Stamp Investment Tip: Macao 1934 Allegory (Scott #268-88)

  In 1934, the Portuguese issued a set of definitives for Macao, featuring an allegory of "Portugal and Vasco de Gama's flagship, the "San Gabriel" (Scott # 268-88). While quantities issued information is unavailable for this set, I would estimate that 20,000 or fewer sets were issued, and Scott '13  prices the unused set at $925.40 .

Most of the sets were probably used as postage and discarded. I recommend purchase of it in F-VF or better, NH or LH condition.

In my opinion, all of the better stamps of the European and other foreign Colonies/Possessions in China should be considered for investment, as they have dual markets both in their former home countries and in China.

In 1999, Macao became a special administrative district of the People's Republic of China. With a population of about 500,000, Macao's economy is dependent upon tourism, much of it geared toward gambling, although important secondary sectors include apparel manufacturing and financial services. Annual GDP growth has been high, averaging over 9% over the last 7 years. The fact that much of Macao's economic growth has been driven by a regional monopoly on gaming is a little worrisome, because obviously there is no guarantee that the People's Republic won't relax restrictions on gambling in the rest of China, allowing more competition. Nevertheless, I feel that certain scarce issues of this former colony are grossly undervalued, given the number of collectors who will be bidding for them.

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, and is also an excellent venue for those who wish to buy, sell, or trade stamps.

Stamp Investment Tip: Armenia 1992 Independence Souvenir Sheet Scott #431)

In 1992, Armenia issued a set and souvenir sheet celebrating its independence (Scott #430, 431). The set was issued as a strip of three stamps (Scott #430a-c). 100,000 strips and 20,000 souvenir sheets were issued, and Scott' 13 prices them unused  at $4.25 and $ 50.00, respectively.

I recommend purchase of both the strip and the souvenir sheet. These stamps were the first issued by Armenia as an independent nation in 70 years - since the Soviet takeover in 1922 - and they appeal deeply to Armenian nationalist sentiment.

Many of the new and newly resurrected nations of Central Asia and Europe have issued quite a few stamps and souvenir sheets in very modest quantities, and some of these represent interesting opportunities for speculation for those who wish to "get in on the ground floor." As these countries have only recently begun issuing stamps, their collector populations are minimal, although they are unlikely to remain so, especially if the countries prosper. The best way to play them is to target popular topicals with low issuance quantities, as these will have worldwide appeal, whether interest in these countries' stamps grows significantly or not.

Armenia, a nation of about 3.2 million, has made steady economic progress in the face of a number of obstacles, including its legacy of dependence on the Soviet Union as a centrally planned economy, a catastrophic earthquake, and an unresolved conflict with Azerbaijan over the Nagorno-Karabakh region. Major economic sectors include agriculture, chemicals, electronics, machinery, and mining, and new industries, such as precious stone processing and jewellery making, information and communication technology, and even tourism are beginning to develop. The economy is also bolstered by investment and support from 5.7 million Armenians living abroad. Annual GDP growth has averaged just under 3% over the last 5 years, although this reflect a contraction of 14% in 2009 due to the global financial crisis.

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: Peru 1957 Peruvian Postage Stamp Centenary (Scott # C131-40)#t #C131-40)

  In 1957, Peru issued a colorful set of ten stamps celebrating the centenary of its first postage stamps (Scott #C131-40). 50,000 sets were issued, and Scott '13 prices the unused set at $ 10.25.

  The set should do well as Peru's stamp collecting population develops, and it also has appeal as a Stamp-on-Stamp Topical issue.

 
With a population of 29 million, Peru is an emerging market nation which has experienced significant economic growth over the last 15 years, and annual GDP growth averaging 7.2% over the last 5. Major exports include copper, gold, zinc, textiles, and fish meal. In 2010 Peru's per capita income is about $10,000. Poverty has steadily decreased since 2004, when nearly half the country's population was under the poverty line, although great inequities in income distribution persist. As the trend continues and more Peruvians join the middle class, the country's better stamps should do very well.

I have begun a new blog, "The Stamp Specialist", which features wholesale buy prices for stamps which I am interested in purchasing. I've posted a buy list for the Peru, and it 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.

