Stanley Gibbons

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The Great Britain

Rare Stamp Fund

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The Great Britain

Rare Stamp Fund

The first of its kind, the GB Rare Stamp Fund presents an unprecedented opportunity for investors. The fund assets, already secured, represent one of the finest selection of rare, British, investment-grade stamps ever assembled.

Stanley Gibbons are proud to present an opportunity to invest in this high-performing and long established, prestige market – in a structured manner and at a discount to market value.

For further information please contact Mike Hall, Stanley Gibbons Chief Executive on mhall@stanleygibbons.com

“Stamps’ day as an alternative asset class has come – and long-term returns can be first class.”

Financial Times, May 2010 e Stanley Gibbons Group Plc London - Jersey - Hong Kong - Singapore - New York

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The Great Britain

Rare Stamp Fund

The first of its kind, the GB Rare Stamp Fund presents an unprecedented opportunity for investors.

It provides structured, regulated access to one of the most impressive prestige collectible markets in the world – a market which has stood the test of time and continues to show compelling and consistent growth.

Thanks to the world-renowned expertise of Fund Manager, Stanley Gibbons, the authority on rare stamps since 1856 and holder of the Royal Warrant for services to philately since 1914, an exceptional array of fund assets has already been secured.

Many of these graced some of the finest Grand Prix winning collections ever formed and others were previously part of the Royal collection of Queen Elizabeth II. The £50 million’s worth (US$78m) of philatelic treasures are entirely from Great Britain; Britain was the first country in the world to issue pre-paid postage stamps in May 1840, heralding a communication and commercial revolution in the United Kingdom and across the ‘British Empire’ as was (today’s Commonwealth).

The remarkable collection showcases the development from the world’s first stamp, the Penny Black through to exceptional modern rarities. They range from 1838 to the late 1990's and have been selected for rarity, desirability and the finest quality available. Their span through all British monarchs from Queen Victoria to present day is specifically designed to optimise diversification and ultimately liquidity.

Many of the stamps selected feature in Stanley Gibbons indices, the GB30 Rarities and GB250, listed on the Bloomberg Professional Service and which have shown 9.6% and 12.6% compound annual growth respectively for more than a decade.

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Selected rarities from the Fund are included in this brochure, designed to provide an insight into the depth and breadth of this remarkable collection, now available for structured investment for the very first time.

The majority of the value is naturally in the early 1840 Queen Victoria stamps, including varieties of the world’s first and most iconic stamp, the Penny (1d) Black – but also its ‘sister’ stamp and its successor, the Two-Penny (2d) Blue and the Penny (1d) Red. However, the selection opens with a superb stamp that is not a stamp, but a ‘Treasury Essay’ - actually one of the proposed designs for the first stamp, submitted by postal reformer James Chalmers in 1839. This is a wonderful and unique piece of history and is one of two Essays included.

The Essays, of course, were the precursor to the world-famous Penny Black, invented by Rowland Hill and released to postmasters in April 1840. The first Penny Black was issued and posted in May 1840 and although 68 million were eventually printed to facilitate Queen Victoria’s communication revolution, true rarity and value lie in ‘mint condition’ (unused) and multiple stamps (blocks, strips) - along with a series of philatelic nuances such as how the stamps were centred when they were cut, whether they retain their original gum, the condition and even the postmark or ‘cancellation.’

Much like fine wine, where micro-climate, soil type, slope, vintage and winemaker can make all the difference to valueattribution, it is the variety and richness of the nuances that make rare stamps such a precious and vibrant commodity – and it takes generations of expertise and insight, as found at Stanley Gibbons, to be able to negotiate the market effectively.

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In addition to a magnificent and varied selection of Penny Blacks, this historic collection includes a wide range of highly sought-after rarities from across the reigns of all British monarchs since Queen Victoria, creating as much diversity as possible and showing a remarkable philatelic denouement. Highlights include:

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The Master ‘Die Proof ’ (a printed image pulled directly from the master die for an engraved stamp) for the 1d Black, irrefutably the most important postage stamp proof in existence (p 7).

