Practical Advice: The Importance of Condition

Condition-grading is perhaps the most important skill that anyone who wishes to engage in the business of buying and selling stamps must learn. Beginners and those outside of the hobby are often surprised to learn that depending upon its condition, a stamp may sell for as little as 2% to as much as 100% of its catalogue value, or more. This is particularly true of U.S. stamps. Due to the current grading fetish (described in an earlier article), some U.S. stamps graded XF or higher have sold for multiples of their catalog values. So-called "condition-rarities," graded Superb or "Gem," have even sold for hundreds of times their Scott values.

Many beginning collectors make the costly mistake of purchasing overgraded stamps - stamps which have been described as being in better condition than they really are. While most stamp dealers and auctioneers are honest, there are some who intentionally overgrade stamps, and some who even alter stamps so that they appear to be in better condition than they are. Most dealers are not blatantly dishonest, but there are many who accidentally overlook defects, or are somewhat "liberal" when grading stamps which they are trying to sell. Also, some issues are notoriously poorly centered, and are graded on a "for issue" basis- for instance, "Very Fine for issue. " To an extent, condition-grading is more of an art than a science.

Average...... Fine....... F-VF........ Very Fine

When examining a stamp, the obvious first step is to look at its front. Centering is the first consideration. Pictured above are four 2c Washington stamps which grade from Average to Very Fine. Note how the perforations cut into the design at bottom of the first (Average) stamp. The perforations clear the design of the second (Fine) stamp, but are still close to the design at left and on the bottom. The third (Fine to Very Fine) stamp is better centered than the second, and the fourth (Very Fine) is the best centered of the four. Two higher grades also exist - Extremely Fine (almost perfectly centered), and Superb (perfectly centered). Unfortunately, the author did not possess XF or Superb examples of this stamp to scan.

Other criteria also apply when examining a stamp, such as whether the stamp has a defect or fault. Defective stamps are known as seconds, because they are the "second choice" of most collectors, who generally would prefer to own a sound, fault-free stamp. Nevertheless, the frontal appearance of a stamp is important in determining its value, even if it is faulty. A second which appears to be Very Fine is worth more than a second which appears worse.

Among the defects which are obvious from the front are faded or oxidized colors. Fading is usually caused by excessive exposure to light over a long period of time. Oxidation is a chemical process which effects certain types of inks, and causes them to rust. Reds and oranges often take on a brownish color when they oxidize. Other considerations include whether the stamp (if used) has a killer cancel which obstructs much of the design, abrasions, pin-holes, short perfs, tears or pieces missing, creases, stains, or inclusions. Inclusions are contaminant particles inadvertently mixed into the paper when it is being produced, and if such particles are large enough to be obvious, they can detract from the stamp's value. When examining old stamps, especially those without gum and for which the catalog value is much greater for unused than used, it is always prudent to look for indications of chemically-removed cancels. These may be difficult to detect, but a UV light will sometimes reveal traces of them.

The next step in the process is to turn over the stamp and examine its back. If the stamp is unused and was issued with gum, then gum condition will be an important consideration. The highest grade for gum is OG NH (original gum, never hinged), followed by LH (lightly hinged), OG (more heavily hinged), HR (hinge remnant) and No Gum. A stamp which is NH, but with disturbed gum, will be worth less than a NH stamp with pristine gum. Sometimes gum will appear brown or toned. Often, stamps which were stored under conditions of high humidity have toned, or tropicalized, gum, and toning can detract from the value of a stamp, especially if it is heavy (dark) or affects the paper as well as the gum.

Another type of defect of which to be aware when examining the back of a stamp is known as a thin. A thin is actually an abrasion of the back of a stamp, usually caused by careless removal of a hinge, or by heedlessly pulling the stamp off of something to which it was partially stuck. In effect, a part of the stamp's paper has been torn off its back and rendered "thinner" than the rest of the stamp. Larger, deep thins detract more from a stamp's value than smaller, shallower ones. The best way to detect a thin is to place a stamp in a black watermark basin (front side down), pour in some watermark fluid, and then observe whether a portion of the stamp appears darker than the rest of it. Of course, if the stamp is watermarked, one must take into account that the watermarked area will also appear darker, even if there is no thin. Occasionally one may also find a stamp for which the seller has attempted to conceal a thin, either by attaching a heavy hinge remnant to it, or by writing over it in pencil.