General Commentary: Comparing the Long-term Performance of First Issues

   I recently purchased a 1940 Scott Catalogue in order to make general comparisons between the the market values of various stamps then and now, and to gauge their  relative long-term performance.

       Some collectors feel  nostalgia for the so-called Classic
Period of Philately, the first century of postage stamps, during which all of the world's issues could be listed and described in a single convenient volume, rather than the unwieldy six volume set that collectors must use today. Issuance policies of that period were far more conservative than now, designs were usually dignified and attractive, and the subjects tended to be significant and relevant to the issuing country's history or culture. The idea of issuing a "Love" stamp or a stamp honoring a cartoon character would have been considered laughable during this period, and even the poorer nations would not have considered pandering to collectors in the wealthier ones by issuing stamps picturing contemporary pop music stars. To some extent, the decision by Scott Publishing to issue a Classic Specialized Catalogue reflects this lingering sense of nostalgia.

    The year 1940 represents a good starting point for taking an overview of the growth of the modern stamp market. Franklin Delano Roosevelt, the most famous stamp-collecting  U.S. President, was in office, and the U.S. was mobilizing for war and just beginning its economic recovery from the Great Depression.

In the interest of conciseness and consistency, I've decided to consider only the first issues of stamps from major nations in both the affluent and developing world, and to include only the catalogue values of used stamps, because these countries' first stamps in unused condition are often rare and unaffordable to most collectors. I've calculated the stamps' approximate average long-term compounded rates of return over the last 73 years (since 1940) using the Rule of 72, which works well when measuring exponential growth over long periods of time. In cases where a currently existing nation did not exist in 1940 but stamps were issued by a colonial power, I have listed the first stamps issued for the colony. Though somewhat "Americentric", I've utilized the old Scott country order (U.S., Great Britain and Commonwealth, General Foreign A-Z) to list the stamps.

- United States 1847 5c Franklin/10c Washington (Scott #1-2); Scott 1940 = $ 41.50, Scott 2013= $ 1,575.- ; Approximate Long-term Annual Compounded  Rate of Return (ALTACROR) = 5%;

- Great Britain 1840 1p Black (Scott #1); Scott '40= $2.00; Scott '13= $300.- ; ALTACROR = 7%;

- Australia 1913 Kangaroo (Scott #1-15); Scott '40= $ 37.18; Scott '13= $ 645.75 ; ALTACROR = 4%;

- Canada 1851 3p Red (Scott #1); Scott '40= $ 15.00; Scott '13= $ 1,000.-  ; ALTACROR =  6%;

- Cape of Good Hope  1853 Hope Seated (Scott #1-2); Scott '40 = $ 18.00; Scott '13= $ 445.- ; ALTACROR =  4.5%;

- India 1854 Victoria (Scott #2-6); Scott '40 =$ 26.75; Scott '13 =$ 610.- ; ALTACROR= 4.5%;

- Lagos 1874-75 Victoria (Scott #1-6); Scott '40 =$ 32.00; Scott '13= $  260.-  ; ALTACROR = 3%;

- Brazil 1843 Bull's Eyes (Scott #1-3); Scott '40= $ 77.50; Scott '13 = $  2,250.- ; ALTACROR = 5%;

- China 1878 Dragon (Scott #1-3); Scott '40 = $ 6.00; Scott '13 = $ 1,425.- ; ALTACROR =  8%;

- Colombia 1859 Arms (Scott # 1-7); Scott '40 = $ 25.50; Scott '13 =$ 595.- ; ALTACROR = 4.5%;

- Egypt 1866 Surcharge (Scott #1-7); Scott '40 = $  61.25; Scott '13 = $725.50 ; ALTACROR = 3.5%;

- Ethiopia 1895 Menelik II (Scott #1-7); Scott '40 = $ 1.80; Scott '13 = $ 14.- ; ALTACROR =  3%;

- France 1849-59 Ceres (Scott #1-3, 6-7, 9); Scott '40 = $ 35.35; Scott '13 = $ 2,610.- ; ALTACROR =   6%;