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A superb example of the 1840 2d Blue (Two Penny); a mint condition horizontal pair still as fresh and rich in colour as the day it was printed (p 12).

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An 1840 1d ‘Mulready’ (designed envelope) sent from Vera Cruz, Mexico to Liverpool via New York. This famous Mulready remains the sole recorded example posted to the UK from outside Europe (p 9).

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One of the few, surviving 1910 2d ‘Tyrian Plum’ stamps; a famous stamp withdrawn before issue due to the death of King Edward VII. This is a magnificent unused example with superb bright colour and its original gum (p 17).

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A 1912 10 Shilling (10s) ‘Seahorse’ Die proof. An exceptional proof and a great ‘Seahorse’ rarity (p 18).

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THE ROYAL WARRANT In July 1914 Stanley Gibbons Ltd proudly announced it had been granted a Royal Warrant and could henceforward display the Royal Arms with the legend ‘By Appointment Philatelists to H.M. the King’. We noted ‘This is the first time that any firm of Stamp Dealers or Philatelic Publishers has ever received this much coveted honour’.

The granting of this privilege coincided with King George V’s development from enthusiastic collector to exceptionally knowledgeable philatelist; stamps were his passion.

Stanley Gibbons was privileged to mark the centenary of that grant last year, succeeded by Royal Warrants from H.M. King George VI in 1940 and H.M. the Queen in 1956 and continuously renewed since then. Although there are some 800 holders of Royal Warrants (awarded to ‘tradesmen’ supplying goods or services to the Royal Household), it is rare for any firm to reach such a milestone. This royal seal of approval confers the obligation to set the highest standards of integrity in all our activities.

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An extremely attractive and rare

Treasury

cometition essay, proposed

by James Chalmers of 1839 2d Chalmers Treasury Essay. Superb essay printed in red on thin white wove watermark H paper, affixed by a seal to the reverse of a sample entire and cancelled by a Dundee datestamp for “Sept. 30. 39.”. Endorsed in manuscript at top left with the Treasury number “22290/39”. An extremely attractive and rare Treasury competition essay, proposed by James Chalmers of Dundee as “slips” to seal letter sheets. See Spec. Catalogue Vol. Pg 6. Ex Colonel Bates, Dendy Marshall & Fraser. 2010 BPA Cert.

Dundee as “Slips” to seal 6

p

d

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Irrefutably the important

postage stamp in existence, this being the master for

the world’s first postage 1840 (March) 1d Black Master Die Proof. Superb example printed in black on India paper (62 x 68mm) mounted on card with the four corner squares blank. Irrefutably the most important postage stamp proof in existence, this being the master for the world’s first postage stamp and one of only two complete examples in private hands (The Earl of Crawford example had faults, while the example offered here is in exceptional condition), three other examples are in institutional collections - two are in the Royal Philatelic Collection and one in the National Postal Museum. Ex. Major Allen, Tes and Pichai Buranasombati. Spec. DP17a.

l stamp and one of only two 7

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1840 (June) 1d Rainbow Trial Sheet (Plate 2 State 2). A sheet of ten of the original twelve impressions printed in black on thin white wove paper (270 x110mm), the upper left pair having been contemporarily excised, possibly for further experimental reasons. Eight impressions cancelled by fine strikes of an experimental concentric ring cancellation and impressions 11 & 12 by fine upright strikes of the complete upright experimental Maltese Cross in black. Ink manuscript at top, sides and foot No1 June 10th and “Present Black & CW” (CW meaning Common Wetting) in the hand of L. de Nicolas (Joshua Bacons Clerk) and additionally noted at foot “Present Black & CW in the hand of Joshua Bacon. A few minor imperfections as to be expected on an experimental multiple of this size, though in no way detracting from the magnificent appearance of this spectacular and highly important line engraved showpiece. Five sheets from these cancellation ink trials are known, this example remains the only one in private hands, the others reside in either the Royal Philatelic Collection or National Postal Museum. Ex. Seymour.

