Stamp Investment Tip: Cook Islands 1893-94 Queen Makea Takau (Scott #9-14)

From 1893 through 1894, the Cook Islands issued a set of definitives picturing Queen Makea Takau (Scott #9-14). Only 7,200 sets were issued, and Scott '11 prices the unused set at $224.- .

The set is seldom found in any condition, and it wouldn't surprise me if fewer than 1,000 remain. Note that rough perfs and poor centering are typical of this issue, so attempt to purchase the set that is centered Fine or better.

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. According to a recent UN Report of Global Aging, the percentage of New Zealanders aged 60 and over is projected to rise from 18% in 2009 to 29% in 2050.

General Commentary: Faith in Religion (on Stamps)

"One man's faith is another man's fortune." The axiom not only refers to televangelists, cult leaders, Afterlife insurance salesmen, New Age gurus, and other purveyors of theological snake oil, but also has possible implications for the philatelic investor.


Religion on stamps is the sixth most popular topical collecting area in the U.S., according to a survey done by the American Topical Association. While comparable data for the world as a whole is unavailable, it is likely that Religion ranks high among the world's most popular collecting topics. Aside from the normal criteria for determining whether to invest in a particular issue (described in my earlier article, "Practical Advice: Stamp Investment Criteria"), three more are useful when considering topicals related to a particular religion:

1) the population of adherents worldwide;

2) economic trends affecting that population, especially growth of a middle class;

3) the growth/decline of the religion and/or level of interest/participation among its members (the data cited below is for 2000-2005, and is from Wikipedia's article- "Major Religious Groups);


Each of the major religions represent potential sources of demand for the topicals that relate to them, and the characteristics of the markets created by their adherent/collector populations differ. A detailed analysis would be advisable as preliminary to investing funds in any of them, but for now we'll make do with a brief overview. Several of the "belief systems" described below reside in a gray area between religion and philosophy, but qualify for consideration because they've adopted theocentric or spiritual elements since their inception, and more importantly, because they inspire devotion among hundreds of millions of followers. I've listed the belief systems in order of member population.

1) Christianity (approximately 2 billion to 2.2 billion adherents) : from a philatelic investment perspective, a mixed bag; according to Wikipedia, the number of Christians grew by a rate of 1.32% from 2000 to 2005 - less than the population growth rate of the world as a whole (1.41%). While there are themes which may be popular to Christians generally (Old/New Testament scenes, religious figures/saints, churches, holidays) the heterogeneity of the religion and its demographic subtrends necessitates a closer look at its main branches.:

• a) Roman Catholicism (approx. 1.2 billion) - growing in the U.S., and prevalent in much of the developing world - Latin America, the Philippines, some parts of Africa; related topicals should be bolstered by economic growth in these areas;




• b) Protestantism (approx. 600 million) - prevalent in much of Northern Europe, the U.S., making inroads in Latin America and Africa;
  
  


• c) Orthodox Churches (approx. 300 million)- prevalent in Russia, much of Eastern Europe, and Greece; related topicals represent a bet on the economic development of Russia and the Slavic and part-Slavic nations of Eastern Europe;
  

2) Islam (approx. 1.6 billion)- according to Wikipedia, Islam is the fastest growing major religion in the world, with a 2000-2005 growth rate of 1.84%. Even more compelling is the placement of the religion mostly within nations throughout Asia, Africa, and Australasia that should continue to enjoy rapid economic development over the coming decades. It should be noted that as the secularist Western belief in the "separation of Church and State" is not generally recognized in Islam, prominent Moslems need not be religious leaders in order to qualify as subjects for Islamic topical stamps. Other likely subjects include: mosques, minarets, and other holy sites, and Islamic art.

3) Hinduism (approx. 900 million)- the fourth fastest growing religion in the world (1.57% from 2000-2005). Hinduism topicals will likely be bolstered by India's rapid economic growth. Topics include: Hindu gods, religious figures, holy places/temples.

