Stamp Investment Tip: Armenia 1993 Hakop Kojoian Souvenir Sheet (Scott #451A)

In 1993, Armenia issued a souvenir sheet picturing a painting by  Hakop Kojoian of David of Sassoun,  a national hero who drove Arab invaders out of Armenia (Scott #451A). He is the subject of an Armenian epic poem, the Sasuntsi Davit, which recounts his exploits.Only 20,000 of the sheet were issued, and Scott '13 prices it unused at $10.00.

This inexpensive souvenir sheet is an attractive Art/Literature topical and also appeals 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 1963 Chavin Ceramics Airmail Semi-Postals (Scott #CB1-5)

In 1963, Peru issued a set of five airmail semi-postal stamps picturing ceramic objects found at the excavations of its Chavin culture, an early indigenous civilization (Scott #CB1-5). The additional non-postal surtax helped to fund the excavations. 30,000 sets were issued, and Scott '13 prices the unused set at $ 5.35.

This currently inexpensive set has appeal as an Art/Archeology topical, and should also do well as Peru continues its economic development. As with all stamps of Latin America, demand is bolstered by the tendency of collectors to focus on the region as a whole.

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 will feature 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.

Stamp Investment Tip: Samoa 1920 Victory Overprint (Scott #136-41)

   Samoa, an archipelago in the South Pacific, is interesting from a philatelic perspective, because it has issued stamps as an independent kingdom, a partially German colony, under New Zealand's administration, and as an independent state.

   Early in World War I, the islands under German domination were occupied by New Zealand troops, and stamps of New Zealand were overprinted for use in Samoa. In 1920, a Victory set was issued (Scott #136-41), by overprinting 30,000 of the New Zealand Victory sets (Scott #165-70). Scott '13 prices the unused set at $38.50.  Though I sometimes recommend expertization of scarce overprints, it's unnecessary in this case because the stamps are inexpensive and the basic New Zealand set is actually worth more than the overprinted one.

   While Samoa's population of just under 200,000 is probably too low to sustain a significant community of stamp collectors, the stamps issued during the kingdom period and as part of the British Commonwealth appeal to British Commonwealth collectors and collectors in New Zealand.

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.

Stamp Investment Tip: French Morocco 1949 Scenes (Scott #B38-41/CB31-34, B41a/CB34a))

  In 1949, the French issued a compound semi-postal and airmail semi-postal set for French Morocco, picturing scenes of their colony (Scott #B38-41/CB31-34). In addition, they issued two souvenir sheets containing the stamps of each set (Scott #B41a/CB34a). The funds from the non-postal premiums were used to fund projects promoting Franco-Moroccan cooperation. 75,000 of the sets and 15,000 of the souvenir sheets were issued, and Scott '13 prices the sets unused at $17.60  and the sheets at $52.50.

Now an independent kingdom of about 32 million people, Morocco has enjoyed annual GDP growth averaging about 5% over the past 5 years. The services sector, especially tourism, accounts for over half of GDP, and other industries include mining, manufacturing, and agriculture. Since the early 1980s the Moroccan government has pursued an economic program toward accelerating real economic growth,reforming the financial sector and privatizing state enterprises.

Better issues of the French Protectorate period have a potential dual market. Currently they are mainly sought by collectors of French Colonies. I expect that they will rise significantly as the stamp market develops within Morocco itself.

Those interested in becoming part of a community of stamp collectors, dealers, and investors are welcome to join the Facebook "Stampselectors" group, which currently has over 1,600 members.

Stamp Investment Tip: India 2000 Indepex Asiana Souvenir Sheet (Scott #1834b)

  In 2000, India issued a souvenir sheet celebrating the Indepex Asiana Stamp Exhibition, and picturing native birds (Scott #1834b). 50,000 were issued, and Scott '13 prices the unused souvenir sheet at $6.00.


