Stamp Investment Tip: Labuan 1879-82 Victoria (Scott #1-4, 5-10)

Labuan is a small island off the northwest coast of Borneo. The British became interested in the previously uninhabited, mosquito-ridden island in the 1840s as a possible base of operations against pirates in the South China Sea, and forced the Sultan of Brunei to cede it to them in 1846.

The first stamps of Labuan depict the usual profile of Queen Victoria, but are unusual for being inscribed in Arabic and Chinese as well as in English. The stamps of both the first and second sets, issued in 1879 and 1880-82, were issued in small quantities. I've listed them below, along with their Scott '12 catalog values as unused and quantities issued.

-1879 Victoria, Watermark 46:

• 1879 2c Green 1; Scott '12 =$1,500.00 ;1,520 issued
• 1879 6c Orange 2; Scott '12 =$240.00 ; 2,940
• 1879 12c Carmine 3; Scott '12 =$1,925.00; 1,470
• 1879 16c Blue 4; Scott '12 =$77.50 ; 3,520

-1880-82 Victoria, Watermark 1:

• 1880-82 2c Green 5; Scott '12 =$27.50 ; 5,360
• 1880-82 6c Orange 6; Scott '12 =$135.00 ; 5,200
• 1880-82 8c Carmine 7; Scott '12 =$135.00 ; 6,100
• 1880-82 10c Yellow Brown 8; Scott '12 =$195.00 ; 5,050
• 1880-82 12c Carmine 9; Scott '12 =$ 330.00; 5,580
• 1880-82 16c Blue 10; Scott '12 =$ 100.00; 5,500

I consider the early stamps of Labuan grossly undervalued, possibly due to the island's obscurity. Many of its early stamps were probably used as postage and discarded. It's likely that few collectors of the 1880s had even heard of the place.

The island is now a federal territory of Malaysia, with about 85,000 inhabitants. It is best known as an offshore financial center offering international financial and business services. It is also an offshore support hub for deep water oil and gas activities in the region and a tourist destination for nearby Bruneians and scuba divers. Labuan's stamps have dual market appeal to collectors of British Commonwealth in general, and Malaya/Malaysia in particular.

With a population of over 28 million, Malaysia is an emerging market nation and the 29th largest economy in the world. It has abundant minerals and petroleum, vast forests, as well as a thriving agricultural sector. Nevertheless, over the last four decades, the Malaysian government has committed the nation to a transition from reliance on mining and agriculture to manufacturing, and is moving to conserve its remaining forests and reforest the overcut areas. The government has recently taken steps to make Malaysia more business-friendly, and the number of Malaysians living in poverty has also decreased. As of 2007, average wages were around $34 per day, up from about $9 per day in 1999. Annual GDP growth has averaged over 5% over the last five years, although the country's economy was hurt by the global financial crisis.

Phila-Trivia: Jean de Sperati -the Rubens of Philatelic Forgery

Jean de Sperati (1884-1957) was among the most noted stamp forgers of the world. Even professional stamp authenticators of his time attested to the genuineness of his stamps. A printer and engraver by profession, he was able to mimic the details of design, the pressure and the paper with such accuracy that he earned the title "the Rubens of Philately".

Sperati was born in 1884 in Pisa, Italy, though he spent a large part of his life in France. As a child in Pisa and later in France, he began to collect stamps. He was particularly interested in printing techniques, as well as photography which was in its infancy at that time. Relatives owned a postcard factory as well as a paper mill. Through this, Sperati was able to obtain copious knowledge of photographic processes, print technology and chemicals. These formed the basis for his eventual career as a stamp counterfeiter.

The first attempts to copy stamps went extraordinarily well. The first forgeries were of valuable stamps from San Marino, and stamp experts believed them to be real. Thereupon Sperati began to produce numerous further reproductions of valuable stamps from all over the world. This eventually resulted in well over 500 master-quality forgeries from more than 100 different stamp-issuing agencies.

In 1942, for the first time in his life, Sperati came into conflict with the law. A shipment marked as valuable from Sperati to a stamp dealer in Lisbon, Portugal was intercepted by French customs. It contained several falsified German stamps. They charged him with "exporting capital" without a licence and trying to avoid customs payments. He protested his innocence, and explained to the police that it contained only copies of valuable stamps, which he himself had prepared, whereupon the police called in the country's best stamp experts to clear up the facts of the case. These experts came to the judgment that the stamps in question were all originals, and very valuable ones at that. Sperati still managed to convince the police that they were fakes, and was therefore charged with fraud. His trial took place in April 1948.

