CHAPTER VII

STAMP-COLLECTING AS AN INVESTMENT

The collector, the dealer, and the combination--The factor of expense--Natural rise of cost--Past possibilities in British "Collector's Consols," in Barbados, in British Guiana, in Canada, in "Capes"--Modern speculations: Cayman Islands--Further investments: Ceylon, Cyprus, _Fiji Times_ Express, Gambia, India, Labuan, West Indies--The "Post Office" Mauritius--The early Nevis, British North America, Sydney Views, New Zealand--Provisionals: _bonâ fide_ and speculative--Some notable appreciations--"Booms."

If we define the philatelist as a lover of postage-stamps, we may very properly express the view that his affections should be chiefly centred upon their historic and philatelic associations. Stamp-collecting for most of us is a recreation and a respite from the anxieties of the money-market, and many collectors are quite content with the joys of collation and research. At the same time we are not out of sympathy with the individual who,

"Whatever thing he had to do He did, and made it pay him too."

He represents one of the strongest influences in the collecting world, and is no doubt a tower of strength, imparting stability to the stamp-market. The term "amateur" is little used in connection with our pursuit, and the quibbles which seem inseparable in other pursuits, from the endeavour to draw an imaginary line round the amateur to separate him from the professional, are all but non-existent in philately.

We use the terms "collector" and "dealer," but that one is not the negation of the other is clear from the admission of the compound term "collector-dealer," which combination applies to a very great proportion of the more promiscuous portion of the philatelic world. The mere vending of postage-stamps would not, I think, convert the collector into the collector-dealer, as by the ingenious and widespread system of stamp-exchanges collectors are obliged to put a price upon their duplicates, and cash is the universal medium of exchange.

In a broad sense the collector-dealer class is composed of collectors who are glad to enjoy their hobby, but are under the necessity, or have the desire, to make their hobby pay for itself, and perhaps yield an addition to their regular income.

It is perhaps due to the all-absorbing character of the hunt for rare stamps that collectors and dealers enjoy unrestrained intercourse in most of the societies, though in the Royal Philatelic Society the rules forbid the admission of regular dealers to membership.

Among the best dealers we find some of the most advanced students of philately, who when it comes to research have many a time risen above considerations of commerce. Some of the most valuable contributions to the literature of philately have come from their unaccustomed but painstaking pens, and most of the dealers of repute take a pleasure in assisting the student to unravel a problem. In whatever spirit we form our collections, and with no matter what object in view, it is but human to nourish the hope, even if some shrinking from the admission of pecuniary motives never permits us to express it, that the collection formed with loving care and a considerable expenditure of money shall not, if parted with, result in a loss, or if retained suffer a heavy depreciation. If we desire to interest others we must be prepared for the _motif_ of the primary questions of the uninitiated, "What is it worth?" "What did you give for it?" though one can never hope to satisfy the ingenuous folk who ask the collector of many years' standing "How many stamps have you got?" and "I suppose they ought to be worth pots of money--how much do you think?"

There are several factors in the stamp trade which are worth noting, as they have contributed in no small measure to the prosperity of the business, and they must increase our confidence in the security of our collections as investments. A world-wide market is open to the vendor of rare stamps; it is convenient of access beyond all other markets for _bric-à-brac_, because the rarest stamp in the world may be safely transmitted anywhere, within an envelope, through the post. The adaptability of the postage-stamp to effective and convenient arrangement is not of more importance to the collector than the portability of his goods, rare or common, is to the dealer. It involves no more trouble to sell a rare stamp in Yokohama than it does over a counter in that thoroughfare of stamp-dealers, the Strand. Nor is there the risk of damage that would attend the transmission of a bulky article of _vertu_ to a customer in a remote country.

It is this same portability which is constantly increasing the demand for good and rare stamps from collectors. For the majority, almost any form of collecting brings with it a serious problem of space, arrangement, and security. We may display our collection of old English porcelain about the house, and beautify our surroundings, but it is at the cost of no little risk from the philistine fingers of the abigail. We may bring together a great array of ornithological specimens, but the cabinet space taken up by a collection of but moderate proportions is out of all comparison to the compact album, which may contain a large and portable collection of stamps. I would not be understood to even cursorily enter upon comparisons of different hobbies, but it is useful to mention the comparative facility with which transactions in rare stamps can be negotiated to indicate the cumulative effect this convenience must have in the value of old stamps.