4) Buddhism (estimates range from 350 million to about 1 billion) - Buddhist topicals should be bolstered by the rapid economic development of the Far East; it also has a foot in the door in the West, as it is beginning to attract converts among the middle and upper classes; Topics include: the Buddha and Bodhisattvas (Buddhist saints), temples.

5) Confucianism/Taoism (approx. 400 million)- widespread in China , and the countries culturally influenced by China (Taiwan, Korea, Vietnam), all of which are likely to prosper over the long-term; topics include: Confucius, Lao Tze, holy places/shrines, etc..

6) Shinto (approx. 40 million)- the prospects for Shintoism Topicals are wholly dependent upon the growth of stamp collecting in Japan. Topics include: holy sites, shrines.

7) Sikhism (approx. 26 million)- the third fastest growing religion (2000-2005 rate of 1.62%), and significant in that most adherents live in India, and will participate in that country's projected explosive economic growth. Topics include: Guru Nanak, prominent Sikhs, temples/holy sites.

8) Judaism (approx. 16 million) - the World Jewish population is static; however, a relatively high percentage of Jews collect stamps; also, certain Old Testament themes may appeal to Christian collectors as well; Israel is popular, of course, and topics include: prominent Jews, holidays, Jewish history.

9) Jainism (approx. 10 million)- most live in India, which has issued a few stamps commemorating prominent Jains and temples.

10) Bahai Faith (approx. 7.5 million) - the world's second fastest growing religion (1.72% from 2000-2005); worldwide dispersion- about 35% live in India, and 5% in Iran; currently, I am not aware of any stamps honoring the religion.

11) Cao Dai (approx. 4 million) - I note this Vietnamese religion mainly because of Vietnam's stellar economic growth over the last few decades, and its prospects for even greater prosperity in the years to come.


In summary, whether one is a believer, an agnostic, atheist, or convert to the insidious new cult of stamp collecting, the philatelic investor may be truly blessed if he worships at the altar of demographic data regarding religions, and always makes the trend his friend.

Stamp Investment Tip: Canada 1857 7 1/2p Green (Scott #9)

In 1857, Canada issued a 7 1/2p stamp portraying a young Queen Victoria for use on packet mail (Scott #9). 82,140 were issued, and Scott '11 prices the stamp at $10,000.- for unused, and $3,500.- for used. As 7 1/2p was almost half of an average worker's daily wage back then, the vast majority of stamps were probably used and discarded. There were far fewer collectors in the early days of stamp collecting, and I estimate that no more than a few thousand Canada #9s were saved, in any condition.

Accordingly, I recommend purchase of the stamp, either used or unused. The unused stamps are pricey, but it might be possible to locate a sound four-margin used example at 50-60% of Scott. Even those with minor defects (such as creases or thins) which appear F-VF or better are worth buying, if priced at between 8%-15% of catalog value. Since the stamp isn't cheap, as it climbs in value, the more affordable nice-appearing seconds may rise at a faster rate (see my earlier article "Practical Advice: When Do Seconds Come in First?" ).

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 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.

Stamp Investment Tip: Alexandretta

Alexandretta was a sanjak (or district) of French-controlled Syria, which was carved from the Ottoman Empire and mandated to France under the Versailles Treaty, and which issued stamps in 1938. The territory was returned to Turkey in 1939. However, it is located near the border between Turkey and Syria, and ownership of the area is disputed by the two countries.



From a philatelic investment perspective, Alexandretta is attractive because the four sets produced for it by the French were issued in modest quantities, and have multiple market appeal to collectors of French Colonies, Turkey, and Syria.


Quantities issued of two of the sets, the Death of Ataturk Mourning set (Scott #13-17; fewer than 10,000; Scott '11 CV for unused = $205.00; 375.- for NH ) and the Airmail set (Scott #C1-8; 15,000; Scott '11 CV for unused = $ 48.50; 160.- for NH) are known, but it is likely that the other two sets (Scott #1-12 and the Postage Due set- #J1-6) had comparable printings. While all are worthy of consideration, the black-bordered Death of Ataturk set is the best of the four, both because of its relative scarcity and because it honors a hero of modern Turkish nationalism.