Attempting to explain his actions, Sperati tried to convince the court that he had no deceitful intentions in the sale of the stamps. He considered himself to be an artist and not a counterfeiter. Furthermore, he declared to the court that he had merely forgotten to clearly mark the stamps as forgeries and he promised to be more diligent about such marking in the future. He claimed that he had offered the forgeries of rare stamps at about 1% of the normal market price in order to assist the simple collector to obtain these rarities. Nevertheless the Parisian judiciary convicted Sperati and sentenced him to a year in prison, 10,000 francs fine and an additional 300,000 francs for criminal intentions. The Parisians' judiciary did not convict him on the basis of the imitation, but rather because of Sperati's "deceitful intentions". He was convicted in April 1948.


Sperati did not have to serve his prison sentence on the grounds of his age - he was already over 64 years old. In 1954 he sold all his remaining forgeries as well as all the clichés to the "British Philatelic Association" for an enormous sum of money. He then withdrew from the forgery business and promised never again to falsify a stamp. His motive for selling the tools of his trade to the "British Philatelic Association" was to prevent them falling into the possession of someone who would imitate his work. Sperati died three years later in Aix-les-Bains at the age of 73.


The stamp forgeries of Jean de Sperati are some of the best of the world. Many of them slumber undetected in various collections. Sperati falsified only the most valuable rarities of the stamp world. He did this with an inimitable precision scarcely obtained by any other counterfeiter. A Sperati forgery is today in no way worthless. They are highly regarded and obtain high prices as special collectibles. Most other stamp forgeries, on the other hand, are worthless. Sperati paid great attention to the accuracy of the postmark when falsifying the stamps. Therefore, postmarks found on his forgeries are limited to those of larger cities. They are currently very valuable in the philatelic market, and it is believed that he might have produced over 5,000 of them.

Stamp Investment Tip: St. Pierre and Miquelon 1941-42 "France Libre" Overprints

The Territorial Collectivity of St. Pierre and Miquelon, the only remnant of the former French colonial empire in North America, is comprised of two small groups of islands off the coast of Newfoundland. From a philatelic investment perspective, it's of interest because its stamps are popular in Canada and among collectors of French Colonies - both growing markets.

In 1941 and '42, as a colony under Free French administration, St. Pierre and Miquelon overprinted many of its earlier regular and postage due stamps (as well as a Parcel Post stamp) "France Libre... F.N.F.L." Quite a few of these stamps were issued in quantities of under 100 to under 1,000, and most were quickly purchased by speculators, including the legendary Canadian stamp dealer Kasimir Bileski (1908-2005), whose owner's mark may be found on the back of some of them. Quantities issued of many of the scarcest may be found by viewing the the Scarce Stamp Quantities Issued List (under the French Colonies/Possessions category).

Despite the somewhat dubious nature of these stamps (and the fact that most of them were gobbled up within days after they were issued), I believe that collectors are increasingly accepting them, as evidenced by their high realizations at auction. This brings to mind John Huston's famous quote from the film "Chinatown": "Politicians, old buildings, and prostitutes all become respectable with age." The same often applies to stamps issued solely for the collector market.

Fake overprints exist, so I strongly advise purchasing the stamps conditional on obtaining expertization.

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: Gambia 1898 Victoria (Scott #20-27)

In 1898, the British issued a set of eight stamps portraying Queen Victoria for Gambia (Scott #20-27). 2,400 sets were issued, and Scott '12 prices the unused set at $113.50.

I view this set as a conservative investment, based upon the the growth of interest in stamps of the British Commonwealth. Also, it's inexpensive and scarce enough that it's value would receive an additional boost should a significant stamp market develop in Gambia.

A nation of 1.7 million people, Gambia has a liberal, market-based economy characterized by traditional subsistence agriculture, a re-export trade built up around its ocean port, low import duties, minimal administrative procedures, a fluctuating exchange rate with no exchange controls, and a significant tourism industry. Annual GDP growth has averaged about 6% over the last 5 years.