Another important factor is the comparative standardisation of stamp values. No person of average intelligence need ever be totally in the dark as to the approximate selling value of the majority of old postage-stamps, for in nearly every language, excepting some of the Oriental tongues, there are standard price-lists of the leading dealers which serve as guides to the majority of both buyers and sellers, for these works are accessible both to the dealer and the collector.

When we come to consider the supply of old postage-stamps, we cannot but recognise a further important factor in their security as an investment. The majority of the rare, medium and common postage-stamps have been issued with the Government imprimatur; re-issues and reprintings are known, but they are the exception. Generally speaking, a stamp is no sooner obsolete than it commences to soar in the stamp-dealers' price-lists. In the cases of stamps of the larger countries which have had a long period of currency the rise is slow, but the frequency of the occurrence of unusual circumstances which cut short the life of a stamp on the active postal list has introduced a sporting element into even the collecting of current stamps. But it is inevitable that, with the retirement of a postage-stamp from use, there must come sooner or later a stoppage in the supply at the normal rates prevailing during its period of currency. The older stamps, most of the early issues of all countries, have for fifty years past been gradually absorbed in the great collections, some of them extremely limited in their original use, now withdrawn from the market into the stable repositories of national museums, and the supply is the one serious difficulty with which the dealer has to contend. This difficulty has its value to the collector, for to replenish their stocks the dealers have to buy back from the collector, and they compete keenly for the acquisition of collections formed by private individuals, if they contain the right class of stamps. My endeavour in this chat will be to indicate the character of the stamps which have risen in the philatelic period 1862 to 1911, all of which may be classed as "Collector's Consols," but most of which are at this date and at present prices likely to yield an excellent return in the future.

To take our own country first, for here purchases would have been made at first-hand, that is, at the post-office, there are many stamps, some of comparatively low facial value, that would have formed most desirable investments _if_ one had only been able to prophesy, and prophesy correctly.

The most notable examples amongst British stamps of rapid and great appreciation in value are the Twopence Halfpenny of 1875, with error of lettering, the Two Shillings, orange-brown, the Ten Shillings and One Pound of 1878-83, the Five Pounds--both telegraph and postage in the earliest shade--and certain "Officials": there are, of course, others which show an even greater appreciation on their original face-value, but the reason in that case is that small printings were made of certain stamps from a particular plate or on certain paper--"abnormals" to give them their usual name--and such stamps were not obtainable except by accident.

The Twopence Halfpenny error, though not known to the philatelic world until 1893, was present in every sheet printed from Plate 2 of that value, to the number of no less than 35,000, and yet, in mint unused condition, it is a very scarce stamp, probably worth £25. And yet none amongst the thousands who purchased and used one of these errors thought--even if he noticed the fact--that a mistake in one of the corner letters would some day cause a great rise in value.

Another well-known example is the Two Shillings, brown: issued originally in 1867, the first colour of that value was blue; but in 1880, to avoid confusion with other stamps, it was changed to orange-brown. It is said that only 1,000 sheets, or 240,000 stamps, were printed, a large number certainly, but comparatively small when it is remembered that of some stamps many millions were issued; small, too, when it is considered that the minimum charge on telegrams was a shilling, and foreign postal rates were high. An early price in dealers' catalogues was seven shillings and sixpence; now a fine unused copy realises more pounds than it formerly did shillings.

The _desiderata_ of British stamps--ignoring the "abnormal" varieties of plate and paper--are the Ten Shillings and One Pound of 1878-83. Few among the great multitude of collectors purchased the two stamps, each on Cross _paté_ paper and each on that watermarked with a Large Anchor, when current. But those few who did, and who kept them through the years when the rise in value was very slight, ultimately realised at the top of the market--say, £175 to £200--towards the end of the 'nineties. The £1 "Anchor" on bluish paper, which one could have bought in 1882 for twenty shillings, is now priced at £80, showing a profit which makes many a collector in these days sigh over lost opportunities.

