Note.—The colours in the above list are those given in the printers’ books. The list will be found of the greatest assistance to philatelists in helping them to determine the relative rarity of the stamps of Section I. It must, however, be borne in mind that at least two other factors enter into this problem. These are the number of stamps that were surcharged “Revenue” for fiscal purposes, and also the number of unused stamps that were stocked by the dealers at the time of their issue. Take for instance the Four Pence of 1866 and the Four Pence of 1877, of which the numbers printed were 15,000 and 6,000 respectively. Theoretically speaking, the latter should be 2½ times as rare as the former, but in reality it is much more so. The earlier one was stocked by the dealers, and is no rarer unused than used. The later stamp unused is at least ten times as rare as the first Four Pence in the same state, although the relative rarity of the two stamps when used is, roughly speaking, in proportion to the quantity printed of each.