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 a Animals/Birds 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: Argentina 1917 Bolivar (Scott #231-46)

  In 1917, Argentina issued a set of sixteen stamps picturing Jose de San Martin, the  prime leader of the southern part of South America's successful struggle for independence from the Spanish Empire (Scott #231-46). While printing quantity information is unavailable for this set, I estimate that fewer than 15,000 sets were issued. Scott '13 prices the unused set at $ 186.90.

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

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

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

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

Stamp Investment Tip: Cook Islands 1921 Rarotonga Overprint (Scott #67-71)

   In 1921, New Zealand issued a set of five high value stamps for the Cook Islands, which it was administering, by overprinting its postal fiscal stamps of 1906-13 with the word "Rarotonga", the name of the territory's most populous island (Scott #67-71). The set is interesting because it portrays Queen Victoria, though issued years after her death. Only 4,320 sets were issued, and Scott '13 prices the unused set at $317.50 . 
The set  should do well based on its 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.

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

Stamp Investment Tip: Lebanon 1938 Medical Congress (Scott #C75-78)

 In 1938, Lebanon issued a set of four airmail stamps honoring the convening of a medical congress (Scott #C75-78). 30,000 sets were issued, and Scott '13 prices the unused set at $ 22.00.

The issue has multiple market appeal among collectors of Lebanon, French Colonies/Possessions, and Medical Topicals.


A nation of 4.2 million people, Lebanon 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: Nicaragua 1961 Dag Hammarskjold Overprint (Scott #C494-99)

   On September 18, 1961, U.N. Secretary-General Dag Hammarskjold was killed in a plane crash en route to cease-fire negotiations in the Congo.He is the only person to have been awarded a posthumous Nobel Peace Prize,  and remains the only U.N. Secretary-General to die in office. President John F. Kennedy called Hammarskjöld “the greatest statesman of our century".

   Many countries issued stamps in memory of Hammarskjold, including Nicaragua, which overprinted its 15,000 of its 1958 UNESCO sets (Scott #C424-29) with his name and date of death (Scott #C494-99). Scott '13 prices the unused set at $3.55.


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.

Nicaragua is a poor nation of about 5 1/2 million people, and annual GDP growth of about 3%. It is largely dependent upon agriculture and remittances from Nicaraguans living in other countries. Nevertheless, its government has instituted economic reforms, and important secondary industries, such as tourism, banking, mining, and fisheries, are expanding.

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 Nicaragua. 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: San Marino 1951 UPU Anniversary Souvenir Sheets (Scott #C62a, C62b)

  In 1950 and '51, San Marino issued airmail stamps and souvenir sheets celebrating the 75th Anniversary of the Universal Postal Union and picturing a mail coach (Scott #C62, C62a, C62b). The 1951 varieties (Perf 13 1/2 X 14 and Imperf.- Scott # C62a and C62b) were issued in souvenir sheets of six, with quantities issued of 15,000 and 5,000, respectively. Scott '13 prices them unused at $45.00 ($80.- for NH) and $ 325.00 ($ 500.- for NH) .

   Aside from its appeal to collectors of Italy and Area, the souvenir sheets are also attractive Transportation Topicals.

Despite the fact that stamps of San Marino are mainly sold to collectors to generate income for the country, it is likely that quite a few of the Views sets were used as postage and discarded. The 200 lira high values were pricey for collectors of the time, especially given the state of the Italian economy in the early Post-War years.

San Marino is a state situated on the Italian Peninsula on the eastern side of the Apennine Mountains, with a population of about 30,000.While the country probably does not contain enough collectors to form a significant stamp collecting population, its stamps are popular among collectors of Italy and Area. In addition, San Marino has issued quite a few popular topicals, which has bolstered interest in its stamps.

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.
 

Stamp Investment Tip: Japan 1949 Moon and Geese Souvenir Sheet (Scott #479a)

  In 1949, Japan issued a souvenir sheet of five stamps picturing the famous "Moon and Geese" print by the artist Hiroshige (Scott #479a). 200,000 of the souvenir sheet were issued, and Scott '13 prices the unused sheet at $325.00 ($ 500.-  for NH) .

