Stamp collecting is a common hobby but can be taken to great heights
Stamps are probably the most popular collectibles. Some rare stamps are deemed to be worth a fortune. However, every old stamp is not necessarily expensive. Even recent stamps can be extremely expensive, because a stamp’s value depends on rarity.
Stamps are graded as follows: mint, multiple mint stamps, single used stamps, stamps used on covers, misprinted stamps and misprinted stamps on cover. While it is better to get stamps in mint or excellent condition, those which are rejected by postal authorities or are printed on cover are exceptions.
Defective stamps are usually more valuable than regular ones because the entire print order is destroyed once the defect is detected. If a few manage to get into circulation before they are withdrawn, their value soars. The ‘inverted jenny’ series from the USA, issued in 1918, which contain the inverted images of the Curtiss JN-4 airplane, is one of the most spectacular examples in philatelic history. However, errata alone do not make stamps valuable. India Post comes up with so many defective stamps so often, that they are rejected in international markets.
What makes stamps invaluable is the history attached to them. An otherwise unremarkable stamp collection consisting of 550 used stamps fetched some $53,000 in an auction in 2005 by the Smithsonian National Postal Museum. The Museum committee feels it is a ‘cheap bargain’, because the stamps belonged to John Lennon.
The most expensive stamp in the world is a unique case in which fascinating history and rarity came together.
The Penny Magentas from British Guiana, originally worth one and four cents, are described as among the ugliest in the world. The Penny Magentas were provisional stamps issued by the British Guiana government in 1856, when the regular shipments failed to arrive from England, and were later withdrawn.
However, one of them remained with a schoolboy. It changed hands and, finally, appeared in an auction in 1922 where it was sold to American businessman Arthur Hind for $35,000, who outbid Prince Rainier III of Monaco. Mr Hind publicly burned the only other copy of the stamp in his pipe at that point, so his purchase would be the only Penny Magenta in the world. After his death, the stamp was bought by Frederick Small, an Australian businessman.
After two more auctions, the stamp was, finally, bought by John E du Pont for a whopping $935,000 in 1980. Du Pont died on 9 December 2010. The Penny Magenta remains in his bank vault. Philatelists continue to speculate about the appearance of a cousin of the most valuable stamp in the world, but it hasn’t surfaced yet.
Source: http://moneylife.in/article/philatelyking-of-hobbies-hobby-of-kings/16006.html
Stamps are probably the most popular collectibles. Some rare stamps are deemed to be worth a fortune. However, every old stamp is not necessarily expensive. Even recent stamps can be extremely expensive, because a stamp’s value depends on rarity.
Stamps are graded as follows: mint, multiple mint stamps, single used stamps, stamps used on covers, misprinted stamps and misprinted stamps on cover. While it is better to get stamps in mint or excellent condition, those which are rejected by postal authorities or are printed on cover are exceptions.
Defective stamps are usually more valuable than regular ones because the entire print order is destroyed once the defect is detected. If a few manage to get into circulation before they are withdrawn, their value soars. The ‘inverted jenny’ series from the USA, issued in 1918, which contain the inverted images of the Curtiss JN-4 airplane, is one of the most spectacular examples in philatelic history. However, errata alone do not make stamps valuable. India Post comes up with so many defective stamps so often, that they are rejected in international markets.
What makes stamps invaluable is the history attached to them. An otherwise unremarkable stamp collection consisting of 550 used stamps fetched some $53,000 in an auction in 2005 by the Smithsonian National Postal Museum. The Museum committee feels it is a ‘cheap bargain’, because the stamps belonged to John Lennon.
The most expensive stamp in the world is a unique case in which fascinating history and rarity came together.
The Penny Magentas from British Guiana, originally worth one and four cents, are described as among the ugliest in the world. The Penny Magentas were provisional stamps issued by the British Guiana government in 1856, when the regular shipments failed to arrive from England, and were later withdrawn.
However, one of them remained with a schoolboy. It changed hands and, finally, appeared in an auction in 1922 where it was sold to American businessman Arthur Hind for $35,000, who outbid Prince Rainier III of Monaco. Mr Hind publicly burned the only other copy of the stamp in his pipe at that point, so his purchase would be the only Penny Magenta in the world. After his death, the stamp was bought by Frederick Small, an Australian businessman.
After two more auctions, the stamp was, finally, bought by John E du Pont for a whopping $935,000 in 1980. Du Pont died on 9 December 2010. The Penny Magenta remains in his bank vault. Philatelists continue to speculate about the appearance of a cousin of the most valuable stamp in the world, but it hasn’t surfaced yet.
Source: http://moneylife.in/article/philatelyking-of-hobbies-hobby-of-kings/16006.html
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