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DATE UPDATED: MARCH 31, 1997
Ushering in the 1997 catalogs brought along with that event significant changes that have & will continue to impact the philatelic world for quite some time.
The chief proponents are Scott (in the USA) vs Stanley Gibbons (in the British Commenwealth & worldwide). Scott's annual efforts are called 'Scott Postage Stamp Catalog' (in 7 volumes), while Gibbons is called (quite simply) 'Stanley Gibbons Stamp Catalog' (in 23 volumes). Neither of these are titled 'price guides,' although that is how many users utilize them.
Let's start with Scott. Anually, Scott starts by issuing Vol 1a, followed by Vol 1B, 2, 3, 4, & ending with the Specialized Catalog of United States Stamps. In Vol 1A's 'Letter from the Publisher' Scott indicated two major areas of change.
1. GRADING CHANGE TO 'VERY FINE'
Scott changed their standard to valuing stamps in VERY FINE grade, as opposed to Fine/Very Fine grade in 1996. It wasn't many years ago that the standard was FINE. While this change modified the printed values of many stamps, realistically we have a case of apples & oranges, the stamps being reported on in 1997 edition are NOT the same stamps reported on in 1996!
It is important to understand that while 'grading standards' can 'go up' in concept, that doesn't change the quality of previously made stamps. If it was hard to find before, it will be just as hard now!
According to Scott, it is imperative that the collector familiarize themselves with the 'Scott definition' of grading, so that the collector understands Scott's point of view, in order to 'know exactly what grades Scott values represent.' We concur!
2. VALUES REFLECT THE WORLD MARKET
Scott admits that in prior years, Scott utilized an isolationist policy, valuing stamps only in relation to supply & demand curves in the U.S. market. This changes in 1997! Scott essentially is acknowledging the long known factor that the philatelic market is a global one which does not revolve merely around Scott or the U.S.A. It is senseless to insist on a U.S.-based market price on world stamps, when the outcome of such a policy is overseas buyers invade the U.S. marketplace, re-patriating philatelic items back to the overseas home markets, where the collectors for such items are more numerous, and where the collectors are more than willing to pay higher prices to acquire such items (than collectors in the U.S.A. are willing to pay - based on their mis-guided reliance on Scott). In time, the vicious cycle will balance out, when U.S. pricing on overseas items equal or exceed 'Home Markets' pricing, since by that time much of the better material may have left the U.S. marketplace, looking for 'appreciative homes' in their native home countries, leaving little in terms of supply for the American collector! Result ... higher prices here in the States!
Examples of this trend are quality British material heading home to England, which has been happening for the last few years from all over North America; and Hong Kong material which is still on fire, headed back to Hong Kong & the Far East/Pacific Rim collector base.
Scott indicates that this 'home market' factor has more impact on older & scarcer stamps, stamps that are scarce in very fine or better condition, stamps from countries with strong home markets, and highly sought 'key stamps' for any particular area/era/or collecting specialty.
Scott Publishing Co. publishes values in Scott which purport to represent current retail prices (at time of publishing). Scott does NOT stock nor sell any stamps.
1. On the Topic of Pricing
In the 'Preface to the 1997 Edition' SG gets right to the point ... 'It appears that there is some confusion as to the meaning of the stamp prices quoted in this and our other catalogues.'
'These are not estimated "market" prices, trade prices or buying prices, but indicate the levels at which SG Ltd will sell stamps to retail customers. The S.G. listings are unique in the world of major catalog publishers in being produced by a group whose principal business is the sale of stamps to collectors. The price you see is the price you pay (to S.G.), as long as the particular stamp is in stock.'
The Editor adds 'S.G. are stamp dealers - inflated prices are not good business, equally neither are those which are too low.'
S.G.'s definition of 'pricing' is stated as follows:
'The prices quoted in this catalog are the estimated selling prices of S.G. Ltd at the time of publication. They are, unless it is specifically stated otherwise, for examples in FINE condition for the issue concerned. Superb examples are worth more; those of a lower quality considerably less.'
2. On the Topic of Grading
As stated above, S.G. pricing is for stamps in FINE condition for the issue.
SCOTT
In Scott 's introduction section, there is an IMPORTANT page titled 'Information on Catalog Values, Grade and Condition' (Vol 1A page 8A, U.S. Spec page 12A). Scott breaks the stamps overall grade down into two major factors ... i) grade; and ii) condition.