Information concerning printing quantities of stamps is often useful in determining which may turn out to be good investments. The StampSelector Scarce Stamp Quantities Issued List (SSSSQIL) currently includes over 9,700 listings of stamps and souvenir sheets with issuance quantities of 100,000 or less.

Stamp Investment Tip: Cuba 1956 Birds (Scott #C136-46)

In 1956, Cuba issued a set of eleven stamps picturing birds (Scott #C136-46). 50,000 were issued, and Scott '12 prices the unused set at $75.00.

Aside from the set's appeal to Bird Topicalists, I believe that it will do very well when Cuba rejoins the crassly commercial, capitalist world, perhaps retaining a bit of a socialist safety net to keep the masses complacent. The set will also benefit from the long-term stealth bull market in better Latin American sets, which began around twenty years ago after the region's oligarchical dictatorships went out of style.

Note that "gloppy" or toned gum are typical defects found on many of these sets, so select for those that have clean gum.

I believe it inevitable that Cuba will join the fold of more-or-less free nations, and that tourism and trade will explode as a result. Currently, the average wage of each of the 11 1/2 million people living in this "socialist utopia" is under $20 per month, and GDP per capita is 107th in the world. Annual GDP growth has been high, averaging 6.4% over the last 5 years, but given the levels of corruption and favoritism shown to high ranking Communist Party members, it's an open question whether much of that new wealth has been filtering downward. Eventually, something will have to give. The current market for Cuban stamps, especially of the Pre-Castro Period, is bolstered by interest of stamp collectors within Cuban-American community, currently about 1.6 million strong, and far wealthier than their compatriots on the island. Interest in Cuban stamps is likely to increase, especially given the likely prospect of a replacement of the stale, "gerontocratic" regime within a decade or so.

I have begun a new blog, " The Stamp Specialist ", featuring my buy lists for stamps which I wish to purchase, including some Cuban stamps. Periodically viewing dealers' buy lists is an excellent way to remained informed about the state 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 page at Facebook. These host lively discussions concerning stamp investment and practical aspects of collecting, and is also an excellent venue for those who wish to buy, sell, or trade stamps.

Stamp Investment Tip: Vatican 1948 Archangel Raphael and Tobias Airmails (Scott #C16-17)

In 1948, the Vatican issued a set of two airmail stamps picturing the Archangel Raphael and Tobias (Scott #C16-17). The design was based upon the Francesco Botticini's painting "Archangel Michael with Archangels Raphael and Gabriel, as They Accompany Tobias." 45,000 sets were issued, and Scott '12 prices the unused set at $440.00 ($640.- for NH) .

Though in a sense, all Vatican stamps are of special interest to Catholic collectors, this set's subject enhances its appeal as a combined Religion and Art Topical. Purchasing it could have an angelic effect on your stamp portfolio.

Stamps of the Vatican appeal to both collectors of Italy and Area in general as well as Vatican in particular. Better Vatican items in general should do well as the number of Catholic stamp collectors increases worldwide, especially since many live in emerging market countries.

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: South Korea 1958 UNESCO Souvenir Sheet (Scott #286a)

In 1958, South Korea issued a souvenir sheet honoring UNESCO, the United Nations Educational, Scientific, and Cultural Organization (Scott #286a). Only 5,000 of this rather bland sheet were issued, and Scott '12 prices it unused at $210.00.

I continue to like the U.N. as a topic, long-term. The market for U.N.-related topicals should grow over the very long haul as institutions of world government develop in order to take on serious (and possibly existential) problems which can only be coped with globally. Despite the present inadequacy, corruption, and ineffectiveness of the U.N., I view its reform and gradual strengthening as a gradual but irresistible trend.

South Korea, a nation of about 50 million people, is one of the fastest growing economies in the world. Currently, it is the world's 13th largest economy and eighth largest exporter. It's export-fueled economic growth has led to a miraculous explosion in its GDP, from almost nothing 50 years ago to about $1 trillion today. Annual GDP growth has averaged 4.2% over the last 5 years, reflecting a slowdown in 2009 due to the global financial crisis. Furthermore, South Korea may be the most rapidly aging nation on earth, as its 65+ population is expected to more than quadruple from 9% in 2005 to 38% in 2050. Obviously, this could pose economic challenges for the country, but it will almost certainly add to its stamp collecting population.