When purchasing an expensive stamp, the buyer should require expertization as a condition for purchase if he has any doubts whatsoever about either a stamp's authenticity or its actual condition. Most issuers of certificates will comment on a stamp's condition as well as its authenticity, and a few actually grade stamps. While there is nothing wrong with selling a repaired or altered stamp as long as it is described as such, there are dishonest individuals who profit from misrepresenting such stamps as being in their original condition. Repairing stamps is a lucrative business in Europe, especially in Germany, and there are practitioners of the trade who do a pretty convincing job of repairing tears, ironing out creases, filling thins, removing cancels, and regumming stamps. To an extent, developing an instinct or "gut-feeling" about when a stamp's authenticity or apparent condition seems questionable requires time and experience, but hopefully this article will serve as a start for those who are new to the game, and will make the learning experience less of a "school of hard knocks."

Stamp Investment Tip: Russia 1934 Zeppelin Issue (Scott #C53-57)

In 1934, the Soviet Union issued a strikingly modern set of five Zeppelin stamps (Scott #C53-57), which were intended for use on one of the South America flights of that year. 40,000 sets were issued, and Scott '10 values the unused set at $ 505.00.

The set strongly appeals to both collectors of Russia and of Zeppelin stamps. Zeppelin stamps and covers are extremely popular among "Zepp" collectors and Aviation topicalists, especially in Europe. Those issued by destination-countries which are likely prospects for rapid economic development are compelling investments, in my opinion.

The market for better Russian stamps from the Czarist through the Stalin periods is very hot right now. With 142 million people, Russia is the 8th or 9th largest economy in the world, with vast reserves of natural resources and a highly educated population. Since the collapse of the Soviet Union, Russia has experienced several major economic crises in its transition to capitalism, although annual GDP growth has been strong over the last 5 years, at around 7%. The country is still plagued by corruption and organized crime, making it somewhat reminiscent of America during its "Wild West" and Robber-Baron periods. Nevertheless, the middle class has grown from just 8 million people in 2000 to 55 million in 2006.

I favor all better items of Russia, as I believe it likely that both its economy and stamp collecting population will grow substantially over the next decades.

Stamp Investment Tip: Niger Coast Protectorate 1897-98 Victoria (Scott # 55-63)

The Niger Coast Protectorate, a territory originally known as the Oil Rivers Protectorate, was a typical colonial "company territory" managed by the Royal Niger Company, which controlled the land, its resources, and its people, for the betterment of its shareholders. The company surrendered its charter to the Crown in 1899, and the Protectorate was incorporated into the two new territories of Northern and Southern Nigeria, which were combined to form the colony of Nigeria in 1914. During its seven-year existence, the Protectorate issued 63 stamps (plus varieties), including some notable rarities. Among the more affordable and accessible is its last issue, the 1897-98 Definitives (Scott #55-63), the third such issue with a design portraying an elderly Queen Victoria. Only 5,500 sets were issued, and Scott '10 values the set unused at $ 193.25 .

Stamps of Niger Coast Protectorate have the potential for dual market appeal among collectors of British Commonwealth and Nigeria.

A nation of over 154 million people, Nigeria is an an emerging market country, and is rapidly approaching middle income status, with an abundant supply of resources, well-developed financial, legal, communications, transport sectors, and a stock exchange which is the second largest in Africa. It is the eighth largest exporter of petroleum in the world. GDP growth has averaged almost 6% over the last 5 years. However, the country also has major problems, including corruption, human rights abuses, grossly unequal distribution of income, and internal religious and tribal conflicts.

Based purely on the growth of demand from British Commonwealth collectors, the set represents a conservative investment with little downside risk. Should Nigeria develop even a modest base of stamp collectors, the set will soar.