- Germany 1872 Small Shield (Scott #1-11); Scott '40 = $ 21.65; Scott '13 = $  951.- ; ALTACROR = 5%;

- Indochina 1889 Surcharge (Scott #1-2); Scott '40 = $ 2.85; Scott '13 = $ 107.- ; ALTACROR =  5%;

- Iran 1875 Arms ( first postally cancelled issue - Scott #11-14); Scott '40 = $ 30.00; Scott '13 = $ 280.- ; ALTACROR =  3%; 

- Italy 1862 Victor Emmanuel II (Scott #17-21); Scott '40 = $ 23.50; Scott '13 = $ 3,000.- ; ALTACROR = 7 %;

- Japan 1871 Dragons (Scott #1-4); Scott '40 = $  28.50; Scott '13 = $ 1,625.- ; ALTACROR =5.5%; 

- Korea 1895 Yin Yang (first stamps to be used- Scott #6-9); Scott '40= $ 1.65; Scott '13 = $ 80.- ; ALTACROR =  5%;

-  Mexico 1856 Miguel Hidalgo y Costilla (Scott #1-5) ; Scott '40 = $ 26.25; Scott '13 = $ 358.50 ; ALTACROR = 3.5 %;

- Netherlands 1852 William III (Scott #1-3) ; Scott '40 = $ 8.35; Scott '13 = $ 181.50 ; ALTACROR= 4%;

- Netherlands Indies 1854 William III (Scott #1); Scott '40 = $ 6.50; Scott '13 = $ 100.-; ALTACROR = 4%;

- Philippines (Spanish) 1854 Isabella II (Scott #1-5); Scott '40 = $ 205.00; Scott '13 = $ 1,100.- ; ALTACROR=   2.25%; 

- Poland 1860 Arms (Scott #1); Scott '40 = $ 8.00; Scott '13 = $ 250.- ; ALTACROR = 4.75 %;

- Russia 1857 Arms (Scott #1); Scott '40 = $ 25.00; Scott '13 = $ 850.- ; ALTACROR =  5 %;

- Spain 1850 Isabella II (Scott #1-5); Scott '40 = $ 187.50; Scott '13 = $ 3,367.- ; ALTACROR =  4%;

- Sweden 1855 Arms (Scott #1-5); Scott '40 = $ 151.00; Scott '13 = $ 9,400.- ; ALTACROR = 6%;

- Thailand 1883 Chulalongkorn I (Scott #1-6); Scott '40 = $ 2.60; Scott '13 = $135.50; ALTACROR=  5.5%;

   These rates average out to about 4.75%, which significantly beats the very long-term U.S. inflation rate since 1872 of 2.16%,  but is less impressive when compared to the 3.9% inflation rate since 1945.

   The performance of Great Britain's Penny Black is particularly interesting, because it is the world's first postage stamp and probably also the world's most famous stamp, and is therefore in demand by many stamp collectors worldwide.  About 69 million were issued in 1840, very few were collected unused, and a substantial number of used examples (perhaps 1-3 million?) remain, though most are in poor to average condition. It is possible to make an educated guess concerning its price performance since 1840 by assuming a "hypothetical 1840 catalogue value" of 1/2 cent to 1c for the stamp in used condition (as there were no stamp catalogues in 1840), which would imply an increase by a factor of 30,000 to 60,000, and a 173 year compound annual  rate of appreciation of 6% or 7%, depending upon which catalogue value is used.  If the relatively consistent general worldwide demand for the Penny Black could  be segregated from the more dynamic and particular demand of collectors of Great Britain, British Commonwealth, and philatelic investors, then it might be possible to gauge the long-term global growth of the stamp collecting population, but this, alas, is impossible.

Stamp Investment Tip: U.S. 1869-75 90c Lincoln (Scott #122, 132)

   In 1869, the U.S. issued a grilled pictorial set of stamps which many collectors consider its first commemoratives (Scott #112-22). These were reissued without grill in 1875 (Scott #123-32). In both sets, the top value is a 90c stamp (Scott #122, 132), portraying Abraham Lincoln, America's greatest president. While printing quantities are not known for the first stamp, I would estimate that a few thousand were issued. 1,356 of the reissued 90c were issued.  For unused, these stamps catalog $ 12,000.- ($2,100.-  for used), and $ 3,750.- ($ 6,500.- for used), respectively.