Information concerning printing quantities of stamps is often useful in determining which may turn out to be good investments. The StampSelector Scarce Stamp Quantities Issued List (SSSSQIL) currently includes over 9,700 listings of stamps and souvenir sheets with issuance quantities of 100,000 or less.

Stamp Investment Tip: Afghanistan 1871-91 Tiger's Head Stamps (Scott #2-108)

From a philatelic perspective, Afghanistan is of interest mainly for its early issues, especially the "Tiger's Heads." These crudely lithographed stamps have appeal to specialists throughout the world. When they were issued, most Afghan post offices did not have postal cancelers, so pieces were torn off of the stamps in order to indicate that they were used. Tiger's Heads which catalog in the hundreds of dollars were probably produced in very modest quantities (low hundreds to the low thousands), although printing quantity information is not available for these issues.

I recommend purchase of Tiger's Heads cataloging $350 or more, conditional on obtaining expertization. Personally, I prefer the unused stamps because I've been conditioned to view stamps with pieces missing as ugly, even though this is the norm for used Tiger's Heads. The two key Tiger's Heads are the 1872 6 Shahi Violet (Scott #8; Scott '12 CV = $1,350.00) and 1 Rupee Kabuli Violet (Scott #9; Scott '12 CV= $ 1,850.00, and pictured above at left) - either of which are worth jumping on if you find them at auction.


A nation of over 28 million people, Afghanistan is one of the world's poorest countries. In 2010, the nation's GDP per capita was about $1,000. Its unemployment rate is 35% and roughly 36% of its citizens live below the poverty line. About 42 percent of the population live on less than $1 a day, according to USAID. However, due to the infusion of multi-billion dollars in international assistance and investments, as well as remittances from expats, the economy has significantly improved, with the GDP growing at an astounding 10 percent per year over the past five years. Opium production is a major part of the underground economy, employing over 2 million Afghans.

Recent discoveries of major mineral deposits make the country look compelling from a long-term perspective. In 2010, Pentagon officials, along with geologists from the United States, announced the discovery of $1–3 trillion worth untapped mineral deposits in Afghanistan. The country may possess up to 36 trillion cubic feet of natural gas, 3.6 billion barrels of petroleum, up to 1.3 billion barrels of natural gas liquids and huge deposits of gold, copper, coal, iron ore, lithium, and other minerals.

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: Colombia 1957 Military Academy Souvenir Sheet (Scott #674a)

In 1957, Colombia issued a set and souvenir sheet commemorating the 50th Anniversary of the Colombian Military Academy (Scott #673-74, 674a). While the set is relatively common, only 10,000 of the souvenir sheet were issued, and Scott '12 prices it unused at $20.00 .

The souvenir sheet is somewhat large, and care should be taken to ascertain that it doesn't have creases or bends before purchasing it. It should do well based based upon the growth of Colombia's economy, and the long-term stealth bull market for better Latin American stamps in general.

A nation of 45 million people, Colombia has been plagued by decades of serious internal armed conflict, drug trafficking, corruption, and gross inequities of income, but has nevertheless racked up impressive annual GDP growth averaging 5.5% over the last 5 years. Moreover, until the global financial fiasco cut its GDP growth to 3% in 2009, it had been steadily accelerating, from 2% in 2003 to 8% in 2008. Recently, the government, armed to the teeth by the U.S., has applied a dual policy of combining military pressure with negotiations to cope with the various guerrilla factions within the country. This seems to have worked to some extent, as the number of insurgents has been halved, and the number of homicides and kidnappings drastically reduced. While some argue that the Colombian government is still utterly corrupt, and has violated human rights and supported paramilitary death squads in order to achieve relative peace, it may be that this is par for the course, given the nation's history. The main challenge that the country faces will be that of sharing more of the wealth with the majority of the population so as to develop more of a middle class and political center. Otherwise, it will devolve into an unstable mess.

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.

Phila-Trivia: A Philatelic Poem From 1898

It is sometimes rewarding to spend a bit of time ferreting through old tomes and philatelic journals, as one can uncover oddities like a poem about stamp collecting.


The Eastern Philatelist, in its February, 1889 edition, published this rather charming and evocative poem entitled “Their Designs.”

