Some 60,000 collectors are currently receiving a mailing from Hibernia Mint in association with An Post informing them about a silver millennium stamp collection. The mailing announces the arrival of the first issue of Irish stamps "faithfully reproduced in precious metal". Each of the six stamps is described as "an exquisite facsimile of six actual stamps selected specifically for their appeal to collectors from An Post's `Celebrating the Millennium' series".
The silver stamps feature James Joyce, John F. Kennedy, Irish Independence (portraying the first four heads of government William Cosgrave, Eamon De Valera, John A. Costello and Sean Lemass), the Berlin Wall, space exploration and Albert Einstein. Collectors are assured by "quality guarantee" that each proof finish stamp weighs "not less than a half-ounce Troy and is struck by the Irish Assay Office Millennium hallmark, a mark "only available on articles made with precious metals between July 1st, 1999 and December 31st, 2000". Complete sets of six stamps cost £299 (€380), in a "strictly limited" edition of 2,000 sets. Each set is delivered in a customised display case and comes with its own numbered certificate of authenticity. A commemorative 16-page booklet "telling you all about the world famous people and events depicted in the collection" accompanies the sets.
Individual stamps can also be bought from the collection for £59.95, each coming in a "high quality presentation case". Individual stamps come with a certificate of authenticity and a commemorative leaflet. In a letter accompanying the mailing, Mr Pat Carolan, manager of philatelic services at An Post, confirms that the collection is the "first ever official precious metal reproduction of Irish stamps".
According to Mr Kevin Rafferty, business development director of Hibernia Mint, most collectors are buying the complete set of six. The company expects that the 2,000 complete sets will sell out in three months.
Presented in the mailing as collectibles "you're likely to treasure", the silver stamps may be attractive pieces to have or give as a gift, but do items such as these make a good financial investment? It must be stressed that neither An Post nor Hibernia Mint suggest that they should be regarded as financial investments. Indeed, Mr Carolan said they were not presented as investments but only as collectibles.
According to one reliable source: "I don't know that they've any long-term investment potential. Certainly if one looks at other items that are produced in this manner over the years, they have been disastrous as an investment."
While he had not seen the millennium stamps at this writing, he says that 90 per cent of commemorative material he has seen "doesn't fetch anything near its original purchase price. There is very little secondary market and what secondary market there is is at a much lower level than the original issue price".
With 2,000 complete sets and a further 6,000 individual stamps, there are 8,000 of each item; so they will not be rare. "We've found that some of these things are really only worth their bullion value afterwards. I'm not saying that in relation to this particular one. I'm only saying it in relation to other ones." The precious metal content of each half-ounce Troy silver stamp is worth about $2.50 (€2.62). This is clearly to disregard the workmanship that goes into such items. "The only way they might become valuable is if they're so popular, they've only got 8,000 and 10,000 people want them. That could force the price up."
Another trade source confirms that, while they may be attractive items to have or superb for presentations, it may be unwise to buy them as financial investments.
jmarms@irish-times.ie