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1840 2d Master Die Proof of the accepted die. Superb example printed in black on India paper with blank lower corner squares and engraved Stars in upper corners, a couple of light wrinkles of no importance and not detracting from this major philatelic world rarity. Only 6 examples have been recorded of which at least two are unavailable to collectors. A stunning exhibition showpiece that has graced the world famous collections of Colonel Bates, Hassan Shaida and Pichai Buranasombati. 1995 BPA Cert.

1840 1d Mulready Envelope (Forme 2, Stereo A153).

Very fine used example sent from Vera Cruz, Mexico to Liverpool via New York cancelled by a red oval handstamp of Gilpins Exchange - Reading Room & Foreign Letter Office - New York with a handstruck “8” (Robertson M65) alongside indicating an 8d charge as an incoming Ship Letter. Backstamped with a Vera Cruz dispatch cds for 16th December, a “F.Karck” of New York forwarding agents cachet and a “Liverpool/Ship Letter” handstamp (Robertson type S14). This famous mulready remains the sole recorded example posted to the UK from outside Europe. An important and extremely attractive exhibition piece. Ex. Grunin & “Mayflower”. 1998 BPA Cert.

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1840 1d Black Pl.1a. Very fine used block of six lettered OA-QB just touched at left but with good to large margins on other sides, used on a large solicitors entire from Chester to Manchester, neatly tied by crisp red MC’s with a red Chester cds on reverse for MY.7.1840, the cover endorsed at upper left Under 3oz. A few minor faults as to be expected including the block has been lifted and pressed, nevertheless a spectacular and important showpiece, only two such covers now survive in private hands bearing large multiples from the first four days of use. This cover from the second official day of use. Ex. Guggenheim, Griffiths. 1974 RPS Cert.

1840 1d Grey-black Pl.1a. Very fine used good to large four margin example neatly tied by two crisp red MC’s, sent from London to Hull with a code B London cds on reverse for the first day of issue MY.6.1840. Minute corner crease at upper right of adhesive, barely visible to the naked eye and mentioned purely for accuracy, nevertheless this cover remains one of the finest first day usages available opening up perfectly for display. Pictured in “May Dates” on page 42. 1996 BPA Cert. Ex Clayton (1960), Durham (1994) and Manzi (1997).

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1840 Overseas mail. Superb cover from Limerick to Hamburgh via Dublin and Hull, the 8d rate prepaid by a 1d Black Pl.1b block of eight lettered MJ-PK, divided into two blocks of four each neatly tied by red MC’s, endorsed Per Packet from Hull at upper left. Backstamped with Limerick and Dublin cds’s for AU.27-28.1840, a red “Hull Ship Letter” handstamp and a “Schiffsbrieff Post/Hamburg” cds for SP.6.1840. A couple of insignificant peripheral faults to the cover nevertheless a stunning exhibition piece, the only known such franking with the 1d black and without doubt one of the most famous and iconic pieces of the issue. Ex. Atkinson & Gross. 1990 BPA Cert.

1840 1d Black Pl.2. Superb unused o.g. huge four margin bottom right hand corner marginal example lettered TL, showing double letter T variety, plate number “2” and part sheet inscription “ove the Cement”. Light marginal filing fold well clear of impression, not detracting from this exceptional line engraved rarity. Spec.

AS15c. 2007 BPA Cert.

1840 1d Intense black Pl.5. A magnificent unused o.g. four margin, right hand marginal block of six lettered MJ-NL showing part sheet inscription. Vertical creasing in J column and horizontal crease to “M” row, with a small natural paper inclusion at top right of NL nevertheless a spectacular multiple in a lovely intense shade. A magnificent showpiece accompanied by a 2012 BPA Certificate.

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1840 1d Black (VR Official). A superb unused o.g. four margin right hand marginal block of four lettered RK-SL, couple of tiny gum thins as usually seen on multiples of this stamp from the Dublin Post Office Find. Wonderful colour and a stunning exhibition showpiece accompainied by a clear 1996 BPA Certificate.. Ex. Daisy.