Under 'grade' Scott discusses two factors, i) centering; and ii) cancellations. Looking at imperforate stamps, Scott deals with them this way:
CENTERING
a) Fine - stamps may have small margins, & earlier issues may show the design touching one edge.
b) F/VF - two margins of normal size, & design will not touch any edge.
c) V.F. - three normal sized margins.
d) E.F. - even margins larger than normal.
Note that under GB on page 1 of Vol 1A, it states 'VERY FINE' examples of Nos. 8-56, 58-73, 78-89, 94-95 will have perforations touching the design on 'AT LEAST' one side due to the narrow spacing of the stamps on the plates. Stamps with perfs well clear of the design on ALL four sides range from scarce to rare and command substantially higher prices.
CANCELLATIONS
a) Fine - may have heavier than normal cancellations.
b) F/VF - will not have cancellation that detracts from the design.
c) V.F. - will have light or otherwise neat cancellations.
Note that under GB on page 1 of Vol 1A, it states cancellations on stamps from the 1847 issue to the 1864 issue, and in many cases beyond, are usually heavy. Values quoted are for stamps with better than average cancellations. Stamps with circular date stamps range from scarce to rare and command higher prices.
Under 'condition' Scott groups all other factors other than centering & cancellations, including exceptional margins, fresh color, selvage, plate or die varieties, unusual cancellations, faults, etc.
STANLEY GIBBONS
In SG's 'General Philatelic Guidelines' (on page x) there is merely reference to the phrase 'FINE condition for the issue.' Further elaboration must be gleened from the listings directly.
For example, on page GB 3, is a section entitled 'CONDITION - IMPERFORATE LINE-ENGRAVED ISSUES' which state prices quoted for the imperforate line-engraved issues are for 'FINE' examples. To assist collectors in evaluation of individual examples, SG discusses four main relevant factors ... impression, margins, cancellation & apearance.
i) Impression - Clean and surfaces free of any rubbing or unnatural blurring which would detract from the appearance.
ii) Margins - Stamps described as 'FINE' should have margins of the recognized width, defined as approximately one half of the distance between two adjoining stamps. Stamps described as 'VERY FINE' or 'SUPERB' should have margins which are proportionately larger than those of a 'FINE' stamp. (and here comes an important statement in comparison to Scott) ... Examples with close margins shold not generally be classified as 'FINE.' (comment: a four margin stamp that would make Scott's definition of 'FINE' would not necessarily make SG's definition of 'FINE'! Compare the definitions carefully! )
( Additional note: on the GB 1d & 2d line engraved stamps, the space between stamps on the sheets vary due to alignment & placement. From a production stanpoint, as a general rule, the side margins on a properly severed stamp SHOULD be narrower than the top & bottom margins. Generally, the horizontal (side to side) spacing ranges from 1.0 to 1.5 mm, whereas the vertical spacing varies from 1.5 to 2.0 mm. The magnitude of the problem can easily be understood when one is aware that the diameter of the perforating pins (as seen on unsevered multiples) can vary from .75 mm to 1.0 mm. Even given that placement does vary, it is simple to understand that in order to have a 'SUPERB' stamp, all the stamps around it will NOT make even Scott's definition of 'FINE'.)
iii) Cancellation - on a 'FINE' stamp should be reasonably clear and not noticeably smudged. A stamp described as 'SUPERB' should have a neat cancellation, preferably centrally placed, or to the right (leaving the Queen's profile clear).
iv) Appearance - Stamps, at the prices quoted, should always be without any tears, creases, bends or thins, and should not be toned on either the front or back.
In addition, notice that starting with the perforated issues, SG has the ' * ' listing 'For well-centred, lightly used' with varying premiums. This is owing to the difficult to perforate stamps with narrow gaps between stamps on the sheets, compounded by the faulty alignment of the stamps on the sheets, and to shrinkage of the paper when damped.
Both Scott's & Stanley Gibbons' catalogs are fine efforts! However, values listed in either guide are not necessarily comparable to the same item listed in the other. In addition, Scott U.S. Specialized is considered the chief catalog for U.S. stamps, whereas SG (& SG Specialized Catalogues - 5 volumes) are the definitive catalogs of GB stamps. As specifically related to GB stamps, Scott has traditionally reported on the U.S. perspective of the GB marketplace, whereas SG has always reported the condition of the 'home market' ... a direction which at long last, Scott also is focusing on.
Whenever using any guide or reference, it is always important to take stock of the guidelines used in the reference itself, as both catalogs have defined to a greater or lesser degree. The collector must understand the definitions, as well as PROPERLY applying them to the stamp issues on a case by case basis, as NOT all stamps are created equal!
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