   Ninety cents was a lot of money in the 1870s - about 2 days wages - when the average American worker earned about $120 a year.  Only a few wealthy collectors could afford to collect the stamp unused, and it is likely that many of the rest were used as postage on heavy packages and were then discarded.

   Given these stamps' priciness, I consider purchasing them as seconds of  F-VF or better appearance to be the most prudent way to invest in them, assuming that these may be had for 10%-15% of catalog value.  Centering is typically atrocious on these issues, so select for those with perfs clearing the design on all four sides. Note that when purchasing seconds of expensive stamps, appearance and the lack of the worst types of defects is very important. Avoid stamps with pieces missing, stains, tears, ugly, obstructive cancels, etc.. Though it may seem counter-intuitive, nice-appearing seconds of very expensive stamps are often better investments than sound examples, as discussed in a previous article ( Practical Advice - When Do Seconds Come In First? ).

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, and is also an excellent venue for those who wish to buy, sell, or trade stamps.

Stamp Investment Tip: Lebanon 1937 Paris International Exposition (Scott #C57-64)

In 1937, Lebanon issued a set of eight airmail stamps honoring its participation in the Paris International Exposition (Scott #C57-64). 15,000 sets were issued, and Scott '13 prices the unused set at $44.50.

The issue has dual market appeal among collectors of  Lebanon and French Colonies/Possessions.

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 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: Costa Rica 1960 Saints Vincent and Louisa (Scott #C298-302)

In 1960, Costa Rica issued a set of five airmail stamps honoring Saint Vincent and St. Louisa (Scott #C298-302). 20,000 were issued, and Scott '13 prices the unused set at $3.25.

Aside from being yet another grossly undervalued Latin American issue, the set doubles as a Religion Topical.

A small nation of 4 1/2 million people, Costa Rica 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 ecotourism 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 posted a buy list for Costa Rica, which includes several sets recommended in this blog. 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: Portugal 1928 Third Independence Issue (Scott #437-52)

  In 1928, Portugal issued its third set of stamps celebrating 800 years of independence (Scott #437-52). 50,000 sets were issued, and Scott '13 prices the unused set at $99.00 ($150.- for NH).

All three of the Independence sets are worth considering as investments, as they illustrate the panoply of Portugese history and also appeal to topicalists collecting Famous Persons. They represent a conservative bet on  Portugal's eventual recovery from the European financial crisis.

  
A nation of 10.6 million people, Portugal is a high income mixed economy, and its major industries include agriculture, fishing, mining, tourism, automobile production , electronics, textiles, and chemicals. The Financial Crisis of 2008 is still affecting the Portuguese economy severely, causing a wide range of domestic problems specifically related to the levels of public deficit in the economy, as well as the excessive debt levels. Portugal's average annual GDP growth over the past 5 years has been flat, reflecting economic contractions in 2009 (2.9%) and 2011 (1.6%).

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, and is also an excellent venue for those who wish to buy, sell, or trade stamps.   

Stamp Investment Tip: Macao 1898-1903 King Carlos (Scott #75-103)

  Between 1898 and 1903, the Portuguese issued a set of 29 stamps portraying King Carlos for Macao (Scott #75-103). Quantity issued information is not available for this set, but I estimate that 5,000 to 10,000 were issued, and Scott '13 prices the unused set at $710.50.

   It is likely that most of these sets were used as postage and discarded.

In my opinion, all of the better stamps of the European and other foreign Colonies/Possessions in China should be considered for investment, as they have dual markets both in their former home countries and in China.

In 1999, Macao became a special administrative district of the People's Republic of China. With a population of about 500,000, Macao's economy is dependent upon tourism, much of it geared toward gambling, although important secondary sectors include apparel manufacturing and financial services. Annual GDP growth has been high, averaging over 9% over the last 7 years. The fact that much of Macao's economic growth has been driven by a regional monopoly on gaming is a little worrisome, because obviously there is no guarantee that the People's Republic won't relax restrictions on gambling in the rest of China, allowing more competition. Nevertheless, I feel that certain scarce issues of this former colony are grossly undervalued, given the number of collectors who will be bidding for them.