Five Pounds is a high facial value, but that sum invested in the purchase of the telegraph-stamp, or of the postage-stamp which superseded it, would now be represented approximately by £100; but in the case of the Five Pounds postage-stamp, the paper must be "blued"--"naturally," and not through the medium of the blue-bag--and the colour should be of a vermilion almost merging into orange, and not the scarlet-vermilion in which this stamp finished its career in 1902.

In a somewhat different category are the various Official stamps, but as they were obtainable up to about 1890 by any respectable applicant at Somerset House, the earlier varieties may fairly be included. Sets bought during the 1884-90 period appreciated very little until towards the close of the last century, when they attained high prices, the One Pound "I.R. Official" in brown-violet, on Imperial Crown paper, being the rarest, even rarer than the similar stamp on the Orb paper, which without the Official overprint is rarer than the normal variety.

Of subsequent Official stamps, _not_ obtainable for the asking, special mention should be made of the three high values of the Edwardian issue--Five Shillings, Ten Shillings, and One Pound: in 1903 mint PAIRS of the three stamps were sold for forty guineas, and single sets for £25. Nowadays, pairs--the particular ones above referred to were subsequently severed--would probably fetch a sum running into four figures.

It may be interesting to record a few of the notable rises in value, in the space of a comparatively short period, of stamps issued in one or other of the British colonies, or in some foreign country.

In March, 1878, there was an unexpected shortage in Barbados of the then current One Penny stamp, and the island Post Office authorities supplied the deficiency by means of a provisional: they perforated the large Five Shillings stamp down the centre, surcharging each half "1d." These makeshifts in due course reached England, and orders were duly sent out for a supply for the stamp-market; one dealer's order was actually held back by the Barbados postmaster until the arrival of a further supply of the ordinary One Penny, when a supply of that stamp was sent him. Other dealers and collectors probably fared as badly, and an unused pair, or even a single copy, of this rare stamp supplies an example of unearned increment which would delight a Chancellor of the Exchequer on the look-out for more subjects for taxation. What a nice little nest-egg would a shilling's-worth of those stamps now represent!

Of the circular British Guiana stamps of 1850-51 it is hardly fair to speak, as they were issued and became obsolete before even the oldest philatelist ever thought of collecting; but if any far-seeing individual had then invested the modest sum of thirteenpence in the purchase of an unused copy of each of the four values, and had had them "laid down" until the present year of grace, or even until so comparatively far back as 1890, the sum they would realise in open market would not fall far short of £2,500. So, too, with the very rare large oblong type-set stamps of 1856, one of which--the One Cent, black on magenta--is literally unique.

The smaller stamps of 1862, printed from ordinary type with a frame of fancy ornaments, and issued on a shortage of One, Two, and Four Cents stamps, were for some considerable time fairly common, being obtainable for a few shillings, or sometimes, if one were fortunate, for pence; now a used set of the commonest variety of each value costs nearly £30.

Canada provides a rarity, dating back to 1851. A stamp--and it is a beautiful piece of work--of the apparently peculiar value of Twelve Pence was issued, but for some reason a very small portion of the large supply was sold, the remainder disappearing without a trace, never to be found even to this day: that stamp is now worth two thousand times its original cost. The reason for the value being expressed somewhat quaintly was that, whereas "One Shilling" was a fluctuating amount according to locality, "Twelve Pence" was the same everywhere.

It goes without saying that it is the rarities which have appreciated the most, and therefore a list of the stamps which ought to have been secured as an investment is practically a list of the rare and scarce stamps.

Beautifully engraved, of chaste design, and of quaint shape, the Cape "triangulars" are, and always have been, favourites; but they have been out-distanced, as regards profitable investment records, by the two roughly-executed stamps, of similar design and shape, printed from hurriedly made stereotyped blocks to meet a temporary shortness of the ordinary One Penny and Fourpence.