1840 2d Blue Pl.1. A superb unused o.g. large four margin horizontal pair lettered LELF with wonderful colour and gum. Small natural paper inclusion above L of L-E not detracting from the magnificent appearance of this great GB rarity. 2009 BPA Cert.

1840 2d Mulready Lettersheet Stereo a105. Superb used example sent from Whitchurch, Hampshire to London uprated with two four margin 1d blacks Pl.1a lettered FC & FD both neatly tied by crisp red MC’s, another strike cancelling Brittania with a Sutton Scotney/ Penny Post receiving office handstamp alongside. Backstamped with a Whitchurch, Hants dispatch datestamp for MY.15.1840. (The tenth official day of use) and a London arrival cds for the following day. Minor reinforced tear at foot nevertheless a magnificent “May Date” 2d mulready which is undoubtedly one of the finest uprated mulreadies extant. A spectacular exhibition piece. ME3var. 1991 BPA Cert. Ex Atkinson.

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1847 1s Pale green (Die W.W.1). Magnificent unused o.g. right hand marginal block of nine (five stamps unmounted o.g.) each overprinted SPECIMEN type 1 in red. A beautiful exhibition showpiece. Ex Dublin Post Office Find.

1854 10d Brown (Die 4). A magnificent unused o.g. block of eight from the top two rows of the sheet, just touched at lower right with a couple of minor creases as is to be expected with such a multiple. A stunning exhibition piece of the highest rarity accompanied by 1982 Holcombe and 2001 BPA Certificates. Ex. Burras, Fraser.

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1856 4d Carmine on thick blued highly glazed paper (Wmk. Medium Garter). A stunning unused o.g. block of six. Wonderfully fresh, believed to be the largest and finest surviving multiple in private hands. One of the great rarities of the Surface Printed era. Ex. Hind (1934)

1869 2d Blue Pl.13. Superb unused o.g. top marginal block of 24 lettered AA-BL (Top two rows from the sheet) with full deckle edge selvedge, complete sheet inscription, plate numbers 13 and current number “152�. A magnificent exhibition piece of the highest quality, wonderful rich colour and without doubt one of the finest and most important surviving multiples of this issue. Ex. Baillie

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1871 1½ Ormond Hill Die Proof. A superb example printed in bright orangeyellow on thin hard yellowish white wove paper mounted on card (53 x 58mm).

Stunning colour. Spec. DP56b. 2012 PTS Cert.

1880 1s Orange-brown Pl.13 (Wmk. Spray). Superb unmounted o.g. right hand wing margin block of four lettered HG-IH. A stunning multiple, believed to be the only surviving unmounted block of four.

1880 2s Brown Pl.1. Very fine and fresh unused o.g. example lettered DF. A magnificent example of this very rare adhesive with lovely colour, gum and perforations.

1871 2d Ormond Hill die proof. Very fine example printed in emerald green (Proposed colour of issue) on thin hard yellowish white wove paper (60 x 60mm) with uninked NEW DIE and “1” reversed at top. Very rare so fine, lovely colour.

Spec. DP46b.

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1882 £1 Brown lilac Pl.1 (Blued paper). An exceptionally fine unused o.g. example lettered DE. With only four or five exhibition quality examples extant, this is without doubt one of the, if not the finest example in private hands. Ex. Dale-Lichtenstein Collection (1969).

1882 £5 Orange Pl.1 (White paper). Very fine and fresh unused o.g. example lettered BF. Lovely deep vibrant colour typical of the the 7th and last printing in 1900, scarce so fine.