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: India 2000 Indepex Asiana Souvenir Sheet (Scott #1863b)

In 2000, India issued a souvenir sheet celebrating the Indepex Asiana Stamp Exhibition, and picturing Indian jewelry (Scott #1863b). 50,000 were issued, and Scott '13 prices the unused souvenir sheet at $8.00 .


All Indian souvenir sheets with printings of 100,000 or fewer should be accumulated, with priority given to those issues which have strong thematic appeal. The Indepex Asiana souvenir sheet has obvious appeal as an Art and Gems/Minerals topical and should do very well indeed. India is a rapidly developing nation of over a billion people, and millions of Indian collectors will likely be converted to the insidious cult of Philately over the next decades.

 Those interested in viewing a list of scarce stamps with printing quantities of 100,000 or fewer may wish to view the StampSelector Scarce Stamp Quantities Issued List, which currently contains over 9,700 entries. Researching quantities issued data is vital to determining in which stamps to invest.

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: Ecuador 1945 Red Cross Issue (Scott #440-43/C131-34)

   In 1945, Ecuador issued a compound set of eight stamps honoring the International Red Cross (Scott #440-43/C131-34). Only 10,000 sets were issued, and Scott '13 prices the unused set at $58.40.

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 Latin America, should bolster the value of this currently inexpensive set.

Ecuador, a democratic republic of 13.6 million people, is considered a medium-income country, with about 38% of its population living below the poverty line. Ecuador's natural resources include petroleum, fish, shrimp, timber and gold. In addition, it has a prosperous agricultural sector, producing bananas, flowers, coffee, cacao, sugar, tropical fruits, palm oil, palm hearts, rice, roses, and corn. While Ecuador's economy suffered during the 2008-09 financial crisis, weathering a default and repurchase of its debt at a discount, it seems to be recovering. Annual GDP growth over the last 5 years has averaged about 5%.

I've begun a new blog, "The Stamp Specialist", which features wholesale buy prices for stamps which I am interested in purchasing, as well as links to other dealers' buy lists.  Viewing such buy lists every now and then is an excellent way to keep current on the vagaries of the stamp market.

Stamp Investment Tip: Falkland Islands 1921-29 George V (Scott #41-48)

The Falkland Islands, an archipelago in the South Atlantic off the coast of Argentina, is a self-governing territory of the United Kingdom. While Falkland Islanders comprise a tiny but very affluent population of about 3,000, from a philatelic investment perspective, the Falklands are of interest because they appeal to both British Commonwealth and Antarctic territories collectors.

From 1921 through 1929, the Falklands issued a set of eight stamps portraying King George V (Scott #41-48). Only 14,220 were issued, and Scott '13 prices the unused set at $174.00 .

I recommend purchase of the set in F-VF+ NH or LH condition. Few people were collecting stamps of the Falklands eighty years ago, and most of the sets were probably used as postage and discarded.

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.

Phila-Trivia: 1894 Article on Confederate States Stamps

“C.S.A.” (a nom de philatelie) recapped the philatelic history of the Confederate States in a fascinating article that appeared in "The Post Office" for November 1894.