These provisionals, erroneously called (as they always will be) "wood-blocks," were issued early in 1861, and the ordinary specimens are of considerable scarcity even used, and very difficult of acquisition unpostmarked; much more then are the errors, caused by the unintentional inclusion in the group of stereotypes of each value of one block of the other denomination.

These two stamps--the One Penny in blue, and the Four Pence in red, instead of _vice versâ_--are well-known rarities used, and there are only three known copies in an unused condition; one of these, obtained by its owner during the period when the wood-blocks were in issue at "face," realised five-and-thirty years later no less than £500. "Prodigious," but true!

Another desirable Cape stamp owes its rarity to having been printed in a small quantity on a paper in use for a short time only--the Five Shillings, orange-yellow, of 1883, on paper watermarked with a Crown and "CA". For some three to four years, 1883-87, these stamps were purchasable unused at the post-office; and now--£100, perhaps.

Cayman Islands, that hotbed of official speculation and jobbery, furnishes a more modern instance--instances would be more correct--of sudden and excessive rise in price, if not in philatelic worth; certain provisionals, made by surcharging higher value stamps to meet the usual, and often avoidable, shortage. Fortunate, indeed, from the investors' point of view, are those who, subscribing to some "new issue" service, managed to obtain even single copies of these scarce labels at a small percentage over face.

Ceylon! The name raises a vision of the gorgeous East, and, to the philatelist, of rare imperforates, issued in the early days before Philately was. Who in the end of the 'fifties would have thought of investing in, say, a block of four of the Fourpence, dull rose, and, having held it for forty years, receiving the handsome return of--what shall I say?--£750? And yet it would be so.

Another Ceylon which has appreciated at a rapid rate is the Two Rupees Fifty Cents issued in 1880; for long it was catalogued and obtainable at 7s. 6d., but on suddenly becoming obsolete (through a change of postal rates) its price began to rise by leaps and bounds, until it is worth about twice as many shillings as it formerly was pence.

A glance at the catalogue prices of the first Cyprus set of Edwardian stamps, which were printed on paper known to philatelists as "Single Crown CA"--_i.e._, one entire watermark to each stamp--is a mild example of the abnormal rise which took place in nearly all colonial stamps, bearing the head of King Edward and printed on this "single" paper, when the unexpected change was made in 1904 to a "multiple" paper--that is, one in which the watermarks were arranged very closely together, so that each stamp must show parts of three or four of the devices. Stamps sold in 1902 or 1903 at a little over their original cost jumped up and up in price until they fetched, even at auction, 700 or 800 or even 1,000 per cent. over "face": small fortunes were made; but, as has happened, the rise was permanent and still continues.

The quaint "_Fiji Times_ Express" stamps, produced by private enterprise, and which were the forerunners of a most interesting series of stamps, many rare, were issued within the memory of many collectors--One Penny, Three Pence, Six Pence, and One Shilling--and yet that set of four stamps, dating from only 1870, is worth five hundred times "face," a fair return even for a wait of forty years. Certain stamps of a subsequent (1874) issue are now also very scarce; but they are varieties as distinguished from the normal printings, and scarcely come within the category of stamps obtainable by the casual purchaser.

The pretty embossed Gambias, particularly those printed on the old "Crown CC" paper, afford another instance of unearned increment: the set of seven values was, say in 1885, to be bought for 3s. or 4s.--now it is valued at about £6.

The reward of any far-seeing investor who had happened to purchase the Four Annas, red and blue, issued in India in 1854, would have been a rich one had he noticed an inversion of the Queen's head as regards its frame--copies of this rarity are known on the entire original envelope, so evidently they were, even if noticed, regarded merely as the results of carelessness. It would have been a (perhaps fatal) shock to any specialist in Indian stamps who had happened to purchase one of these rare errors still on the original, to find that he, by the irony of fate, had addressed and presumably stamped that very envelope thirty or forty years previously. The stamp bought originally for a few pence would have represented to-day, say, £130 unused, £70 used.

The purchase of a few copies of the Two Cents and Twelve Cents of the first issue of Labuan, in 1879, some years before the advent of the handsome "labels," all happily now obsolete, would not have proved a matter for regret, seeing that the prices have for some years been well over £10 for the two.