With a population of about 72 1/2 million, Turkey is perhaps the most culturally European of the Islamic nations, and a likely model for their modernization, economic development, and democratization. The country experienced rapid economic growth between 2002 and 2007, with GDP averaging 7.4%, but this slowed in 2008 to 5% and stalled in 2009 to 1%, due to the global financial crisis, from which the country is recovering. While traditional agriculture is still a pillar of the Turkish economy, it is becoming more dependent on industry. Key sectors include tourism, banking, construction, home appliances, electronics, textiles, oil refining, petrochemical products, food, mining, iron and steel, the machine industry, automotive, and shipbuilding. It is likely that in the future, Turkey will benefit from serving as an economic and cultural nexus connecting Europe, the Near East, and the Turkic (formerly Soviet) nations of Central Asia.


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: Mexico 1922 Eagle Airmail (Scott #C1)

In 1922, Mexico issued its first airmail stamp (Scott #C1). Only 3,000 were issued, and Scott '11 prices it at $67.50 for unused ($85.- for NH).. The normal stamp was printed in blue and red brown, and a somewhat scarcer dark blue and claret color variety was also produced (Scott #C1a- CV as unused = $90.-; $125.- for NH ). The stamps are distinguishable from the far more common 50c Eagles of 1927 and '28 by their colors and also because they were printed on unwatermarked paper.

I recommend purchase of this stamp unused, used, and on cover. The undervaluation of Mexico's first airmail stamp, issued in such a low quantity, would seem astonishing were it not the norm for many scarce stamps of Latin America.

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 stamp 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: German States- Wurttemberg 1906 Centenary Officials (Scott #O109-18)

Before Otto von Bismarck unified Germany in 1871, the country was divided into individual states, some of which issued their own stamps. A few of these stamps are rare and extremely valuable, but in many cases, prices of German States stamps have lagged, because as a collecting area it is a minefield of reprints, fakes, and forgeries. With the exception of the rarities, many German States stamps often can be purchased in F-VF+ condition for 25%-35% of Scott. Better items which seem questionable should be purchased conditional on obtaining expertization, preferably by a reputable German expert.

Some of the German States continued to maintain their postal autonomy and issue their own stamps after Unification, and two of them, Bavaria and Wurttemberg, issued stamps well into the 20th Century. There is less incidence of fakery with the more modern issues, especially with those items which are not rarities.

In 1906, Wurttemberg issued a set of overprinted official stamps commemorating its centennial as a kingdom (Scott #O109-18). 22,000 sets were issued, and Scott '11 prices the set at $188.75 for unused. I feel that it has been neglected because it is a German States back-of-book issue.

Germany, an affluent nation of about 82 million people, is the world's fourth largest economy, and both the second largest importer and second largest exporter of goods. Since the age of industrialisation, the country has been a driver, innovator, and beneficiary of an ever more globalised economy, and is recognised as a scientific and technological leader in several fields. Annual GDP growth has averaged about 2% over the last five years, reflecting the recent global slowdown, and the gradual progress being made in absorbing the less developed former DDR.

Germany has long been known as a center of philately, and both the hobby and the stamp business there exhibit a markedly higher level of sophistication than what exists in the U.S.. There are three million philatelists in Germany, which makes it the second biggest stamp collecting nation in the world.

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, at

Stamp Investment Tip: South Korea 1948 Election (Scott #80-84)

In 1948, South Korea held its first election, commemorating the event with the issuance of a set of five stamps (Scott #80-84). 50,000 were issued, and Scott '11 values the unused set at $83.00 ($175.- for NH).

Many of the early stamps of South Korea were rather primitively produced, and mediocre centering, rough perfs, and gloppy gum are normal for these issues. Not many Koreans were collecting stamps in the late '40s and early '50s, and many that were collected unused were probably purchased by U.S. and allied soldiers during the Korean War. The stamps have increased in value over the decades as South Korea has prospered, and I expect that they will continue to do well.

