prices the unused set at $285.- ($500.- for NH).

Aside from being an undervalued B.N.A. issue, it has the added appeal of being the quintessential Royal Family topical set. As a popular topic for British Commonwealth collectors, it's hard to beat the Royal Family, with a stick, sceptre, or other appropriately heavy object, and banking on such loyalty can pay interest.

Many of the better stamps of Newfoundland were issued in modest quantities. I intend to revisit them in the future, as I am "doggedly bullish" (to badly mix metaphors) about better British North America in general. This area is very popular among collectors of both Canada and British Commonwealth, and the better items represent solid investments, as interest in stamp collecting in Canada is much stronger than it is in the U.S. .

With a population of about 31 million, Canada is one of the world's wealthiest countries, and is 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. 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.