At present, the current Five Shillings stamps of Montserrat, Sierra Leone, Southern Nigeria, &c., are catalogued, unused, at about 25 per cent. over face, as once were the Two Rupees Fifty of Ceylon, the Five Shillings St. Vincent, and the Five Shillings Victoria, blue on yellow; without recommending it as an investment, it is by no means impossible that within twenty years from now a Montserrat Five Shillings may be worth £10 or even £15.

Incomparable as regards romantic interest and actual value, the first two stamps of Mauritius have been, ever since their discovery in the 'sixties, the _desiderata_ of every collector.

Other stamps--and there are several--may be rarer; but, as examples of a genuinely necessary issue, small in quantity, the One Penny and Twopence "Post Office" of sixty-four years ago will always be looked upon as the ultimate, even if seldom attained, goal of the Philatelist.

Originally looked upon as errors of engraving--"POST OFFICE" instead of "POST PAID"--on the sheets of what is now known to be the second issue of Mauritius, it was many years before they took their position as a rare and distinct emission; now something under thirty copies are known, and their status is firmly established.

From philatelic records we learn that the first-known copies changed hands for the merest trifle: to-day they are catalogued at £1,000 and £1,200 respectively, in used condition.

In 1894 a firm of stamp-dealers acquired a well-known collector's unused _mint_ copies of these stamps at what would now be the very low price of £680: they went into the collection of the late Sir William Avery, and have now passed to another famous collector at the record price of £3,500 for the two.

For romance, however, nothing approaches what occurred early in 1904. A collector, visiting a friend resident in the north-west of London, mentioned his hobby to his host, who, remarking that he once collected stamps, brought out his almost-forgotten schoolboy album. Looking casually through the old collection, the guest saw, to his amazement, what proved to be the finest known unused copy of the Twopence "Post Office," purchased by its owner forty years previously for a few pence: this stamp was sold shortly afterwards at auction for £1,450, and now adorns the fine collection of Mauritius stamps owned by King George V.

The quaintly designed stamps of Nevis, printed at first direct from line-engraved plates, and subsequently from lithographic stones, show a wonderful increase in value, from a few shillings each in 1880 to three or four times the same number of pounds at the present time; then, the stamps were only just obsolete, and most collectors were satisfied with one or two single copies; now, the demand is for entire sheets of twelve varieties, or, failing these, from the not very large supplies printed, for plates "made up" from singles, pairs, and blocks, arranged in their respective proper places.

The handsome "pence" issue of New Brunswick, some of the similar stamps of Newfoundland, and the first emission of Nova Scotia, all supplied by Messrs. Perkins, Bacon & Co., those unrivalled producers of postage-stamps, were, within the memory of many collectors, obtainable at very low figures; now many of the values, notably the One Shilling, realise, especially when "mint," very high prices indeed. As an instance, it may be mentioned that a young collector of thirty years ago, submitting his stamps to a well-known expert, had a nice unused copy of the One Shilling Nova Scotia valued at 25s., the present valuation of which would be £55.

It is related, on excellent authority, that, long ago, a dealer, learning that there was a small stock of these One Shilling stamps at one of the Nova Scotia post-offices, forwarded a remittance to secure them: he was successful in his desire, _but_ the postmaster had applied to each stamp a fine impression of the local obliterator, possibly as a concession to the then collector's presumed preference for postmarked copies.

"Sydney Views," as the stamps of the first (1850) issue of New South Wales have been, and probably always will be, known to philatelists, afford another instance of unearned increment.

Far back in the 'sixties, the period of unappreciated but now regretted opportunities for wonderful bargains, "Sydney Views" were a few pence a dozen used, and about £1 a copy if unused--whether singles, strips, or blocks did not matter then; now, postmarked copies are worth several times the old price of unused specimens; and for the unused, from £25 to £50, according to condition and absence or presence of the original gum, is not unreasonable. And yet, despite this enormous increase in value, at a recent meeting of the Royal Philatelic Society a total of 2,363 of these now scarce stamps were produced from the collections of fourteen members for purposes of study.