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1885 ½, 1½, 2d, 2½, 3d, 4d, 5d, 6d, 9d and 1s series of hand painted Jubilee essays for the original set of 10 values in the issued designs and colours, each on a small piece of card and mounted along with 1881 1d issued stamp on a single piece of card (191 x 160mm). Annotated at foot “THE DESIGNS ARE SIMPLY DRAWN BY HAND AND DO NOT SHOW THE FINISHED EFFECT WHICH WILL BE OBTAINED BY ENGRAVING”, subsequently endorsed in manuscript by W.H. Cousins (Secretary, Inland Revenue) at upper left “This is the Scheme of Stamps approved by the P.M.G. W.H.C. 11 June 85”. A magnificent and unique exhibition showpiece and an important frontispiece for any “Jubilee collection”.

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1891 ÂŁ1 Green. Very fine perfectly centred right hand marginal block of four lettered KC-LD, lightly hinged on top two stamps only. A magnificent and extremely rare multiple.

1902 10s Ultramarine (I.R. Official). Pristine unused o.g. example of this great departmental rarity.

Wonderful vibrant colour with superb centring, perforations and gum. Without doubt the finest example in private hands with an unparalleled provenance. Ex. The Royal Philatelic Collection of Her Majesty Queen Elizabeth II. 2001 RPS Cert.

1902 ÂŁ1 Dull blue green (I.R. Official). An exceptional unused o.g. example of this great departmental rarity, wonderful rich colour with superb centring, perforations and gum. A connoisseur example accompanied by a 2009 BPA Certificate of authenticity.

1904 6d Pale dull purple (I.R. Official).

Exceptionally fine and fresh unused o.g. example of this very rare departmental issue overprinted SPECIMEN type 16. An magnificent example without any of the usual vertical creasing normally seen on these rare specimens. 1933 RPS and 2007 BPA Certificates.

1910 2d Tyrian Plum. A magnificent unused o.g. example with superb bright colour, an exceptional example of this famous stamp that was withdrawn before issue due to the death of King Edward VII. A magnificent example of this very rare and iconic issue.

1982 RPS Cert. Ex. Bloch.

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1912 10s Seahorse Die proof. Superb state (a) example printed in blue green on soft card (94 x 70mm) with guide linesand “2” above design. A magnificent proof and a great Seahorse rarity. Ex. R. M. Phillips & Hassan Shaida.

1912 1d Scarlet. Very fine unused o.g. tête-bêche horizontal pair. Small corner thin at lower left nevertheless the finest of the three recorded examples in private hands and one of the great rarities of GB George V philately. 2014 BPA Cert.

1912 2d Orange (Wmk. Royal cypher, Die I). Superb unmounted o.g imperforate imprimatur left hand marginal tête-bêche pair of booklet panes of six with BPMA handstamps on reverse. Very scarce.

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1922 9d Olive-green (Wmk. Royal cypher). Superb unmounted o.g imperforate right hand marginal interpanneau gutter block of four imprimaturs with “BPMA” handstamps on reverse. Very scarce.

1926 2s6d-10s Seahorses (Bradbury Wilkinson “Dry Printing”). Very fine unmounted o.g. set of three imperforate imprimaturs in bottom marginal blocks of eight from the lower two rows of the sheet, each stamp with a “BPMA” handstamp on reverse. Each block is additionally endorsed with the printing plate number, date of registration and signed by the Post Office Control Officer “H C Harris”. A magnificent and unique set.

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1934 1½ Red-brown (Intermediate format). Superb unmounted o.g imperforate tête-bêche 52mm gutter block of four imprimaturs plus four printed advertisement labels For Safety of Capital/National Fixed Trust with “BPMA” handstamps on reverse. Very scarce. Ex. Booklets.

1935 Photogravure 6d purple. The superb unissued design unmounted o.g. bottom marginal block of six on block cypher watermarked paper, overprinted CANCELLED type 28 Due to problems with the fugitve ink and the photogravure process this issue was eventually abandoned. Some insignificant gum creasing not detracting from this magnificent and unique exhibition piece which is one of the great George V rarities.

1935 1½ Silver Jubilee Memorial Essay. Superb bottom right hand corner marginal example printed in grey black on imperforate gummed Block Cypher watermarked paper. Only one complete sheet of six and three single examples (one damaged) known in private hands. A magnificent example of this George V rarity.