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.

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: Belarus 2002 International Ecotourism Year booklet (Scott #453a)

In 1992, Belarus issued a stamp celebrating the International Year of Ecotourism (Scott #453) in sheet and booklet form. While the sheet stamp is relatively common, with 66,740 issued, only 3,500 of the booklet (Scott #453a) were produced, and Scott '11 values it at $10.00 .

The issue has appeal as a combination UN and "Eco-topical." It is often the case that booklets are ignored for a while if the basic stamps are more commonly available in sheet form, and then rise later when collectors are shocked to realize that they have empty spaces in their albums where the booklets are supposed to be, and then proceed to go on a rampage.


A nation of about 9.5 million, the Republic of Belarus retains a largely state-controlled economy, although it's government has committed to gradual privatization. Important sectors include manufacturing of heavy machinery, agricultural products, and energy production and transport. Recently, the Belarusian economy has shifted into sustained high gear, along with Ukraine, Russia, and many other Commonwealth of Independent States economies. The economic boom provided by mineral wealth of Russia and other CIS nations and Belarus' key location as a transit route between the EU and Russia have enabled it to sustain this impressive growth. Annual GDP growth has averaged about 7.5% over the past 5 years.

Many of the newly independent and newly resurrected nations of Europe and Central Asia have issued popular topical sets and souvenir sheets in modest quantities, and most are currently very inexpensive. I view such issues as low-risk speculations, as only time will tell whether either the development of stamp markets within these countries or topical appeal will push them significantly higher. In a sense, they're comparable to penny stocks, but not as risky.

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: Uruguay 1929 Winged Triangle Parcel Post (Scott #Q39-45)

In 1929, Uruguay issued a triangular parcel post set picturing wings, implying rapid delivery (Scott #Q39-45). A mere 2,950 sets were issued, and Scott '11 values the unused set at $20.00.

This is yet another example of a neglected and ridiculously undervalued back-of-book issue - as scarce as hen's teeth and difficult to find in any condition. Scott has ignored it because it has only recently begun recognizing the effects of the "stealth bull market" in Latin America, and while it has significantly increased catalogue values on the more obvious regular issues, semi-postals, and airs, it has ignored the more obscure "back-of-back-of-book" items. Such issues are almost impossible to locate, yet are absurdly underpriced and will remain so even if their catalogue values increase by twentyfold.

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: Straits Settlements 1907 Overprint (Scott #134A-44)

With this article, I am initiating coverage of stamps of the Straits Settlements, a former British colony which once comprised the settlements of Malacca, Singapore, and Penang.


In 1907, the Brits issued an overprinted set (Scott #134A-44) for the Straits Settlements by overprinting eleven stamps from their 1902-03 set issued for Labuan, an island possession off the Northwest coast of Borneo. Only 4,000 sets were issued, and Scott '11 values the set unused at $553.25 .


Better stamps of the Straits Settlements are attractive because they have multiple market appeal to collectors of British Commonwealth, Singapore, and Malaya/Malaysia- all of which represent growing markets. I expect that over the long-term, the Malaysian stamp market will contribute the most to strengthening demand for stamps of the Straits Settlements and the Malayan States. In an earlier blog article, I commented on a Price, Waterhouse report which projected which countries' economies would grow the fastest over the next 40 years. Malaysia came in tenth on that list.


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 almost 6% over the last five years, although the country is taking a hit in 2010 as a result of the global financial crisis.


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.

General Commentary: Is There a Doctor in Your Album? The Prognosis for Medical Topicals

According to a survey done by the American Topical Association, Medical/Nursing-related stamps represent the fourth most popular topical stamp collecting area in the United States. While comparable data for the world as a whole is unavailable, it is likely that Medicine ranks high among the world's most popular collecting topics. As many Medical Topical collectors are in the health profession, there are some powerful catalysts which may bolster interest in Medical Topical stamps. The number of doctors and nurses in the world is expected to increase dramatically as a growing middle class in the developing countries demands better medical care and more doctors and nurses per capita, and global aging accentuates the need.