Other stamps there are of New South Wales, showing a great increase in value during recent times, but none to compare in interest or demand with the famous "Sydney Views."

New Zealand has issued many stamps, even in fairly modern times, which have greatly appreciated: a famous collector, who has recently parted with most of his treasures, had sent him years ago a quantity of stamps at _one penny_ each--one of them, on an examination some time afterwards, turned out to be the rare perforated One Penny, brown, of 1872, watermarked "NZ", and now worth some £30 used.

Of provisional issues, limited in quantity, ephemeral of use, and the prey of speculators, there are many instances; but, though the rise in value, from the original cost at the post-office, is often sharp, such stamps can hardly be looked upon as investments one has missed, because they were never obtainable by the public at large, as were the great majority of stamps now rare and much sought after.

An instance of this limited and speculative creation of so-called "provisionals" occurred in the Niger Coast Protectorate, at the end of 1893, when a _very_ few copies of the current One Shilling were surcharged "20/-," one or two (_literally_) in one colour, three or four in another, and so on. Possibly these proved to be good speculations, but they were not investments open to the man-in-the-street, gifted with the most prophetic of philatelic spirits.

In 1881, a _bonâ fide_ shortage of the Fourpence stamps occurred in St. Vincent, and a small quantity of the current One Shilling was overprinted "4d": for some time the quotation for unused copies was about thirty shillings, but now the price is nearer £20. Other provisionals were issued in St. Vincent about this time, and most of them have similarly appreciated in value; but collectors little realised, even in 1881, that what was then considered a full price--and grumbled at as such--would ever attain to its present day dimensions. The very handsome Five Shillings stamp was priced five-and-twenty years ago at 7s. 6d.: now it costs about £14.

Sierra Leone afforded an instance, in 1897, by issuing Twopence Halfpenny provisionals, made by surcharging certain fiscal stamps of the value of Three Pence, Six Pence, One Shilling and Two Shillings: only fourteen years ago, and yet a sheet of thirty of the "2½d." on Sixpence, costing 6s. 3d., is now catalogued at nearly £9, whilst the set of five varieties surcharged on the Two Shillings stamp, originally costing 1s. 0½d., is now worth £50.

The great rarity of South Australia is the Fourpence, specially printed in blue in 1870-71, to be surcharged "3-PENCE", but from a sheet (or possibly part of a sheet) of which the new value was accidentally omitted. Very few copies are known, and all but two are used: the two being in a "pair."

The first issue of Tasmania, then known as "Van Diemen's Land," affords an instance of a substantial rise during the last thirty years; but, although substantial, it is not abnormal. The Fourpence, blue, of 1870-71, would have proved a satisfactory investment to the purchaser of a moderate quantity at its original cost, for it is now catalogued at £5.

Owing to the greater part of the stock of the Sixpence, stone, 1884, of Tobago, with watermark of Crown "CA", having been used for a provisional surcharged Halfpenny, that stamp rose from its first catalogue price of about 1s. 3d. to its present value of £7 10s. No dealer seems to have obtained more than a small supply of this Sixpence, and the subsequent consignments from London to Tobago were printed in a totally different colour, orange-brown.

Practically all the stamps of the Transvaal have greatly appreciated, and large sums have been made by the fortunate holders of stock acquired at the old 1882 figures. In an old, but well-known catalogue, thirty-five stamps are priced in unused state, varying from 3d. to 10s., the latter being for a One Penny in red, on Sixpence, black, of May, 1879: and sixty-four used, ranging from 6d. to 7s. 6d., and including amongst the intermediate prices those of four of the May, 1879, provisionals. A glance at Gibbons will show, even taking the commonest varieties, a great rise all round, sufficient even to satisfy a greedy investor. Of minor Transvaal varieties there are many, and several of these show an abnormal rise in price: on the other hand, some have appreciated very little. How, therefore, is the would-be speculator-investor to know what to take?

In the old catalogue above referred to, some of the 1881 Turks' Islands provisionals are priced from 6d. to 2s. each unused--presumably the commonest varieties: now these stamps vary from 12s. to £5 for the "½", from £3 to £30 for the "2½", and from 30s. to £7 for the "4". The One Shilling, lilac, of 1873-79, largely used for the above provisionals, has increased some twelve-fold in value since 1882.