2005 RPS Cert.

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1935 2½ Prussian blue Silver Jubilee. Very fine and fresh unused o.g. left hand marginal example of this famous error of colour, issued by the Upper Edmonton, London Post Office, offered with normal shade for comparison. Accompanied by a copy of a 2007 BPA Certificate of a block of four from which this single was taken.

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1936 10d Turquoise-blue. Superb unmounted o.g imperforate bottom right hand corner marginal strip of six imprimaturs with BPMA handstamps on reverse, annotated in margin “Cylinder No 3 for registration W Reardon 17/2/36”. Unique.

1937-47 7d Emerald-green (Dark colours). Very fine unmounted o.g imperforate bottom left hand corner marginal E/39 control block of six imprimaturs cylinder 2 No dot with “BPMA” handstamps on reverse, light diagonal crease nevertheless unique positional piece.

1937-47 2½ Ultramarine (Dark colours). Superb unmounted o.g. imperforate têtebêche pair of imprimaturs with “BPMA” handstamps on reverse. Scarce.

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1951 2s6d-£1 Festival High Values. Very fine unmounted o.g. set of four imperforate imprimaturs in bottom left hand corner marginal blocks of four, each with a “BPMA” handstamp on reverse. Rare.

1950-52 1½ Pale Green (New colours). Superb unmounted o.g imperforate bottom left hand corner vertical tête-bêche booklet panes of four imprimaturs showing Cylinder G1 No dot with “BPMA” handstamps on reverse, sheet number (02087) at left and marginal rules at foot. Very rare.

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1963 3d Red Cross Centenary (Ordinary). Superb unmounted o.g. example with red (cross) omitted. offered with normal for comparison. A magnificant example of one of the most popular and visual GB errors. 2000 BPA Cert.

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1964 9d 10th International Botanical Conference (Ordinary). Superb unmounted o.g. bottom right hand corner marginal imperforate Traffic Light block of four imprimaturs, each stamp with a “BPMA” handstamp on reverse. Unique

1965 1s3d Churchill Commemoration (Ordinary). Superb unmounted o.g. right hand corner marginal Traffic Light block four imperforate imprimaturs, each stamp with a “BPMA” handstamp on reverse. Unique.

1965 3d Opening of Post Office Tower (Ordinary). Superb unmounted o.g. bottom left hand corner marginal Traffic Light block of four imperforate imprimaturs, each stamp with a “BPMA” handstamp on reverse. Unique.

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1966 4d Birds (Ordinary paper). Superb unmounted o.g. left hand marginal block of four with black, blue, bistre and reddish brown omitted, offered with normal block for comparison. A wonderful example of undoubtedly the most spectacular QEII error.

1998 26p Diana, Princess of Wales Commemoration. Superb unmounted o.g. imperforate bottom marginal traffic light se-tenent strip of five. Very rare, Pierron records only 6 mint strips.

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The Stanley Gibbons Group

With offices in London, Hong Kong, Singapore, New York and the Channel Islands, Stanley Gibbons is a globally recognised name and a brand synonymous with quality and expertise.

That quality and expertise stretches back more than 150 years since we started trading rare stamps in 1856.

We were awarded the Royal Warrant by King George V in 1914 for services to philately – an honour that we still hold proudly today and we maintain by trading with the Royal household and upholding the highest of quality standards.

What that means for you as an investor, is that you can rely on over 150 years’ experience and skill in appraising, buying, describing and selling rare stamps. Our rare stamp experts are held in the highest regard in philatelic circles - we bring their knowledge, insight and adherence to quality in selecting every asset.

Design & Production by Jamm Design | www.jammdesign.co.uk

Nowadays, the Group has grown to incorporate Baldwins (est. 1872), one of the world’s premier merchants of rare coins, Dreweatts & Bloomsbury Auctions (est. 1759) and Mallett Antiques (est. 1865), one of the world’s most established and prestigious antique dealers.

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î “e Stanley Gibbons Group Plc London - Jersey - Hong Kong - Singapore - New York