It reads as follows:
............

Their Designs

by Guy W. Green

As I glance in my haste o’er the pages,

My album presents to my view,

I think of the various symbols

Impressed upon stamps, old and new.

Fair France with her anchor and virgins,

Old Turkey with crescent and star,

Denmark with crown, shield and lions,

Then Baden with griffins and bar.

Proud Austria comes with her eagles,

And Hungary’s horn, wreath and crown

Are followed by Spain’s oblong framings,

From which her dead rulers look down.

While Barbadoes, Cyprus and Fiji,

Tobago and fair Trinidad,

Together with Queensland and Natal,

Do honor to England’s brave head.

At last but not least in my rev’rence,

Our nation among them appears

With her presidents, gen’rals and statesmen,

Who’ve flourished and lived in past years.

The figures confuse and commingle.

Bewildered, I turn me away,

And leave all my fancies and dreaming,

For tasks that await me today.

................

Stamp Investment Tip: Newfoundland 1919 Caribou Issue (Scott #115-26)

In 1919, Newfoundland issued a set of twelve stamps (Scott #115-26) honoring the 1,204 Newfoundlanders who died in World War I. Each stamp pictures Newfoundland's Official Animal, the Caribou, and notes a famous battleground of that pointless war. 48,400 sets were issued, and Scott '12 prices the unused set at $264.25 ($425.00 for NH) .

Aside from being an undervalued B.N.A. issue, the Caribou Issue has the added appeal of being an Animal Topical set.

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.

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: Lebanon 1965 Visit of Pope Paul VI Issue (Scott #C437, C437a)

In 1965, Pope Paul VI visited Lebanon, which commemorated the event by issuing a stamp and souvenir sheet picturing the Holy Pontiff and Lebanese President Chehab (Scott #C437,C437a). 50,000 of the stamp and 5,000 of the souvenir sheet were issued, and Scott '12 prices them unused at $5.25 and $52.50, respectively.

I recommend the purchase of both. While the quantity issued of the souvenir sheet was only a tenth that of the stamp, it is very likely that many of the stamps were used as postage and discarded. The souvenir sheet was sold at a slight premium over face value, so virtually all of them were probably saved, either mint or first day-canceled.

The issue has dual market appeal among collectors of both Lebanon and Catholicism Topicals. There are approximately 1.2 billion Catholic Christians in the world, and many live in the emerging market nations of Latin America, Asia, and Africa. Topicals related to the Catholic Church should be bolstered by economic growth in these areas.


Lebanon, a nation of 4.2 million people, is noted for its commercial enterprise. Over the course of time, emigration has yielded Lebanese "commercial networks" throughout the world. As a result, remittances from Lebanese abroad to family members within the country total $8.2 billion and account for one fifth of the country's economy. The country has the largest proportion of skilled labor among Arab States. The tourism and banking sectors are the the most important pillars of the Lebanese economy, though they have at times been disrupted by political instability. Annual GDP growth has averaged about 4.8% over the last 5 years.

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: Costa Rica 1934 Air Officials (Scott #CO1-13)

In 1934, Costa Rica overprinted overprinted 3,100 sets of its current airmail set, creating a set of Airmail Official stamps (Scott #CO1-13). Scott '12 prices the unused set at $ 32.00.

In my opinion, this is yet another example of a neglected Latin American back-of-book issue. Even in the highly unlikely event that every one of the sets issued still remains, it is still grossly undervalued.

This small nation of 4 1/2 million people is unique as the only Latin American country to have escaped the plague of repressive dictatorships and oligarchies endemic to the region. Costa Rica has generally enjoyed greater peace and more consistent political stability than many of its fellow Latin American nations. The government offers generous tax exemptions to those investing in the country,and in recent times electronics, pharmaceuticals, financial outsourcing, software development, and eco-tourism have become the prime industries in Costa Rica's economy. High levels of education among its residents make the country an attractive investing location. Annual GDP growth has averaged 5.6% 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 Costa Rica, 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: Cyprus 1963 Boy Scout Souvenir Sheet (Scott #226a)

In 1963, Cyprus issued a set and souvenir sheet in celebration of the 50th Anniversary of the Boy Scouts (Scott #224-26, 226a). While the sets are relatively common (172,806 issued), only 29,971 of the souvenir sheets were issued, and Scott '12 prices it unused at $150.00.

