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| 5630 Dunbar St. at 41st Ave. 604-684-4613 |
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| Newsletter #2 - October 24, 2000 | ||
Forgeries and Speculation Markets |
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Forgery and fraud made the news again in the stamp world this week. The Globe and Mail posited that the unique British Guyana Penny Magenta may be an altered four penny fake. This theory is likely being promoted by the disgruntled German forger and opera buff whose Penny Magenta rival has twice been discounted. Last I heard, the rare British Guyana stamp was in a vault while its owner Dupont did time for manslaughter. It will rock the foundations of philately if the fabled rarity proves false, but the greater tragedy will be the damaged hopes of stamp collectors who search for such rare or unique stamps tucked away in dusty old albums. Intrigue swirls around these famous stamps. The chance to own fabled stamps sometimes makes us greedy and careless. According to Linn's Stamp News, a Quesnel, B.C. man recently appeared in court, charged with fraud for using auction catalogue photos of rare stamps and trying to sell them on eBay, the internet auction house. Forgers and tricksters come out of the woodwork from time to time, so collectors and dealers need to be ever vigilant. |
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Unfortunately, the Royal Canadian Mint is in the limited edition collectibles promoting business these days. When the laws of supply and demand drive the marketplace, it seems simplest to make good quality collectibles in limited quantities so that they will hold their value in future years. For example, silver dollars and proof sets have good historic followings. No one can argue that Canada's Mint is not a world leader in quality coin production, but they seem to want to be leaders in quantity as well. According to the National Post, a non-circulating three cent coin is coming in the new year. Our Mint produces such a bewildering array of collector-oriented merchandise that the marketplace is dividing into a dead end of valueless souvenir gift ware and a declining collector market. |
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| Longtime collectors are turning away from the mass marketed mess in despair, but a new, uninformed group of buyers participate in a short term speculative market for such dubious Mint treasures as a limited edition, nickel, painted flag quarter, and a holographic Bluenose coin, not to mention a gold foil year of the dragon stamp that no one I spoke to at Canada Post even knew anything about. Your collection will give you more pleasure, and hold its value better, when you buy items that have a proven track record of quality, demand, and limited supply.
In spite of the hype, anyone who is not on Mars can acquire these modern keepsakes, and you are much better to spend your money on an older collectible that you really need. Some people are paying the same amount for the new Bluenose coin that they would pay for a nice mint Bluenose stamp. Collect what you like but do not get caught up in speculative hype. Let knowledgeable collectors and dealers help you in your hobby. Do not get conned by forgers, tricksters, or mass marketers. |
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