According to various estimates, there are currently approximately 10-15 million medical doctors in the world - about one for every 450 - 700 inhabitants. However, they are not evenly spread around. For the most part, the number of inhabitants per doctor is lowest in the affluent industrialized countries of the West and Japan, and highest in the least developed countries of Africa, Latin America, and Asia. For North America, Europe, and Japan, the number of inhabitants per doctor generally ranges from about 200-500. For Latin America (with the exceptions of Argentina, Chile, and Cuba), the numbers range from about 500-900; for Asia (with the exceptions of Israel and South Korea on the low side and Afghanistan, Bangladesh, and Nepal on the high side)- about 700-2,200; for Africa- a chaotically wide range from 1,900 to 50,000 inhabitants per doctor, with many Sub-Saharan African countries having tens of thousands inhabitants per doctor.

According to the World Health Organization, there is a global dearth of healthcare workers. The WHO estimates a worldwide deficit of 43 million medical professionals, with the greatest shortage in sub-Saharan Africa, which needs nearly 1 million workers. And while poverty exacerbates the problems for some regions of the world, the root causes of the healthcare-worker shortage—which includes physicians, nurses and researchers—are shared by both rich and poor nations. People are living longer and the need for healthcare is expanding, and even the most affluent countries, which have the highest number of physicians and nurses per capita, are feeling the pinch. In 2006, the American Association of Medical Colleges recommended that medical schools increase their enrollment by 30% to cope with the U.S.' growing shortage of physicians.

From a humanitarian perspective, the global doctor shortage is a serious crisis which needs to be addressed. Nevertheless, it also represents an opportunity for those who are considering investing in better Medical Topical stamps. As the number of health care workers increases, Medical Topical collecting will also get a "shot in the arm."

(Note: StampSelector articles related to Medical Topical collecting may be viewed by clicking on the "Medicine" category in the Search list, and include: Stamp Investment Tip: U.S. Private Die Medicine Stamps, Stamp Investment Tip: Armenia 2003 Neurophysiology Issue (Scott #682), Stamp Investment Tip: New South Wales 1897 Diamond Jubilee Semi-postals (Scott #B1-2).

Stamp Investment Tip: Canada 1876 8c Registration Stamp (Scott #F3,F3a)

From 1875 through 1878, Canada issued a set of three registration stamps (Scott #F1-3). The 8c high value, issued in 1876, is the scarcest of the three, with 90,000 issued. It was printed in either dark blue (which Scott calls "dull blue"- #F3) and bright blue (Sc. #F3a). Scott '11 values each at $500.- for unused ($ 1,000.-for NH), and $ 350.- for used.

In all probability, the vast majority of these stamps were used and discarded. At the time, few collectors of Canada were interested in purchasing an obscure and visually uninspiring registered mail stamp.

I favor all better stamps of Canada and B.N.A., because I am very optimistic about Canada's prospects for economic growth. It has an affluent, well-educated population, valuable natural resources, and vast amounts of undeveloped land. It may even benefit from global warming, as much of Canada's frozen tundra may be eventually be naturally defrosted through the manmade "miracle" of the greenhouse effect, and become North America's new agricultural breadbasket, while the former one gradually turns into a wasteland.


With a population of about 31 million, Canada is one of the world's wealthiest countries, and one of the world's top ten trading nations. GDP growth has averaged 2.2% over the past five years, which takes into account the 0% growth of 2009 due to the global financial crisis. Canada's population is expected to age significantly over the next decades, thereby bolstering its population of serious collectors. Canadians over 60 are projected to increase from 16.7% of the population in 2000 to 27.9% in 2025, and 30.5% in 2050. Consequently, in the future, many more Canadians will be spending time working on their stamp collections on cold winter days.