This attractive souvenir sheet has multiple market appeal among collectors of Cyprus, British Commonwealth and Boy Scout topicals. Worldwide membership of the Boy Scouts is estimated at 25 million, and Scouting topicals are extremely popular internationally. There is even a organization dedicated to promoting the collecting of stamps honoring Scouting - the Scouts on Stamps Society International (S.O.S.S.I.).

The island of Cyprus is divided between two separate states: the Republic of Cyprus, with about 800,000 people, and the Turkish Republic of Northern Cyprus, which is recognized only by Turkey, which contains another 285,000.The Cypriot economy is prosperous and has diversified in recent years. According to the latest International Monetary Fund estimates, its per capita GDP (adjusted for purchasing power) of $28,381 is just above the average of the European Union. Cyprus has been sought as a base for several offshore businesses because of its highly developed infrastructure. Tourism, financial services, and shipping are significant parts of the economy. Annual GDP growth has averaged about 2.4% over the past 5 years, reflecting a recent contraction due to the global financial crisis.

Information concerning printing quantities of stamps is often useful in determining which may turn out to be good investments. The StampSelector Scarce Stamp Quantities Issued List (SSSSQIL) currently includes over 9,700 listings of stamps and souvenir sheets with issuance quantities of 100,000 or less.

Stamp Investment Tip: Thailand King Vajiravudh Issues

Thailand honored its king with two sets issued in 1912 and 1917. Both the Vienna set (Scott #145-56) and the London set (Scott #164-75) were engraved, and have minute design differences which are described by Scott and other catalogs. 10,000 of each were issued, and Scott '12 prices them unused at $973.00 and $1,936.- , respectively.

The best investments among Thai stamps comprise the better stamps which fall under three categories:

•the early surcharges and overprints, which include the surcharged King's heads, as well as the overprinted semi-postal issues; being overprints, the most valuable of these require expertization;

•the better sets of the early 20th century, most of which feature the King or Royal themes;

•the modern souvenir sheets with low printings and/or topical appeal, especially those of the 1970s and '80s.

I intend to spotlight stamps from each of these categories in future articles, as the prospects for significant long-term growth of the Thai stamp market are very promising.

A nation of 66 million people, Thailand is the second largest economy in Southeast Asia after Indonesia. Despite this, Thailand ranks midway in the wealth spread in Southeast Asia as it is the 4th richest nation according to GDP per capita, after Singapore, Brunei and Malaysia. Though most of the country's population still works in agriculture, the relative contribution of agriculture to GDP has declined while exports of goods and services have increased. Major industries include automobiles and automotive parts, financial services, electric appliances and components, tourism, cement,, appliances, computers and parts, furniture, plastics, textiles and garments, agricultural processing, beverages, and tobacco. Annual GDP growth has averaged just over 3% over the last 5 years, but this takes into account a 2% contraction in 2010, due to the global financial crisis.

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: Kazakhstan 1996 Save the Aral Sea Souvenir Sheet (Scott #145)

In 1996, Kazakhstan issued a souvenir sheet promoting the cause of saving the Aral Sea (Scott #145). 50,000 were issued, and Scott '12 prices the unused souvenir sheet at $5.00.

The sheet makes an interesting and low-risk speculation based on its appeal as both an Animal and an Eco- 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.

A nation of 16 million, Kazakhstan is known to many outsiders from the somewhat demeaning film comedy "Borat." It is the 9th largest country in the world, with a territory greater than that of Western Europe, although its population density is less than 15 per square mile. Kazakhstan has plentiful reserves of oil, natural gas, uranium, chromium, lead, zinc, manganese, coal, iron, and gold. It also has a major agricultural sector, and is the seventh largest producer of grain. Annual GDP growth has averaged about 6% over the last 5 years.

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: Venezuela 1943 Habilitado Surcharge (Scott #384-87)

In 1943, Venezuela surcharged four stamps from earlier issues, creating a set which was sold primarily to stamp collectors (Scott #384-87). 6,000 sets were issued, and Scott '12 prices the unused set at $137.50 .

