Finally Harpooned One Of My White Whales!

When I first started collecting U.S. revenues about 15 years ago, I neglected to follow some sage advice from my coin collecting days: "Buy the keys first!"

What this means is that if you have the ability, buy the key dates or key pieces first... the rarest or highest catalog values FIRST. Most people, myself included, do the exact opposite, starting with the most common, cheapest, and/or easiest to find material.

It's the exact WRONG way to go about building a collection that includes scarce items, in my opinion, if you want the best chance at actually completing it.

Why? When it comes to collectibles, common will always be common and cheap will always be cheap. It is almost universally the highest catalog value pieces and/or the most scarce pieces that tend to appreciate the fastest. Sometimes they appreciate enough that they become unobtainable.

I realize that not everyone can afford the same magnitude of philatelic purchases, but if you can, and have the necessary expertise, get the higher value pieces in your collecting specialties, because if you wait too long, they might just slip out of grasp... or you may find yourself having to settle for a subpar example just to fill the spot.

U.S. revenues have seen ginormous increases in demand and catalog value in the last 15-20 years, to the point that some 1st issue keys have just soared into the stratosphere.

For example, it is highly unlikely that I will ever own an R17a, the 3-cent Playing Card imperforate. When I first started tracking revenue values, in the 1999 Scott it listed for $8,500... considerably more than I have ever paid for a stamp, but now 17 years later, it lists for a whopping $40,000. That's just not in the realm of possibility.

R51b - then $900. Now $5,000.
R77a - then $3,000. Now $10,000.
R84a - then $2,500. Now $10,000.
R80a - then $3,750. Now $12,500.

This time around, the quarry in question was R80a, the $1.90 Foreign Exchange imperforate, now cataloging $12,500, making it the second-highest catalog value 1st issue revenue stamp. Completely sound examples currently go in the $7,000+ range. You can find examples in the $2,000-5,000 range, but usually with multiple faults and poor aesthetics. I've seen a lot of examples I don't believe are legit, even with certs. Margins too iffy, color the wrong shade, cancels all wrong for the early period, etc.

Given my collection focus on handstamp cancels, I really wanted an example with a handstamp cancel. Finding a legit R80a with a handstamp cancel and decent aesthetics without breaking the bank is NOT an easy proposition... and I've been looking for a long time. I have passed on several opportunities in the $2,000-4,000 range simply because I didn't like the stamps for the money. If I'm going to spend 4 figures on a stamp or document, I have to really like it. I've only hit the 4-figure mark a handful of times in 15 years, and only figures starting with the number 1...

Well, there was an example offered a few weeks back in a Kelleher auction that hit all the sweet spots for me: great margins, the correct color and impression for an R80a, nice handstamp cancel, and only minor faults that didn't majorly affect appearance.

I decided to lay in the weeds and see if I could snag it, knowing it would be a long shot. I knew I would have to pay up, but was hoping bidding wouldn't go crazy and it would stay in the realm of feasible.

Well, I had to bid a few times, but I ended up with the stamp at a price I can live with (the 18% buyer's premium really makes you wince though). It's the most expensive stamp I've ever purchased, at just over $2,000 all-in, but I'm definitely pleased to "fill the spot" with an example that has a handstamp cancel.

I realize that it can be iffy to buy an expensive imperf without a cert, and had I any doubts, I would have put it on extension. This one, however, gives me no warnings at all. The left and right margins are wide enough to preclude it being a trimmed perf (if you look at multiples of R80c, they are printed VERY close together). The color is right, the cancel date is good, the impression is right. I have only ever seen this particular handstamp cancel on other R80a, not R80c (I'm not saying it wasn't used on R80c, just that I have only ever seen it on R80a). It all rings true.

It has two shallow thin spots less than 2mm in size and the top margin touches the design; those are the only faults. I'm quite pleased.




Here is an example from the PF cert archive with the same cancel. By way of comparison, this stamp sold for $9,200 in 2008.

Congratulations on a magnificent acquisition! Your advice about building a collection is sound. For me, three kids in college does put a damper on things though...I'm acquiring my equivalent of Ramen noodles right now. Or maybe it's Lucky Charms, hoping for a treasure.

Wow! It's a great stamp -- congratulations! Based on what I've learned over the years and especially here on this board, it looks 100% legit to me. As for buying the key stamps first, with my budget I'd still be waiting to start my revenue collection.

No, I get it, really I do. Perhaps a better way of putting it would have been "Regardless of your budget or means, go after the scarcest or highest cat items you can afford first, before the random and sundry other items."

I have no family and don't mind carrying a relatively high debt load, which are the only reasons I own some of the pieces I do.

Rev, great find. Even better are your posts that describe your acquisitions. They are always an enjoyable read.

Well done. In postal history, the advice is probably "buy the keys when you can," because frequently you only get one shot a collecting generation at some material before it goes into somebody else's collection and there's no other way to get it.

I did the same thing when I started my postal savings collection. Literally the first thing I bought was a 1920 savings certificate with 2 examples of the 1920 War Savings stamp (Scott WS6). It's still the most expensive single item in that collection, which is now a 9-frame gold medal exhibit.

Yeah, I didn't even get into availability, which I'm finding is actually more of a hindrance than the financial limitations. There are so many Scott-listed items, even ones that only catalog $100 or so, that just NEVER show up.

Some of the items have populations in single digits, so the only way to acquire an item is when another collector kicks the bucket (morbid and I wouldn't wish it, but it's true).

Some of the double impressions I'm looking for only come on the market once every 10-20 years or so.

That's why there's such a feeding frenzy (and wallet pain) when a high profile specialized collection comes to market, e.g., Joyce, Tolman, Cunliffe, and most recently Curtis.

Sometimes the only way for some to obtain a more expensive stamp variety is finding it among more common stamps that have been overlooked because the seller was unaware of it. However, I usually point such things out to the seller first and most will let it go because they say that they didn't have to pay much for it when they got it themselves while others will be thankful and try to sell it for more.

Great job rev! I hope an R17a playing cards comes along for you as a sleeper at some point. We would love to hear you write it up on SCF.

It is always a great feeling to add a difficult item in the album. Certainly happy that you got it and shared. Your advice is accurate, many of the private die stamps I bought years ago would be out of the question today. Have to say that I have kicked myself a few times for not bidding a bit higher on some auctions too. Many dont come back around so quick, and when they do, price has doubled. Congrats.

The "and have the necessary expertise" is key. How many people have the expertise when they are stating to buy?

Great job on obtaining a difficult first issue revenue. The growth in valve of scarce and rare revenue stamps over the last 20 years has been truly amazing.

Yep ... I empathize with you. Chasing the "one" is a challenge. As you get older, the "value" keeps going up so overcoming the chase in value vs available $$ to acquire it is a daunting race. It took me 45 years to finally get the Zeppelins at a price I could afford.

It is anguish too see items "just outta reach" ... so close, yet so far. Congratulations!!