Stamp Investment Tip: Bahrain 1948 Royal Wedding (Scott #62-63)

In 1948, the Kingdom of Bahrain, then a British-protected territory, issued a set of two stamps celebrating the Silver Wedding Anniversary of King George VI and Queen Elizabeth (later the Queen Mother- Scott #62-63). 21,984 sets were issued and Scott '11 prices it unused at $48.75 .

Issues of Bahrain, especially those of the British period, are sought after both in Bahrain and among British Commonwealth collectors, and British Royal Family issues have additional topical appeal.


Bahrain, a country of just under 800,000, has the fastest growing economy in the Arab world. With oil reserves estimated at 150-200 million barrels, Bahrain is not as oil-rich as some of the other Gulf States, but has met the challenge by successfully diversifying into banking and financial services, and is now considered a major financial center. Annual GDP growth has averaged 6.5% over the past 5 years. Bahrain is also developing its natural gas industry, as it has gas reserves equivalent to about another 580 million barrels of oil.


There are a number of scarce issues from the Gulf States which I view as bargains. Assuming that these countries can maintain their economic growth, diversify away from their current near-total dependence on oil revenues, and avoid internal political instability or military conflicts with some of their noisier neighbors, their better stamps should all do well.

Stamp Investment Tip: Guatemala Inverted Quetzal Errors (Scott #22a, 23a, 25a)

In 1881, Guatemala issued an attractive set of stamps picturing its national bird, the Quetzal (Scott #21-25). Each stamp was printed in two colors, and as occasionally happens during the printing of multi-colored stamps, a few sheets went through the printing press upside-down, producing invert errors of the 2, 5, and 20 centavos denominations (Scott #22a, 23a, 25a). Quantities issued are not known, but in all probability, the stamps are extremely scarce to rare, with quantities remaining ranging from about 20-50 for #23a to a few hundred for each of #s 22a and 25a. For unused examples, Scott '11 values #22a at $400.-, #23a at $3,000.-, and #25a at $500.-.

Aside from the fact that I favor all undervalued issues of Latin America, the Quetzal Inverts also appeal to both the most affluent of Bird Topical collectors, and to Error collectors. The scarcest of the three (#23a) is rarer than an Inverted Jenny, the most famous American invert, yet may be had for less than 1% of the cost of its snobby cousin up north.

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", featuring my buy lists for stamps which I wish to purchase, including some sets from Guatemala. I have not buy-listed the Inverted Quetzals, but would be happy to purchase any offered at reasonable prices and with certificates. Periodically viewing dealers' buy lists is an excellent way to remained informed about the state of the stamp market.

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: Turkey 1953 Conquest of Constantinople (Scott #1090-1101, 1101a)

In 1953, Turkey issued a set and souvenir sheet commemorating the 500th Anniversary of the Conquest of Constaninople by Sultan Mohammed II (Scott # 1090-1101, 1101a). 100,000 sets and 25,000 souvenir sheets were issued, and Scott '11 prices them unused at $48.05 and $175.- , respectively.



I recommend purchase of both the set and the souvenir sheet. Though far fewer of the souvenir sheets were issued, it is likely that a much higher proportion of the sets were used as postage and discarded. The issue commemorates a pivotal event in Turkish history, and will be eagerly sought after as Turkey's stamp collecting population continues to grow.

With a population of about 72 1/2 million, Turkey is perhaps the most culturally European of the Islamic nations, and a likely model for their modernization, economic development, and democratization. The country experienced rapid economic growth between 2002 and 2007, with GDP averaging 7.4%, but this slowed in 2008 to 5% and stalled in 2009 to 1%, due to the global financial crisis, from which the country is recovering. While traditional agriculture is still a pillar of the Turkish economy, it is becoming more dependent on industry. Key sectors include tourism, banking, construction, home appliances, electronics, textiles, oil refining, petrochemical products, food, mining, iron and steel, the machine industry, automotive, and shipbuilding. It is likely that in the future, Turkey will benefit from serving as an economic and cultural nexus connecting Europe, the Near East, and the Turkic (formerly Soviet) nations of Central Asia.