Stamp Investment Tip: Spain 1940 Virgin of the Pillar Issue (Scott #B109-22,CB8-17,EB2)

In January of 1940, having just won the Spanish Civil War, the Royalist government of General Franco engaged in a bit of sanctimonious whitewashing and justification of its responsibility for that 3 year bloodbath, issuing a compound set commemorating the 19th Centenary of the Virgin of the Pillar, the patron virgin of Spain and the Hispanic peoples (Scott #B109-22,CB8-17, EB2). The surtax was used to restore the Cathedral at Zaragoza, which had been damaged during the Civil War, in order to help promote a spirit of national healing under a brutal, pietistic, pro-Fascist dictatorship. 85,000 sets were issued, and Scott '10 prices the unused set at $ 399.85 ($ 775.00 for NH).

On the bright side, the set is a beautiful Religion topical issue, and has potential appeal to Catholic collectors in all of Spain's former colonies. Furthermore, the current financial mess in Europe has lowered the value of the Euro and softened demand for better issues of many European countries, including Spain. For those who invest for the long haul, now is a good time to buy.

I strongly favor all scarce and undervalued issues of Spain and its colonies. The nation has 46 million people, the 9th largest economy in the world, and the most rapidly aging population in Europe. Philately will flourish under such conditions over the long-term, despite any temporary economic crises.

Stamp Investment Tip: Venezuela 1899-1901 Bolivar Issue (Scott #142-49)

From 1899-1901, Venezuela issued an attractive set of definitives honoring Simon Bolivar (Scott #142-49). Fewer than 1,000 of the 2b Orange high value (Sc. #149) were issued, and Scott '10 prices the unused set at $ 375.00. I strongly recommend either the complete set or the high value for investment. It 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.

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: Annam and Tonkin

Before the French began issuing stamps for its colony of Indochina in 1889, it initially utilized French Colonies stamps, and later surcharged these stamps for use in Annam and Tonkin (now Northern and Central Vietnam) and Cochin China (Southern Vietnam). I favor all stamps of both Annam and Tonkin and Cochin China, as well as the better issues of Indochina, as they have appeal to collectors of both Vietnam and French Colonies.

Focusing on Annam and Tonkin, since the A & T stamps are handstamped surcharges (and therefore subject to fakery, as are all overprinted stamps), I recommend those which are costly enough to purchase conditional on expertization. These include some of the better surcharge varieties, the "Hyphen between 'A' and 'T' " Surcharges (Scott #7-9, which range in Scott '11 Cat. Value from $ 210.- to $ 550.-), and the rare unissued 5c on 2c Brown on buff (Scott #9Note- Scott '11 CV = $ 7,500.-). Printing quantity information is unavailable for these stamps, but it is likely that fewer than 2,000 of each of Sc. #7-9 were issued, and that fewer than 100 the unissued 5c on 2c were prepared.

Vietnam is a nation of 86 million people which is in transition from a command economy to a market-driven one. It is still a relatively poor country, with an annual GDP of $ 280 billion. Deep poverty, defined as a proportion of the population living under $1 per day, has declined significantly and is now proportionally smaller than that of China, India, and the Philippines. Annual GDP growth has been impressive, averaging about 7.5% over the past five years, and it is likely that Vietnam will have one of the fastest growing economies over the next several decades. Manufacturing, information technology, and high-tech industries are rapidly growing sectors. Though a relative newcomer to the oil business, Vietnam is now third-largest oil producer in Southeast Asia, with an output of 400,000 barrels per day.


Interest in the better stamps of Indochina and Vietnam has been upstaged by the recent feeding frenzy of the Chinese stamp market. This relative neglect represents a buying opportunity.

Stamp Investment Tip: Cape of Good Hope Triangles

The Cape of Good Hope was the first stamp-issuing entity to produce triangular stamps, beginning with its first issue of 1853. As with many early issues, printing quantities are not known for most of the Triangles, which include some of the great rarities of Philately. Despite the fact that there is some specialized interest in this area, including the collecting of varieties, "square pairs", and covers, the market for Cape of Good Hope Triangles (with the exception of the rarities) is somewhat cool, and one can often find sound, three-margin examples for 25%-35% of Scott, and F-VF appearing seconds at 6%-12%. Researching these stamps and forming a specialized collection of the relatively inexpensive ones could prove highly profitable in the long run.