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

		Some Philatelic Memories of Dixie Few pages in American albums are of more pathetic interest than those containing the adhesives of the “Confederate States.” They mutely tell of a nation born in a day, whose existence has now given place to a mere reminiscence. The inferior mechanical execution of both the provisional and regular series of these stamps is typical of the untried expedients of a people who were suddenly called on to create a full-fledged government. Yet, rarely are stamps more sought after by the average collector, or command better prices. It is not a little remarkable, however, to note the disproportion between the two series. Upwards of sixty varieties were issued independently by the several postmasters during the first year of the struggle, as against only about twenty-five by the Government for the whole five years. These “locals,” as they are termed, were in use but a few months, and had a relatively limited circulation; for the present writer neither saw nor heard of one, that we can now recall, throughout the entire war. Though a lad at the time, we well remember the first appearance of the regular series. It was in the autumn of 1861, when each mail was eagerly awaited for fresh tidings from the seat of war. The earliest to arrive was the five cent bright green, with the head of the chief of the Confederacy, making a striking contrast to the pale red vignette of Washington, which had so long served all sections of our common fatherland. While waiting for this official series, our letters were mailed partly by the provisionals, but more usually by paying the cash directly at the mailing office. The majority of letters mailed in Dixie this first year of the war will be found to bear the simple written inscription “Paid,” as was the case before the introduction of our national adhesives in 1847. The engraving of this series was very coarse and inartistic, and without perforations, as was indeed the case with all subsequent issues. The next year the green was changed to blue, but as the series was so soon to be superseded, these latter have become the rarer stamps by far. Along with this came a ten-cent value for double postage, in varying shades of blue, which color was also shared with a pinkish red or carmine; but the ten-cent red of this date must have always been a rare stamp, as we can recall very few of them now. In Mekeel’s weekly Stamp News, of October 11, Mr. H.E. Deats has a communication about the printing of this series, recounting the allegation that the Philadelphia firm of Butler & Carpenter were among the original bidders. But a recent letter from Hon. J.H. Reagan, ex-P.M. General of the Confederacy and now residing in Austin, Texas, informs me that a portion of this series was printed in Philadelphia by a Hebrew firm, though he does not remember the details, as that was the province of his third assistant, Mr. John Harrell, formerly of Montgomery, Ala. Thus, in spire of the indignation of the above firm, there were some other engravers not so insensible to Confederate ducats. Certain it is that the first Confederate money was printed by the National Bank Note Company; so that it is not impossible the first Confederate stamps were set forth near the same locality. The Judge states that the rest of this series was executed in England, where the work continued to be done until the new government was able to do its own printing. This was probably about the close of 1862, as near this date we find such names on the margins of the whole sheets as “Archer and Daly, Bank Note Engravers, Richmond, Va.,” like the similar imprints of Keatinge & Ball, Columbia, S.C., or Walker, Evans & Cogswell, Charleston, on the margins of the Confederate money. Judge Reagan also informs me that about the close of the war a perforating machine was received from England, but so near the close that it was never used. This may be very ungracious news to those who persist in filling the yawning spaces in their albums devoted to the “five-cent, 1862, perforated,” and the “ten-cent, 1863, perforated,” but it is at least official, and should be final. It may not be without interest to further add that some of the postage stamp dies were carried from Richmond by the authorities when that city was evacuated, but that they were either abandoned by the way, or else fell into the hands of the Federals. The cost of living enormously increased [in] those early years of the conflict, and the cost of postage followed suit. This five-cent issue was short-lived. It gave place to another one of the same value but much smaller in design. The letter rate going up to ten cents, however, soon made it needful to have one stamp of this value. And so, about the middle of the war, appeared the familiar ten-cent blue, which, like the preceding, bore the face of the Confederacy’s Chieftain, and which was unchanged to the close of the conflict. When first issued, the vignette was a trifle different from the subsequent prints, and the value “Ten” was changed to the numerical “10”; but the unpracticed eye would not likely discern the difference. This former variety, however, is a very rare stamp. Out of a mass of family correspondence covering the five years of the war, I believe but one such stamp was found. In this year also appeared the twenty-cent green. It served as a convenience for double postage, but was never popular. In the used condition it is not common, for the good reason it was rarely used. The two-cent green and the two-cent rose had already appeared, and they were useful for newspaper postage. But for the same reason as that of the rarity of the twenty-cent, so with these. The Confederacy knew not the use of pennies. Less than a five-cent stamp was not likely ever to be asked for, and it was this denomination which carried our second-class matter; not the two-cent or the one. Indeed, most of the post offices never carried any other issue but the five- or ten-cent denomination. As a sequel to the whole, and as a series decidedly born out of due season, was the batch of the one-cent yellow of 1864. It was executed in England, and reached the Confederacy just at the close of the struggle. Certainly it was a paradox to have set forth such a denomination at such a time. During the last few months of the war we often saw a spool of cotton sell for $100, and at last these same bills were used to wrap up the spools with. A one-cent postage stamp would have been in cold company by that date. However, the series was never used. It may properly be termed the “Confederate Seebeck,” and possesses about as much philatelic value as those interesting emissions. A complete monograph on these Confederate stamps is much to be desired. Yet we doubt if it will ever be written. We have been this season in active correspondence with Confederate officials, as with the authorities in charge of the Confederate archives in Washington, seeking some tangible data. The quest has not been very encouraging. No one seems to know the date, or the number, or the character of the several series as issued any more positively than is known the year when Homer published his Iliad. To all who have a fascination for esoteric studies, the Confederate adhesives are likely to afford a perennial theme.

