Stamp Investment Tip: U.S. 1994 Recalled Legends of the West Sheet (Scott #2870)

In 1994, the U.S. issued a "Legends of the West" sheet of 20 stamps, commemorating America's westward expansion, and featuring portraits of prominent figures of the era. Unfortunately, a single stamp on the sheet honoring African-American cowboy and rodeo star Bill Pickett errantly pictured his brother, Ben. The Pickett family came forward and identified the error, and the Postal Service issued 20 million of the corrected sheet (pictured at left -Scott # 2869). To help defray the expense of producing the errors, the U.S.P.S. decided to hold a "lottery" and thereby allowed some collectors to purchase 150,000 of the recalled sheets (Scott #2870, pictured at right).

While the normal, corrected sheet is common and retails for about twice face value, Scott '11 prices the recalled sheet at $275.00 unused. Often it is sold for a slight premium if it is in its original U.S.P.S. envelope, but in my opinion, it should probably be removed from its envelope and kept separately. The envelope was intended for temporary storage, and it is possible that storing the sheet within it will damage it over time, due to shrinkage of the plastic and acidity of the cardboard.

The Recalled Legends Sheet should do very well over time, as it appeals to both general U.S. collectors and collectors of the popular Western Americana topic. It represents a good barometer of the health of the U.S. stamp market in general, in that it is sought by both serious collectors and intermediate collectors who are progressing toward becoming more serious about philately.

Stamp collecting has declined in the U.S. over the last fifty years, but I feel that this regrettable trend will be reversed over the next fifty. I estimate that there are between 150,000 and 300,000 "serious" stamp collectors and perhaps 3 to 5 million beginning collectors in the U.S. today. For a modern, relatively affluent, democratic nation of about 308 million people, these figures represent a pathetically tiny proportion of the population devoted to the world's most popular hobby. Aside from my impression that the U.S. situation simply could not get any worse as far as stamp collecting goes, I believe that globalization, aging of the population, and philately's compatibility with Internet use will all tend to attract more people to stamps. Reforming or significantly improving the nation's lackluster system of education would also be beneficial, as the semi-literate do not make very good philatelists.

Stamp Investment Tip: 1909 Alaska-Yukon-Pacific Imperforate (Scott #371)

In 1909, the U.S. issued a stamp in celebration of the Alaska-Yukon-Pacific Exposition (Scott #370), along with an imperforate version (Scott #371), which is far more scarce. 525,400 of the imperforate stamps were issued, and Scott prices it at $ 17.50 unused ($ 37.50 for NH). I believe that the best format in which to purchase these is as plate blocks of 6 (Scott '10 CV = $ 225.00 for unused, $ 350.00 for NH) or as centerline blocks of 4 (Scott ' CV = $ 175.00 for unused, $ 300.00 for NH). As these were issued in panes of 70, only about 7,500 of each of these postional blocks were issued, and many were probably broken up.

This issue is interesting because as an Alaska Topical, or item of interest for Alaska memorabilia collectors, it represents a bet on the economic development of the state, America's "final frontier"- rich in natural resources and with vast potential for economic growth.

As with the Hudson-Fulton imperforate recommended earlier, gum bends are a common condition problem with this issue, so endeavor to select blocks that are free of them.

Stamp Investment Tip: U.S. 1909 Hudson-Fulton Imperforate (Scott #373)

In 1909, the U.S. issued two stamps celebrating the tercentenary of the discovery of the Hudson River, and the centenary of the Clermont, the first commercial steamboat, built by Robert Fulton (Scott #372-73). The perforated stamp (#372) is by far the more common, as about 72.6 million were issued, and I am not recommending it for investment. However, I am recommending the imperforate version (Scott #373), as only 216,480 were issued, and Scott '10 prices it unused at $ 20.00 ($ 42.50 for NH).