Stamps of the Cape of Good Hope have dual market appeal among collectors of both British Commonwealth and South Africa. While I like many of the Triangles, two that I favor for which the printing quantities are known are the 1863-64 6p Purple and 1sh Emerald (Scott #14 and 15), which had printings of 95,520 and 37,920, respectively, and Scott '10 values (as unused) of $ 275.00 and $ 475.00. A 1sh Pale Emerald shade (Scott #15a- Scott '10 CV = $ 1,200.-) is also known, and it's probably at least 3 or 4 times scarcer than the normal #15.

South Africa is a country of vast potential. As a middle-income country of about 49 million, it has an abundant supply of resources, well-developed financial, legal, communications, energy, and transport sectors, a stock exchange that ranks among the top twenty in the world, and a modern infrastructure supporting an efficient distribution of goods to major urban centres throughout the entire region. South Africa is ranked 25th in the world in terms of GDP. Annual GDP growth has averaged about 4% over the past 5 years. It is likely that South Africa will be one of the fastest growing economies in the world over the next decades.

Stamp Investment Tip: Canada 1926 Provisional Surcharges (Scott #139-40)

In July of 1926, Canada reduced its domestic postal rate from 3c to 2c per ounce or fraction thereof, and the rate on letters to the United Kingdom and the British Empire from 4¢ to 3¢. At this time, the post office had in stock almost 130 million of the 3¢ Carmine Admiral stamps- enough to last for 25 years. A decision was made to surcharge the 3¢ Carmine by adding the overprint "2 cents" and to use the surcharged stamps to help meet the expected demand for 2c stamps. Two types of surcharged stamps were issued: single- and double-line (Scott #139 and 140), of which 50,000 and 103,500 were issued, respectively. Scott '10 values #139 at $ 60.00 for unused ($100.- for NH) and #140 at $ 30.- ($50.- for NH).

As an investment, I prefer #139, although it should be noted that there are also scarce surcharge varieties of both stamps, all of which are good. As with all overprints, there is the risk of fakery, necessitating expertization. While the surcharge varieties are all pricey enough to make expertization practical, #139 is not, unless, of course, it is purchased and submitted as a multiple, preferably as a block of 4 or more stamps.

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.

Those readers who are on Facebook, LinkedIn, and Ebay are welcome to join the newly created "StampSelectors" groups, which will focus on philatelic investment and the stamp market. To get to them, simply search "Groups" under "StampSelectors."

Stamp Investment Tip: Falkland Islands 1948 Silver Wedding (Scott #99-100)

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.


In 1948, the Falklands issued a set of two stamps celebrating the Silver Wedding of King George VI and Queen Elizabeth (later the Queen Mother). The set (Scott #99-100) is one of the scarcest of the Silver Wedding Omnibus issues, as only 5,000 were issued, and Scott '10 values it unused at $ 111.25 . As a popular topic for British Commonwealth collectors, it's hard to beat the Royal Family, with a stick, sceptre, or other appropriately heavy object, and banking on such loyalty can pay interest.

Stamp Investment Tip: Canada 1949-50 Officials (Scott O1-10)

In 1949 and '50, Canada issued its first set of Official stamps (Scott #O1-10), by overprinting a portion of its 1942-43 George VI definitives and 1946 Scenes set "O.H.M.S.." The key stamps in the set, the 50c Dark Blue Green and the $1 Red Violet (Scott O9 and 10), had printings of only 30,000 and 65,000, respectively. Scott '10 values the complete set unused at $ 310.50 , and #O9 at $ 200.-. #O9 is often sold alone, and is sometimes available in blocks of 4.

I believe that the undervaluation of this set is due to its being overlooked as a back-of-book issue. Many of the sets were used as postage by government offices, and it would not surprise me if fewer than 10,000 #O9s in F-VF or better, NH condition remain. The 50c and $ 1 "No period after 'S' " overprint varieties (Scott #O9a and O10a; Scott '10 as unused $ 600.- and $ 2,250.-, respectively ) are also worthwhile, but should be purchased conditional on expertization.

Interest in stamp collecting in Canada is much stronger than it is in the U.S., and I favor better B.N.A. stamps for investment, especially if they had modest printings and have been unjustifiably overlooked thusfar.

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.

Announcement: Those readers who are on Facebook are welcome to join the newly created "StampSelectors" group, which will focus on philatelic investment and the stamp market. To get to it, simply search under "StampSelectors."

