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.