It is highly probable that most, if not all, of the sets still exist. Nevertheless, its low issuance quantity makes it a good bet on the growth of interest in stamps of Venezuela as well as those of Latin America in general.

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.

I have begun a new blog, "The Stamp Specialist", featuring my buy lists for stamps which I wish to purchase, including the set recommended in this article.Periodically viewing dealers' buy lists
is an excellent way to remained informed about the state of the stamp market.

I encourage those interested in learning more about investing in stamps to view my book, A Guide to Philatelic Investing ($5 on Kindle).

Stamp Investment Tip: Cook Islands 1919 Maori Surcharge (Scott #48-60)

In 1919, New Zealand surcharged thirteen stamps of its 1909-19 issues for use in its dependency, the Cook Islands (Scott #48-60). To facilitate use of the stamps by the native islanders, the surcharge utilized Cook Islands Maori language, also known as Rarotongan, or Te reo Ipukarea, literally "the language of the Ancestral Homeland." The set is commonly known as the "Polynesian Surcharge Issue", although this is imprecise, since there are some 40 Polynesian languages. 20,000 sets were issued, and Scott '12 prices it unused at $27.90.

The engraved stamps of this set (Scott #53-57, 59-60) were produced with two different perf. sizes per sheet, perf. 14X14 1/2 and 14 x 13 1/2, and pairs and blocks of four containing examples with both perf sizes are desirable.

The set should do well based on their appeal to British Commonwealth collectors and demand from New Zealand.

While the population of the Cook Islands (about 20,000) is probably too low to sustain much of a stamp collecting population, there is significant demand for its stamps among collectors of British Commonwealth in general and in New Zealand in particular, because the islands were a dependency of New Zealand for many years, and still have strong links to that nation.

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.

Stamp Investment Tip: U.S. 1946-50 Migratory Waterfowl Stamps with Plate Number on Reverse of Selvedge (Scott #RW13-17var.)

The fact that knowledge is power applies to many aspects of life, and it especially holds true when it comes to the market for collectibles, including stamps. One of the most exciting aspects of the hobby is that every once in a while, one may find scarce varieties priced as normal stamps.

Beginning in 1946, the U.S. Department of the Interior issued Migratory Waterfowl Hunting Permit Stamps, otherwise known as Duck Stamps,
with messages on the back (gum side) of the stamps instructing hunters to sign them on the front. From 1946 to 1950 (for Scott #RW13-17), "PL. 47510" (Plate #47510) was printed on the back of the selvedge attached to one stamp in each sheet (Position 24 on the upper right pane).

The Duck stamps of this period were issued in sheets of 4 panes, each of which contained 28 stamps. Hence, for each of these five issues, only one out of every 112 stamps was attached to the selvedge bearing the plate number printed on the gum side. Until recently, these stamps were ignored by the vast majority of duck stamp collectors, who now collect them as plate blocks of six and plate number singles. Album publishers also ignored the varieties. I've discussed these stamps with several dealers who specialize in duck stamps, and the consensus among them is that perhaps 2%-4% of the initial quantity remain, at most. The Scott U.S. Specialized Catalog describes and prices the plate blocks of these stamps in a note following RW12.

I've listed the five stamps, along with the Scott '11 values for Plate Blocks of 6, the quantities issued for each stamp and the positional variety, and the estimated range of quantities remaining below:

• 1946 $1 Redhead Ducks (RW13) - 2,816,041 issued; $550.00 ; 25,143 vars. issued; Est. 500-1,000 remain;
• 1947 $1 Snow Geese (RW14) - 1,722,677 issued; $550.00 ; 15,381 vars. issued; Est. 300-600 remain;
• 1948 $1 Buffleheads (RW15) - 2,127,603 issued; $550.00 ; 18,996 vars. issued; Est. 375-750 remain;
• 1949 $2 Goldeneye Ducks (RW16) - 1,954,734 issued; $550.00 ; 17,453 vars. issued; Est. 350-700 remain;
• 1950 $2 Trumpeter Swans (RW17) - 1,903,644 issued; $1,500.00 ; 16,997 vars. issued; Est. 350-700 remain;

I believe these positional varieties to be an excellent investment if purchased at their current catalog values, and advise collectors to keep a lookout for the varieties priced as the normal stamps by dealers who are ignorant of them.