Stamp Investment Tip: Austria 1933 WIPA Issue (Scott #B110-11)

In 1933, Austria issued several semi-postal stamps and a souvenir sheet in celebration of the Vienna International Philatelic Exhibition (WIPA). These stamps, which pictured an engraving of a stagecoach after a painting by Moritz von Schwind, are listed below, along with quantities issued and Scott '10 Catalog Values for unused:

Scott #B110: 50g Deep Ultramarine, Perf. 12 1/2 (40,000: $ 150.00- $260.00 for NH)

Scott #B110a: 50g Deep Ultramarine, Perf. 12 1/2 on granite paper (20,000; $ 325.00- $625.00 for NH)

Scott #B111: 50g, Perf. 12, Souvenir sheet of 4 on granite paper (10,000; $ 2,500.00-$ 3,250.00 for NH)

Scott #B111a: 50g, Perf 12 on granite paper, single from s/s (40,000; $ 500.00-$ 650.00 for NH)

I view this issue as a conservative investment, which should do well over the long haul as Austria's economy and stamp collecting population grows. The global aging trend should boost the number of serious Austrian philatelists, as the proportion of Austrians over 60 is projected to grow from 20.7% in 2000 to 33% in 2025, and 41% in 2050, according to a UN Report on Global Aging.

Austria, a nation of 8.3 million people, is one of the 12 richest countries in the world in terms of GDP per capita, with a well-developed social market economy and a high standard of living. Alongside its highly developed industries, international tourism is the most important part of the national economy. Germany has historically been the main trading partner of Austria, making it vulnerable to rapid changes in the German economy. However, since Austria became a member state of the European Union it has gained closer ties to other European Union economies, reducing its economic dependence on Germany. In addition, membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to the emerging economies of the European Union. Annual GDP growth has averaged 2.4% over the past 5 years, reflecting a recent slowdown due to the global financial crisis.

Stamp Investment Tips: Philippines Stamp Exhibition Issues

The Philippines issued several sets and souvenir sheets at stamp exhibitions in the 1970s and '80s, and I am particularly interested in the three issues which featured "Stamps on Stamps" - AUSIPEX '84, and AMPHILEX '77 and ESPAMER '77 (both airmails). These popular topicals pictured the first issues of the Philippines, Australia, the Netherlands, and Spain and had low printings (especially the imperforate versions of the sheets, which are noted in Scott).


As a newly democratic and newly industrialized country of 92 million which is transitioning from its centuries-old complete dependence on agriculture, the Philippines may turn out to be one of the most successful emerging markets in the Pacific Region. The government tends toward fiscal conservatism coupled with long-term economic planning, and annual GDP growth has been around 6%-7%.

Given their scarcity, inexpensiveness, and topical appeal, I believe that these issues represent low-risk/high reward investments which should do well as this emerging market economy develops. Their quantities issued and Scott '10 Catalog Values are listed below:

AUSIPEX '84:

Set: Sc. #1709-09 (20,000 issued); Sc. '10 CV=$ 7.00
S/S: Sc. #1710 (15,000 issued); Sc. '10 CV=$ 30.00
Imperf. s/s: Sc. #1710Note (10,000 issued); No CV given by Scott

AMPHILEX '77:

S/S: Sc. #C109 (30,000 issued); Sc. '10 CV=$ 10.00
Imperf. s/s: Sc. #C109Note (7,000 issued); Sc. '10 CV=$ 20.00

ESPAMER '77:

S/S: Sc. #C110 (20,000 issued); Sc. '10 CV=$ 10.00
Imperf. s/s: Sc.#C110Note (7,000 issued); Sc. '10 CV=$ 18.00

Stamp Investment Tips: Ryukyus 1958 30y Light Olive Green Variety (Scott #24a)

The Ryukyus Islands were occupied by U.S. forces in 1945, and reverted to Japan in 1972. During the period of occupation, the U.S. issued stamps for use in the Ryukyus, which now are sought by U.S. and Japanese collectors.

In 1953, the Ryukyus issued a 30y Olive Green stamp picturing the Sonchan Utaki Altar at Shuri Castle (Scott #24)a s part of its 1952-53 Scenes set. While the normal stamp is quite common, a light olive green variety (Scott #24a), issued in 1958, is not, as only 1,300 of the variety were issued. Scott '10 prices the unused variety at $ 60.00.