If the reverend gentleman who, by the help of a typewriter, evolved the earliest of the 1895 issues of Uganda, had only a few remainders on hand, he should reap a handsome return for his original outlay of two or three hundred cowries: but most probably he did not keep any, consequently the stamps are, and will remain, scarce and expensive.

The Five Shillings, Victoria, blue on yellow, is a striking stamp, and its present value is somewhere about £15 unused: a very famous collection contains several mint copies, which the owner once remarked were "Not bad at 7s. 6d. each."

Mr. Stanley Gibbons's well-known half-sheet of the Twopence, Western Australia, printed in 1879, in mauve, the colour of the Sixpence, affords a fitting close to this cursory list of good investments in British Colonies: acquired at 6d. each, the price to the collector was 5s., then raised to £2, and now it stands at over £20.

Space precludes a similarly long list of foreign stamps which have greatly appreciated; but the following examples, with early prices (as indicated) and those at present asked, may be interesting, showing the rises in many of the medium stamps:--

Egypt--1st issue, set, 6s. 3d. (in 1882), now £6 2s. 6d.

Oldenburg--1st issue, ¹/₃₀ thaler, 1s. (in 1882), now £2.

Oldenburg--1859-61 issues (in 1882), from 9d. each; now 4s. is the lowest, 12s. the next, and the highest £11.

Schleswig-Holstein--the pretty little stamps of 1850 were (in 1882) 9d. and 1s. 6d. each: they have now risen to 28s. and 50s.

Holland--1st issue, 9d., 6d., and 1s. respectively for the three values, unused: now 15s., 20s., and 30s.

Of the following, most, if purchased twenty years ago, would now show a very handsome profit, even after allowing 5 per cent. _compound_ interest.

The Swiss Cantonals, first issue Roumania (Moldavia), _tête-bêche_ pairs of France, inverted U.S.A., Paris prints of Greece, early Uruguays, some Brazils, early Japans, middle-period Hawaiian Islands, Italian States, early Spain and Colonies, first Samoas, first Shanghais, &c.

Concerning the inverted U.S.A., it is said--though these stories are often more interesting than true--that a purchaser of a quantity of one of these errors took them back to the post-office and had them exchanged for normally printed stamps. If true, the present feelings of the purchaser (if he survives) on being reminded of his neglected opportunity would be interesting.

Instances might be multiplied almost indefinitely by comparing the prices in old and present catalogues, but the instances given are sufficient to show the great profits which might have been made by the judicious investment of _small_ amounts in the _proper_ stamps: large amounts would probably lower prices.

A purchase in 1882 of twenty £1 "Anchor" would not lower the market if now offered for sale, but £500 worth would probably result in a slump.

However, it is generally a case of _Hinc illæ lacrymæ_, for the would-be traveller on the royal road to ease and great wealth has either never invested at all or has selected stamps which show a marked depreciation as the years roll on--_e.g._, the Fourpence Halfpenny of Great Britain, which was going to rise abnormally, but which has been "unloaded" at, or even under, "face." Only a trifling instance, but it serves to show the risks of investment in stamps when current or just obsolete; it is safer to buy those which have during a period of some years shown an inclination to rise steadily--but then investors and speculators are generally impatient and won't wait.

During the late South African War, there was an excessive speculation by the uninitiated among the soldiers and the populace in the provisional stamps overprinted "V.R.I." and "E.R.I."; thousands appeared to think that a few pounds invested during the war would enable them to retire on reaching the Strand with their booty. They all bought to sell, and genuine collectors, finding the supply so excessive, have only required a little patience to benefit their pockets by acquiring at "greatly reduced prices," much under "face," from the would-be get-rich-quicks who wouldn't or couldn't wait. As a rule, however, it is the early bird who catches the worm, and only at such rare seasons of extraordinary national excitement are excessive booms possible; and the early bird must have some solid ground of knowledge and intelligence to guide him to the worm.

VIII

FORGERIES, FAKES, AND FANCIES