Stamp Investment Tip: Japanese Occupation of Malaya and States

From time to time, I'll recommend whole categories or related groups of issues for which the same criteria apply. Such is the case for the issues of Japanese-Occupied Malaya and States, including Japanese-Occupied Straits Settlements. These are listed as "N" numbers following the regular issues of these countries.
In December of 1941, the Japanese invaded Malaya, then a British colony, which included its client states: Johore, Kedah, Kelantan, Malacca, Negri Sembilan, Pahang, Penang, Perak, Perlis, Selangor, Sungei Ujong, and Trengganu. As the Japanese occupiers did not wish to use the postage stamps of their enemies but had no stamps of their own on hand, they simply handstamped or overprinted stocks of stamps that the British had left behind.

Many of these stamps are scarce to extremely rare, with quantities ranging from under 10 for the rarest to the low thousands for the majority. Michel's Asia Catalogue lists the stamps and printing quantities (when known) following the regular issues of Japan.

These issues I consider among the "bluest of blue chips" in the world of philatelic investing. They are undervalued largely because since they are overprints, fakes exist, and therefore it makes sense to purchase only the better items which are worth getting expertized. Many of the better authentic Japanese Occupation issues were signed by the expert Milo Rowell, although forgeries of his signature exist. Expertization is absolutely necessary for all overprinted Japanese Occupation stamps, and the most recognized certificates for these stamps are issued by the British Philatelic Association and the Royal Philatelic Society of London.

Stamps of Japanese-occupied Malaya fall under 3 collecting areas: British Commonwealth, Japan, and Malaya/Malaysia. It is likely that rapid economic growth in Malaysia, a country of 28 million people, will spur future interest in these issues. As these stamps were stored in a tropical climate, many of them have brownish, toned, "tropicalized" gum. When purchasing unused examples, try to select those which are not toned, or heavily discount for those that are.