The variety has been neglected, and has a strong dual market, appealing to both American and Japanese collectors.

Stamp Investment Tips: Newfoundland 1910 1c Guy Issue, "NFW" variety (Scott 87 var.)

A little over 2 months ago, I recommended purchase of Newfoundland's 1910 Guy Issue (Scott #87-97, 98-103). Focusing a little more closely on this issue, I am now tipping the stamp that is perhaps its most undervalued variety, the 1c "NFW" for "NEW" variety (formerly Scott 87d- the upper left stamp in the block pictured). Scott, in its infinite wisdom, elected to deprive this stamp of its catalog number, although it is still noted and priced in Scott's Classic Specialized Catalog. Unitrade, the Canadian specialized catalog, still lists the stamp.



50,000 of the normal 1c stamp (Scott #87) were printed in sheets of 100, of which one stamp per sheet had the "NFW" variety. In other words, only 500 "NFW" varieties were originally issued, back in 1910. Nice LH and even NH examples can sometimes be found for $50 to $150, and the stamp is even occasionally available in blocks of 4 with the normal 1c stamps. I feel that this stamp is grossly undervalued, partly because of Scott's treatment of it, a temporary case of the "tail wagging the dog." Stamps of Newfoundland and the other former British colonies of British North America are very popular among both Canada and British Commonwealth collectors.

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 Tips: Finland 1930 Zeppelin Overprint (Scott # C1)

In 1930, Finland overprinted 50,000 of its 10m Lake Saima
stamps "Zeppelin 1930", thereby creating its first airmail, intended to be used on the Graf Zeppelin return flight from Finland to Germany (Scott #C1). 500 stamps were errantly overprinted "Zeppelin 1830" instead of "1930" (Scott #C1a), of which probably about 200-300 were sold and the rest destroyed. Scott '10 values #C1 unused at $ 140.00 ($225.00 for NH)and C1a at $ 2,500 .

I feel that both stamps are good investments, but that the overprint error is the better of the two. Zeppelin stamps and covers are extremely popular worldwide, and the "1830" overprint error is one of the gems of both Finnish and Zeppelin philately. It costs a little more than a U.S. 1930 Zeppelin set (Scott #C13-15), yet is about 200 times rarer, and worth its weight in Finnish fairy dust.

Finland, a nation of 5.3 million people, has a highly industrialized free-market economy focused largely on manufacturing. GDP growth has averaged about 3.6% annually over the last 5 years, although it declined recently due to the global financial crisis, and is now recovering. Finland's stamp collecting population is comparable to other Scandinavian countries, and will probably grow significantly as the nation ages over the next decades.

Counterfeit overprints exist of both the normal and error stamps, so authentication is recommended, especially for the error.

Stamp Investment Tips: Canada 1952 $1 Fisheries Official (Scott #O27)

In 1951, Canada issued one of its most attractive stamps, honoring its Fishing Industry (Scott #302). In 1952, 40,000 of the Fisheries stamps were overprinted "G" for government use (Scott #O27). Scott '10 prices the unused Official stamp at $ 100.00.

In my opinion, the $1 Fisheries Official is undervalued and has been ignored because it is a back-of-book issue. Interest in stamp collecting in Canada is much stronger than it is in the U.S., and I favor better B.N.A. stamps for investment, especially if they have modest printings and have been unjustifiably overlooked thusfar.

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, 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: Burma 1937-39 Officials

In 1937, the British declared Burma separate from India, and made it a self-governing unit of the Empire. The first stamps of Burma were George V definitives of India overprinted "Burma." A set of Official stamps (Scott #O1-14), for use by governmental officials, was also created by additionally overprinting the stamps "Official." In 1939, a new set of Officials (Scott #O15-27) was issued by overprinting some of the stamps from Burma's 1938-40 George VI issue.

Issuance quantity information is unavailable for these sets, but in all probability, 10,000- 20,000 (or fewer) of each were produced. They are of current interest to British Commonwealth collectors, and Scott ' values O1-14 at $ 497.00 for unused ($825.00 for NH)and O15-27 at $ 309.10 for unused ($ 420.00 for NH).