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Stamp Investment Tip: Newfoundland 1933 Balbo Flight Surcharge (Scott #C18)

Newfoundland issued several overprinted airmail stamps that served as postage on pioneer flights, which are of great interest to Aviation topicalists,  and include some of the great rarities of Aviation Philately. The rarities are unaffordable for the vast majority of collectors, but the lesser flight overprints are also quite scarce and worthy of consideration as investments.

In July of 1933, Newfoundland surcharged 8,000 of its 75c "Labrador, Land of Gold" airmails issued the month before for use on the Chicago to Rome Flight of General Italo Balbo.  Scott '13 prices the stamp unused at $325.00 ($500.-   for NH).

   I recommend purchase of the stamp in VF NH or LH condition, or used on a flight cover. The stamp is of interest to Aviation topicalists, and possibly also to collectors in Italy, as Balbo was a prominent Fascist and Mussolini's heir apparent. I'm unaware of any fake surcharges for this issue, but as with all valuable overprinted stamps, it might be prudent to obtain expertization as a condition of purchase.

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 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: Gabon 1932-33 Scenes (Scott #132-47)

Between 1932 and '33, the French issued a long "scenes" set for Gabon (Scott #132-47). As with many of the sets that they issued for their African colonies, the set was beautifully engraved, and the vast majority were probably used as postage and discarded. 25,000 sets were issued, and Scott '13 prices it unused at $224.35 .


The set should do well based upon increasing demand for French Colonies, but it also make an interesting play on Gabon as a developing economy. With a population of 1.5 million, Gabon has a per capita income of four times the average for Sub-Saharan Africa. The low population density together with abundant natural resources and foreign private investment have helped make Gabon one of the most prosperous countries in the region. Annual GDP growth has averaged just under 3% 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, and is also an excellent venue for those who wish to buy, sell, or trade stamps.  

Stamp Investment Tip: Mexico 1929 Emilio Carranza Airmail (Scott #C5-10)

In 1929, Mexico issued a set of six airmail stamps in memory of Captain Emilio Carranza (Scott #C5-10). Carranza was a noted Mexican aviator and national hero, nicknamed the "Lindbergh of Mexico." He was killed when his plane crashed while returning from a historic goodwill flight from Mexico City to the United States. 28,298 sets were issued, and Scott '13 prices the unused set at $29.10 ($75.- for NH) .

The set, issued the year following Carranza's tragic death, has dual appeal to collectors of Mexico and Aviation topicals.

With a population of about 109 million, Mexico has experienced 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, crime, and corruption, upgrading the infrastructure, and reforming tax and labor laws. Stamps of Mexico are popular among collectors in the U.S. as well as in Mexico, and those who wish to learn more about Mexican stamps should consider joining the Mexico Elmhurst Philatelic Society International (M.E.P.S.I.). MEPSI provides many useful services for collectors of Mexico, including expertizing Mexican stamps.


I've begun a new blog, "The Stamp Specialist", which will feature wholesale buy prices for stamps which I am interested in purchasing. The first such buy list is for Mexico, and includes the set recommended in this article. The blog also contains links to other dealers' buy lists. 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: Germany 1912-33 Private and Semi-Official Airmails

      Prior to the issuance of Germany's first official airmail stamps in 1919, airmail stamps were privately issued for mail which was carried on flights by German airships ( or "Zeppelins"). Before 1912, the Germans had developed sophisticated luxury airships, which transported passengers and mail. The stamps issued by the airship companies paid only the carriage fee for the airship company. Letters carried by, or transferred to, the German postal service had to have regular postage stamps affixed to them, as well.

