Lot 117 Northern Nigeria SG#51 10/- Deep Bluish Green & Carmine on Emerald King George V 1912-1913 Imperium Keyplate Issue, A VFLH Example, 60,600 Issued, SG Cat. 42 GBP = Approximately $70 For Fine OG, Est. $50
A VFLH example of the 10/- deep bluish green & carmine on emerald King George V from the 1912-1913 New Colours Imperium Keyplate Issue. On chalk surfaced paper.
The total number issued in the colony was 60,600. Typically the proportion of the quantities printed that the Crown Agents reserved for dealers in London varied from between 1/2% and 3% of the total printed, when we look at issues from the King George V period, when such records were kept. Because of the warm and humid tropical climate in West Africa, very few of the mint stamps sent over there would survive in fresh mint condition, so most of the fresh examples on the market will have come from London based dealer stocks. This allows you to gain some valuable perspective as to the true scarcity of these stamps, which the catalogue values do not always reflect. The $3, $4 and $5 Columbians from the US, issued in 1893, and the $1-$5 Canadian Diamond Jubilees issued in 1897 were all issued in quantities between 13,500 and 27,650. These stamps sell nowadays for several thousand dollars each when VFOG or VFNH typically. To take less extreme examples of more common Canadian stamps, consider the 20c Quebec Tercentenary, the $1 Parliament and the $1 Champlain. These were issued in quantities of 304,200, 561,000 and 818,000, and they typically sell for between $25 and $150 for VFOG and double for NH. This is our main reason for our conclusion that these stamps are significantly undervalued in Gibbons.
Stanley Gibbons values a fine OG example at 42 pounds, which at today's exchange rate is approximately $70. Typically NH material from this time period for most countries sells for premiums of 150-200% and more in some cases. Based on these observations, our estimate of the value is $50.
The stamp offered here grades 84 as follows:
Paper freshness: 5/5
Absence of visible paper flaws: 5/5