Now called the Union of Myanmar, this country of 50 million is ruled by a ruthless military junta which oppresses its people and mismanages and isolates Myanmar from the rest of the world. The junta has committed crimes against humanity, including the forced labor of approximately 800,000 of its citizens. Previous to the coup of 1962 in which the junta seized power, Burma was one of the most prosperous nations in Southeast Asia, rich in commodities and with a highly literate, hard-working population.

I view it as inevitable that the Burmese people will cast off their oppressors and return to democracy, and eventually, prosperity, but when this will happen, or at what cost, remain open questions. Until then, I suggest purchase of both of these sets, which should gradually increase in value based solely upon demand from British Commonwealth collectors.

Stamp Investment Tip: Egypt 1933 Railroad Congress Issue (Scott #168-71)

In 1933, Egypt issued a set of stamps commemorating the meeting of the International Railroad Congress in Heliopolis (Scott #168-71). The set pictures various locomotives from the 1850s on, and is an attractive Train topical issue. 52,000 sets were issued, and Scott '10 values it unused at $ 70.00 .

With an estimated 76 million people, Egypt possesses one of the most developed economies in the Mid-East, with a GDP growth rate of 5% -7%. The government is undertaking major economic reforms to further spur development, including massive investments in infrastructure and liberalizing economic and tax policies to encourage foreign investment. Egypt's main challenge in the years to come will be one of social and political democratization - how to assure that enough of the new wealth trickles down to the majority of the population to lessen the problems of poverty and political instability.

Stamp Investment Tips: Mexico 1934 University Issue (Scott 698-706/C54-61/RA138)

In 1934, Mexico issued a beautiful compound set of stamps honoring its National University (Scott #698-706/C54-61/RA138). Showcasing Mexico's Aztec heritage in Art Deco style, it's rather pricey, so the constituent sets are usually sold individually (and even as individual values). 1,300 of the regular issue and 1,500 of the Airmail sets were sold, and the regular issue (Scott # 698-706) has a Scott '10 Catalog Value of $ 1,736.00 unused ($ 2,400.00 for NH) while the Air set (Scott #C54-61) is valued at $ 1,617.00 unused ($ 2,600.00 for NH). The postal tax stamp (Scott #RA138) is common.

I feel that the sets are grossly undervalued despite their apparent costliness, and should do very well in the years to come. Individual high values also are attractive: the 10p and 20p top values (706 and C61) with printings of 1,300 and 1,500, respectively (Scott Catalog Values of

$ 1,100.00 and $ 1,250.00), the 5p Offering to the Gods (Scott #705- 2,000 issued; $ 325.00), and the 5p and 10p Airs (Scott #C59 and C60; 3,000 and 2,500 issued; $ 75.00 and $ 240.00).

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 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.

Note that a rare unwatermarked variety exists of the 10p Aztec Worshiper (Scott #706a), of which only 200 were issued. Scott values the variety at $ 3,250.00 unused ($ 5,000.00 for NH) . Should you decide to cough up for one, it could certainly become one of the crown jewels of your philatelic investment portfolio.

Stamp Investment Tip: Uruguay 1929-43 Pegasus Issue (Scott #C27-60A)

Between 1929 and 1943, Uruguay issued a magnificent set of thirty-six airmail stamps, the Pegasus Issue (Scott # C27-60A). Each stamp bears the same design but in different colors, and the set has become a favorite among Horse and Animal topical collectors. Only 5,000 sets were issued, and Scott '10 values it unused at $ 417.90. Because of its length and the fact that it was issued over 14 years, the set has become increasingly difficult to find complete and in decent shape (F-VF LH or better). I believe it to be a bargain at full Scott if found F-VF+ NH, or discounted by 40%-50% for LH.


A related issue with the same design, the 1944 Surcharged Pegasus set (Scott # C106-12) is also worth targeting. It had a somewhat higher printing (15,000), but is also far less expensive (Scott '10 Catalog Value = $ 12.00) .

I hesitate to recommend the 1935 Pegasus set (Scott #C63-82), because Scott notes that counterfeits of this set exist. I have not seen examples of these counterfeits, so cannot comment on how convincing they are.

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.