In addition, mail was sometimes carried on pioneer airplane flights. Airplanes of this period were still very experimental and prone to problems. The stamps used on the mail carried by the pioneer airplane flights were issued solely to finance these events and had no postal value. They were issued solely for sale to collectors, and were sometimes affixed to postcards carried on the flights.


The Scott Catalog does not list these stamps because of their unofficial status, though Michel does. Despite the fact that they probably should be considered labels or Cinderellas, they are very popular in Germany and among Aerophilatelists worldwide, and may be seen as interesting relics of the early days of airmail delivery. It is likely that the worldwide interest in the Aerophilately topic will grow more rapidly than the demand for German stamps, and based upon those trends, as well as the low printings of some of these stamps (as noted in the StampSelector Scarce Stamp Quantities Issued List under Germany), I consider them attractive investments.

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: Uzbekistan 2004 Summer Olympics Souvenir Sheet (Scott #387)

In 2004, Uzbekistan issued a souvenir sheet celebrating the Summer Olympics (Scott #387). Only 20,000 were issued, and Scott '13 prices it unused at $3.00.


The sheet makes an interesting and low-risk speculation based on its appeal as a Sports/Olympics topical, and as a bet on the economic growth of Uzbekistan 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 about 28 million, Uzbekistan relies mainly on the production or extraction of commodities, including cotton, gold, uranium, potassium, and natural gas. The government is slowly relaxing state control of the economy, although it remains hostile to allowing the development of a significant private sector. Average annual GDP growth has been outstanding, averaging 8% over the last 5 years. However, average income has remained low, at around $610 per year (2006), largely due to the fact that much of the country's prosperity has benefited a tiny ruling elite of corrupt bureaucrats. Reforms are obviously necessary, although given the country's abysmal human rights record, the road to change will probably be a bumpy one.

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: Peru 1927 Servicio Aereo Overprint (Scott #C1)

  In 1927, Peru overprinted 10,000 of its 50c Statue of Maria Bellido stamps (Scott #248) "Servicio Aereo", thereby creating its first airmail stamp (Scott #C1).  Scott '13 prices the unused stamp at $50.00.

  The genuine stamp is worth owning. Unfortunately, examples with fake overprints exist, and C1 is still too inexpensive to justify paying for expertization on an individual stamp. Therefore, the prudent means of investing in it is to purchase multiples (blocks of 4 or more stamps), conditional on obtaining expertization. 

Peru has issued a number of undervalued sets, which I intend to cover in the future. Demand for the country's stamps is boosted by the tendency of many collectors to focus on Latin America as a region.

With a population of 29 million, Peru is an emerging market nation which has experienced significant economic growth over the last 15 years, and annual GDP growth averaging 7.2% over the last 5. Major exports include copper, gold, zinc, textiles, and fish meal. In 2010 Peru's per capita income is about $10,000. Poverty has steadily decreased since 2004, when nearly half the country's population was under the poverty line, although great inequities in income distribution persist. As the trend continues and more Peruvians join the middle class, the country's better stamps should do very well.

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: New Zealand 1946-47 Life Insurance Stamps (Scott #OY24-28)

  New Zealand began issuing stamps for use by its  Government Life Insurance Department in 1891.  From 1946 to '47, New Zealand issued a set of five Life Insurance Stamps (Scott #OY24-28), utilizing the same Lighthouse common design that had been used in its earlier 1905-32 set (Scott #OY10-23). 13,800 of the were issued, and Scott '13 prices the unused set at $ 24.55 ($42.50 for NH)  .           

All of the early New Zealand Life Insurance sets are scarce and undervalued - possibly because they are neglected as obscure back-of-book issues.

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.

I've begun a new blog, "The Stamp Specialist", which features wholesale buy prices for stamps which I am interested in purchasing, as well as links to other dealers' buy lists. Viewing dealers' buy lists every now and then is an excellent way to keep current on the vagaries of the stamp market.