European Stamp Prices & News

Howard Daly of England kept his precious Penny Black - the world’s first postage stamp, issued in England in 1840 - locked away in a safe in his home. Unfortunately, although the stamp is valued at around £10,000 ($19,000+), Daly only insured it for £2,500 ($4,900).

On January 22, thieves ripped the safe from a wall in his house and made off with everything.

At wit’s end, Daly decided to offer a reward of £1,000 (just under $2,000) for information about the robbery. Whatever happens, it seems that the stamp collector will be out a substantial amount of money.

This must be one of the worst cases of insurance “protection” we’ve seen recently. Pray, what was the point of insuring the stamp at all?

At any rate, Penny Black stamps in lesser condition than Howard Daly’s apparently was can easily be found for sale for affordable prices. A quick scan of eBay’s Penny Black page finds several under $100. This is actually affordable by real people, and seems a smarter way to own a real physical piece of history.

In any event, when buying insurance, be sure to take a step back and see the situation as a whole. If you can’t insure something for its real value (even a significant percentage) why give money to sleazy insurance weasels in the first place?

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