The stamp is not only a beautifully engraved Ship Topical, but it is of local interest in New York and New Jersey. In my opinion, the best formats in which to purchase the issue are as a plate number block of 6 (CV = $ 240.00; $ 375.00 as NH) or as a center line block of 4 (CV = $ 210.00; $ 360.00 as NH). The stamps were produced in sheets of 60 (with one plate block and one center line block per sheet), yielding only 3,608 of each of these positional blocks. A much higher proportion of the imperforate Hudson-Fultons were retained by collectors than were the perforated stamps, so I am guessing that between 700 and 1,500 of each remain.

Gum bends are very common on #373. Endeavor to purchase examples which are free of them, especially if purchasing blocks.

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Stamp Investment Tip: U.S. 1942 5c Chinese Resistance Isuue (Scott #906)

In 1937, Japan invaded China and began the Second Sino-Japanese War, which eventually became subsumed within World War II. The Japanese had earlier invaded Manchuria in 1931, converting it into the puppet state of Manchukuo. During the course of the war, the Japanese slaughtered between 10 and 20 million Chinese, most of whom were civilians.

In 1942, the U.S. issued a 5c stamp in support of Chinese resistance to Japanese aggression, picturing Abraham Lincoln and Sun Yat-sen, the founder of the Chinese Republic. The stamp (Scott #906) had a printing of 21,272,000, somewhat modest for a U.S. issue. In my opinion, the best means of focusing on it is to accumulate F-VF+ NH plate blocks and First Day Covers.

Since one plate block was produced per sheet of 50 stamps, there was an initial quantity of about 425,000 of them, of which we may reasonably assume that 95%-98% were used as postage or otherwise broken up, degraded, or destroyed, leaving a remaining collectable quantity of 8,000-20,000. The 2009 Brookman Catalog Value for an F-VF NH plate block is $14.00, and as interest in the stamp has heated up a bit lately, expect to pay full catalog or close to it for a plate block in F-VF NH condition.

As to the FDCs, about 169,000 were produced. Brookman catalogs the FDC at $12.00, but it may frequently be had for considerably less, especially if the FDC bears a common cachet, such as Artcraft (by far the most common), Anderson, House of Farnam, Ioor, or Fidelity. Nevertheless, it is worth paying a premium for the scarcer cachets, especially if the designs are attractive. The market for U.S. FDCs has been stagnant over the last decade or so, providing an excellent opportunity to pick up these FDCs for a song.

The burgeoning market for Chinese stamps has begun to influence stamps thematically related to Chinese history and culture issued by other countries. The 1942 Chinese Resistance stamp was the first such produced by the U.S., and pictured one of the most celebrated figures of recent Chinese history. It is a truly historic issue, produced during a time of desperate struggle that was pivotal to the foundation of the People's Republic.

Stamp Investment Tip: 2006 Voyage of Samuel de Champlain Joint Issue

The U.S. 2006 Samuel de Champlain Joint Issue with Canada Souvenir Sheet (Scott # 4074) was released at the Washington 2006 World Philatelic Exhibition, and featured pairs of both the U.S. and Canadian domestic rate stamps (39c and 51c Canadian, respectively). This was the first time that both U.S. stamps and stamps of another country were printed on the same sheet.

The main reason that I believe that the souvenir sheet may be a good long-term investment is that it had a printing quantity of only 300,000- very low for a U.S. issue. It's somewhat useful to compare this printing quantity to that of the 1926 Battle of White Plains Souvenir Sheet (Scott #630), which had a printing of about 100,000, and has a Scott '09 Catalog Value of $ 375.00 for unused, and $ 600.00 for Never Hinged, although there is an important difference. The Champlain souvenir sheet's large size is unattractively unwieldy, and it's inclusion of both U.S. and Candian stamps means that it is less likely to be broken up for postage. Consequently, a high proportion will probably survive in the years to come. Many of the '26 White Plains sheets were broken up and used for postage.

On the positive side: the sheet has a Scott '09 Catalog Value of $ 4.25, and can still be purchased for slightly over its face value of about $2, so the risk is of loss is very low. Also, the issue is of interest to collectors of both U.S. and Canada, as well as Ship topical collectors. Accumulating a hoard of these sheets might be an interesting speculative play, and given the low printing quantity, it might rise rapidly if it begins to appear on advertised buy lists.