Stamp Investment Tip: Tibet

Tibet is termed an "autonymous region" of the People's Republic of China by that country's government. It is frequently in the news, as well it should be, since its brutal occupation by the Chinese represents the biggest land grab in recent history, as well as one of the most reprensible modern examples of cultural and political repression.

As an independent nation, Tibet produced 18 stamps (plus varieties) from 1912 until the Chinese invasion in 1950. The stamps were printed on rough native paper, and inclusions are normal, and do not detract from the value unless they seriously obstruct the design or have seriously damaged the paper. While printing quantity information is not available for these issues, I would conservatively estimate that no more than a few thousand of the scarcest stamps were produced, and that quantities issued on the others range upward into the low tens of thousands. Unfortunately, excellent counterfeits exist, so I recommend focusing on the most expensive of the Tibetan stamps (those that catalogue $250 or more), and requiring expertization as a condition of purchase.

While there are only about 3 million Tibetans (probably not enough to sustain a strong demand for their stamps), the stamps of Tibet also appeal to specialists in Europe and the U.S. . In addition, there is also a potential market among the millions of people throughout the world who either have an interest in Tibetan Buddhism or who sympathize with the cause of Tibetan Independence. The stamps remain undervalued because of the ubiquity of counterfeits and the consequent cost and inconvenience of obtaining certificates. As in similar cases with certain other countries' stamps, the cream will eventually rise to the top.

Stamp Investment Tip: Botswana 1970 Charles Dickens Centenary (Scott #62-65, 65a)

In 1970, Botswana issued a set and souvenir sheet commemorating the Centenary of the Death of Charles Dickens (Scott #62-65, 65a). 31,947 sets and 12,908 souvenir sheets were issued, and Scott '11 prices them unused at $2.25 and $5.25 , respectively.

Both the set and souvenir sheet are interesting speculations based on their obvious topical appeal to aficionados of the world famous author, as well as more general interest among collectors of British Commonwealth. While it is true that Botswana is a model for economic development in Africa, it is possible that it is not populous enough to support a significant stamp collecting community.

A nation of about 2 million, Botswana is one of the world’s great development success stories. A small, landlocked country of 1.9 million people, Botswana was one of the poorest countries in Africa with a GDP per capita of about $70 at independence from Britain in 1966. In the four decades following independence, Botswana has transformed itself, moving into the ranks of middle-income status to become one of the fastest growing economies in the world. Agriculture, mining and banking are the major sectors, and annual GDP growth has averaged about 1.5% over the last 5 years, but this reflects a recent contraction of about 12%, due to the global financial crisis.

Stamp Investment Tip: Uzbekistan 1999 Birds of Prey Souvenir Sheet (Scott #196)

In 1999, Uzbekistan issued a souvenir sheet picturing Birds of Prey (Scott #1961 ). Only 10,000 were issued, and Scott '11 values it at $3.25 for unused. While the sheet was almost certainly produced to generate revenue from sales to collectors, it is nevertheless an attractive, cheap, and scarce Bird topical that is worth squawking about. As Uzbekistan's economic prospects seem promising, the souvenir sheet is "twice lovable."

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.


Many of the newly independent and newly resurrected nations of Europe and Central Asia have issued popular topical sets and souvenir sheets in modest quantities, and most are currently very inexpensive. I view such issues as low-risk speculations, as only time will tell whether either the development of stamp markets within these countries or topical appeal will push them significantly higher. In a sense, they're comparable to penny stocks, but not as risky.

Stamp Investment Tip: Venezuela 1932-38 Simon Bolivar (Scott #293-304)

From 1932 to '38, Venezuela issued a definitive set picturing Simon Bolivar, and printed on bluish Winchester security paper to prevent counterfeiting (Scott 293-304). 42,000 were issued, and Scott '11 values the set at $117.85 for unused. Issued over a period of seven years when few people were collecting Venezuela, most sets were probably used as postage and discarded. Perhaps a few thousand remain. The set is yet another example of a grossly undervalued issue of Latin America, which should do very well as the region continues its economic development.