The Duck Stamp collecting community is interesting because it represents an atypical crossover market which includes collectors of general U.S. stamps and U.S. Revenues, along with collectors of Duck hunting memorabilia and Wildlife art. Because the sales of the stamps protect wildlife habitats, it may be considered a "green" collectible, and Duck stamp collecting is actively promoted by the Fish and Wildlife Service. There are currently about 8,000 to 10,000 "serious" Duck stamp collectors in the U.S., and many others who buy them to them to fill spaces in their general U.S. albums.

I wish to thank Bob Dumaine, President of Sam Houston Philatelics, for providing much of the information used in this article.


Those interested in learning more about investing in stamps are encouraged to read the Philatelic Investment Guide ($5), available on Kindle, and accessible from any computer.

Stamp Investment Tip: British East Africa 1890-94 Sun and Crown (Scott #14-30)

The Imperial British East Africa Company administered the territory which was later to become Kenya from 1888 to 1895, when the territory became a British protectorate. Between 1890 and '94, the Company issued a set of seventeen stamps picturing a sun and crown, symbolizing "Light and Liberty" (Scott #14-30). 1,500 sets were issued, and Scott '12 prices the unused set at $752.50 . Most of the stamps in the set had printings in the mid-10,000s, but the two key stamps, the 8a Gray (Scott #24 ; CV=$350.00) and the 1r Gray (Scott #26; CV=$275.00) had printings of 1,500 and 2,400, respectively.

I recommend either purchase of the complete set, if found in F-VF or better, LH condition, or the key stamps individually. The set represents a conservative investment based on the growth of British Commonwealth collecting alone, but should a significant collecting population develop within Kenya, it will do very well indeed.

A nation of 41 million people, Kenya has the largest GDP in East and Central Africa. The country traditionally produces world renowned tea and coffee, and more recently has become a major exporter of fresh flowers to Europe. It is generally perceived as Eastern and Central Africa's hub for financial, communication and transportation services, and has a service industry driven by a steadily growing tourism sector. Annual GDP growth has averaged about 5% over the past five years.

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: Jamaica 1897 Victoria (Scott #28-30)

I'm initiating coverage of Jamaica with a set of high values which the British issued for their colony to celebrate Queen Victoria's Jubilee in 1897 (Scott #28-30). Only 9,120 sets were issued, and Scott '12 prices the unused set at $104.50 .

These three stamps (1sh, 2sh, and 5sh) were pricey for the time, and while it is possible that some may have been purchased by well-heeled collectors, it is likely that many were used as postage to send heavy packages and then discarded. The set represents a conservative investment based solely upon the growth in interest in stamps of the British Commonwealth. Should a significant collecting population develop among Jamaicans, it's value will be given an added boost.

An island nation with just under 3 million people, Jamaica is a mixed economy with both state enterprises and private sector businesses. Major sectors of the Jamaican economy include agriculture, mining, manufacturing, tourism, and financial and insurance services. Economic growth has been flat over the past 5 years, in part due to the recent global economic downturn.

Information concerning printing quantities of stamps is often useful in determining which may turn out to be good investments. The StampSelector Scarce Stamp Quantities Issued List (SSSSQIL) currently includes over 9,700 listings of stamps and souvenir sheets with issuance quantities of 100,000 or less.

Stamp Investment Tip: Luxembourg 1952 Postage Stamp Centenary (Scott #C16-20)

In 1952, Luxembourg issued a set of five airmails commemorating the centenary of its postage stamps (Scott #C16-20). 37,416 sets were issued, and Scott '12 prices the unused set at $55.30 ($100.00 for NH).

Stamps-on-stamps topicals are very popular worldwide, and although Luxembourg is a small country, its stamps are widely collected, especially in the Benelux countries.

A nation of about a half a million people, Luxembourg has a highly developed economy, with the world's second highest GDP per capita. Its stable, high-income economy features moderate growth, low inflation, and low unemployment. The industrial sector, which was dominated until the 1960s by steel, has diversified to include chemicals, rubber, and other products. During the past decades, growth in the financial sector has more than compensated for the decline in steel. Services, especially banking and other financial exports, account for the majority of economic output. Annual GDP growth has averaged 2.3% over the last 5 years, despite a major recent contraction due to the global financial crisis.

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.