  Few Japanese were collecting stamps in the early postwar years, as most were poor. It is likely that most of these expensive 40 yen sheets were broken up and used as postage on parcels. It has added appeal as both an Art and Animals/Birds topical, and I recommend it as a conservative investment. Note, however, that these sheets are often found with gum bends or toning, defects which significantly detract from value.

I've no doubt that Japan's economy will  rebound after having been hit by the recent horrific earthquake, tsunami, and nuclear disaster which caused so much devastation. Japan is the third largest economy in the world (after the U.S. and China), and has a large and active stamp collecting community.

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

Stamp Investment Tip: Azerbaijan 2005 Bees Souvenir Sheet (Scott #803)

In 2005, Azerbaijan issued a colorful souvenir sheet featuring bees (Scott #803). Only 25,000 were issued, and Scott '13 prices the unused sheet at $ 7.50 . 

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

Azerbaijan is an oil-rich nation of about 9 million people, which also has significant reserves of natural gas and various minerals. Agriculture and tourism are also important to the Azerbaijani economy. The country shares all the problems of the former Soviet republics in making the transition from a command to a market economy, but its energy resources brighten its long-term prospects. It has begun making progress on economic reform, and old economic ties and structures are slowly being replaced. Annual GDP growth has averaged a stellar 16% over the last 5 years, largely based on the frenetic development of the country's oil wealth - an estimated 7 billion barrels of reserves.

Those interested in 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: Malaya-Malacca 1948 Silver Wedding (Scott #1-2)

The British administered Malaya as a group of protectorates, which included the various sultanates. These were later consolidated into the Federation of Malaya., and ultimately the independent nation of Malaysia in 1963.

In 1948, the Sultanate of Malacca issued a set of two stamps celebrating the Silver Wedding Anniversary of King George VI and Queen Elizabeth, later known as the Queen Mother (Scott #1-2). 18,889 sets were issued, and Scott '13 prices the unused set at $35.40 .

The set has multiple market appeal among collectors of Malaya/Malaysia, British Commonwealth, and British Royal Family topicals. As a popular topic for British Commonwealth collectors, it's hard to beat the Royal Family, with a stick, scepter, or other appropriately heavy object, and banking on such loyalty can pay interest.


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.

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.
 

Stamp Investment Tip: Falkland Islands 1891-1902 Victoria (Scott #9-18)

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 1891 through 1902, the Falklands issued a set of eleven stamps (plus varieties) portraying Queen Victoria (Scott #9-18). Only 12,000 sets were issued, and Scott '12 prices the unused set at $ 650.75 . Usually, it's possible to find only single stamps from the set, so I've listed those with printings under 100,000, along with their Scott '13 Catalog Values for unused, below:

- 1892 1/2p Green (Scott #9; CV = $19.00 ; 40,000)
- 1891 1/2p Blue Green (Scott #9a; CV = $27.50 ; 60,000)
- 1894 1p Orange Brown (Scott #11; CV = $100.00 ; 18,000)
- 1902 1p Orange Red (Scott #12; CV = $ 16.00; 60,000)
- 1895 1p Venetian Red (Scott #12a; CV = $32.50 ; 61,980)
- 1896 2p Magenta (Scott #13; CV = $7.00; 73,980)
- 1894 2 1/2p Deep Blue- the key stamp from the set (Scott #14; CV =$275.00; 12,000)
- 1894-98 2 1/2p Ultramarine, various shades (Scott #15,15a,15c,15d ; Total 55,980)
- 1891 2 1/2p Pale Chalky Purple (Scott #15d; CV = $225.00; 40,000)
- 1896 6p Yellow (Scott #16; CV = $50.00 ; 12,000)
- 1892 6p Orange (Scott #16a; CV = $250.00 ; 20,000)
- 1896 9p Pale Vermilion (Scott #17; CV = $50.00 ; 18,000)
- 1896 9p Salmon (Scott #17a; CV = $57.50 ; 19,560)
- 1895 1sh Gray Brown (Scott #18; CV = $ 75.00; 19,980)

I recommend purchase of the set, or better singles from it, in F-VF+ NH, LH, or used condition. Few people were collecting stamps of the Falklands a century ago, and most of these stamps were probably used as postage and discarded.