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

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.


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

Phila-Trivia: When Travesty Turns to Treasure

In 2006, New Zealand attempted to celebrate Maori culture with a set of stamps featuring Maori dancers and honoring the "Kapa haka" ritual performance, which combines choral singing, dancing, and martial arts.

Ironically, the proposed stamp designs met with intense opposition from prominent members of the Maori community, which viewed them as being in bad taste, and said that the cartoon-type characters were culturally insensitive and ridiculed Maori. The designs were called "cheap, ugly, stupid comic strips" which would make the Maori People the "laughing stock of the world."

New Zealand Post initially defended the cartoon designs, arguing that they were "fresh and contemporary", but it relented in the face of mounting opposition, and destroyed approximately a million of the stamps. It also promised that it would create an issue that would honor Kapa haka at some point in the future, and that the Maori community would be widely consulted regarding any future stamps depicting them.

However, not all of the offending stamps were destroyed, as New Zealand Post's philatelic branch errantly mailed several hundred of them to stamp collectors who had ordered them in advance. A few first day covers were produced and sold, and a few were used as postage, so it is possible that some might one day be found in packets or dealers' penny boxes.

The five stamps are noted but not priced in Scott, and currently sell for between $10,000 and $15,000 per set. Once hated, they are now prized.

Stamp Investment Tip: St. Pierre and Miquelon 1962 Submarine "Surcouf" (Scott #C25)

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 1962, St. Pierre and Miquelon issued a 500fr Airmail picturing the World War II Submarine "Surcouf", and celebrating the previous year's 20th Anniversary of St. Pierre's joining the Free French (Scott #C25). While the printing quantity of this high-value stamp is not known, I estimate that no more than 10,000-20,000 were issued, and as the stamp was considered pricey at the time, many were probably used on heavy parcels and discarded. Scott '11 prices the stamp unused at $ 130.00.

As an attractive combined Ship, Map, and World War II topical, and the key airmail of St. Pierre and Miquelon, the stamp should continue to do well in the years to come.

Stamp Investment Tip: Portuguese India - 1871-77 Numeral Issues (Scott #1-55)

The Indian stamp market continues to warm, although as yet it has not become as white-hot as China's, and there are still some areas which remain neglected.

One such is Portuguese India. Both the Portuguese and the French held some territory in India, while the British dominated the rest of it. Both of the lesser colonial powers in India issued stamps which are, for the most part, neglected by Indian collectors, and which have potential multiple market appeal in India, their home countries, and among collectors of European colonies. Interestingly, the Portuguese held out the longest of the three, and issued stamps for their colony until India seized it in 1961, ending the occupation. It isn't the only time that obsolescent imperial visions of grandeur have benefited philatelists.

The early issues of Portuguese India (1871-1877; Scott # 1-55) were rather plain looking stamps bearing numerals of value. The mode of production used was primitive: the stamps were handstamped from a single die, and so crudely perforated that they often had to be cut from their sheets with scissors. Quantities issued are unknown for these stamps, but in all likelihood, they range from under a thousand to the low ten thousands for those that catalogue $25 or more. Not many stamp collectors were interested in stamps of Portuguese India in the 19th century, and it's likely that most of these stamps were used and discarded, which is why these early issues are not seen very often.

I recommend purchase of these stamps, especially if found in reasonably decent condition. Those that catalogue $200 or more should be purchased conditional on obtaining expertization.

Those interested in joining a community of stamp collectors, dealers, and investors are welcome to join the Facebook "Stampselectors" group, which has grown to over 1,500 members (as of December, 2010). Members are free to post ads related to stamp collecting, and topics discussed include stamp investment and the practical aspects of buying and selling stamps.