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: Belgian Congo 1944 Miniature Sheets (Scott #225Note)

  In 1944, the Belgian Government in London (Belgium's government in exile during the Nazi Occupation) issued a set of eight miniature sheets (Scott #225 Note) reproducing designs used in the 1942 set it had issued for the Belgian Congo (Scott #187-206). 6,000 sets of these miniature sheets were issued and distributed to subscribers of Message, a Belgian political journal. Scott '13 values the set of sheets at $800.-  .

I recommend purchase of both of these sets, because they have a potential dual market among collectors of Belgian Colonies and the Congo.Also, the sheets within the set containing stamps with leopard designs are attractive Animal topicals.

With about 66 million people, the Democratic Republic of the Congo (formerly Zaire), is endowed with a vast potential wealth of resources, but has been plagued by wars, corruption, mismanagement, and poverty. Annual GDP growth has been between 6% and 7% over the last 3 years, but little of the new wealth has been distributed amongst the majority of the population, which is extremely poor.

I favor both sets based upon the probable growth in demand for stamps of Belgium and Colonies. Given the economic situation in the D.R.C., I do not feel that a significant stamp market will develop there for at least a decade. If and when the situation in that country substantially improves, however, the increases in value for its better stamps could be quite dramatic.

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: Panama 1938 U.S. Constitution Anniversary (Scott #317-21, C49-53)

  In 1938, Panama celebrated the 150th Anniversary of the U.S. Constitution by issuing a compound set of ten stamps (Scott #317-21, C49-53). 10,000 sets were issued, and Scott '13 prices the unused set at $22.45 .

 The set is grossly undervalued, given its potential appeal to U.S. collectors, as well as the fact that many were probably used as postage and discarded. As with all Latin American stamps, there are many collectors who focus on the region as a whole, which supplements demand for the stamps of the individual countries.

A nation of 3.4 million people, Panama is the fastest growing economy and the largest per capita consumer in Central America. Panama's economy, because of its key geographic location, is mainly based on a well developed service sector heavily weighted towards banking, commerce, tourism, trading. The handover of the Canal and military installations by the United States has given rise to large construction projects. Tourism has grown rapidly during the past 5 years due to the government offering tax and price discounts to foreign guests and retirees. The country also has valuable copper and gold deposits, which are beginning to be developed. Annual GDP growth has averaged over 7% 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 Panama, including the set and souvenir sheet recommended in this article. Viewing dealers' buy lists every now and then is an excellent way to keep current on the vagaries of the stamp market.

Stamp Investment Tip: Saar 1934 Semi-postals (Scott #B47-53)

The Saar is a region of Germany with a checkered history that was marred by two world wars. Following World War I, it was occupied and governed by Britain and France, from 1920 to 1935, under a League of Nations mandate, with the occupation originally being under the auspices of the Treaty of Versailles. It was returned to Germany following a plebiscite held in 1935. After World War II, the region became a French protectorate until 1955, when a referendum ended French rule and shortly thereafter returned it once again to Germany.

During the Mandate and French Protectorate periods, Saar issued its own stamps, the scarcest of which are of interest from an investment perspective because of their appeal to collectors of Germany and Area and France and Area- two robust philatelic markets.

A number of Saar's semi-postal sets are worthy investments, including the first 1934 set (Scott #B47-53). 38,478 sets were issued, and Scott '13 prices the unused set at $89.00. The set is visually attractive, and the praying figure pictured in the 5fr+5fr high value (Scott #B53) qualifies it as a Religion topical.

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.

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.