Valuing U.S. Essays and Proofs

Essays and proofs of our nation's stamps sell for a fraction of their foreign counterparts. I believe that this is a result of a larger specialized collecting base in Europe. You find an intense level of competition for a very thin pool of material across the pond. A second reason may be the perceived large pool of plate proof material that exists for our classic issues verses the scarcity of plate proof material available for classic European issues. I will expand on the second point further on into this article.

In the past year I have noticed a definite up tick in the pricing of truly scarce essays. Collectors are beginning to realize the rarity of certain Scott listed essays. Many classic European essays will bring between $2,500.00 and $5,000.00 or more at auction. This trend is starting to develop in this country. In the past these essays have traded in the $1,000.00 to $1,500.00 range. Most of these have a population of know more than three examples known. I believe the reason for the past flat prices has been the large pool of relatively common essay material that exists for some classic issues. By common I mean some of the 1861 experimental material and of course the Schernikow reprints. However, even the Schernikow material in extra fine condition has dried up.

For the years the collector base for die and plate proofs of United States stamps has been relatively small. This has resulted in relatively stable and flat prices on both the auction and retail markets. However, in the past two to three years the trend has changed. I am finding more and more collectors adding proofs to their collections. One reason for this change is the upward trend in the price of mint 19th century stamps. A second reason is that collectors any realizing the beauty, intensity of color and impression that is associated with proofs. You won't find these colors in comparable stamps!

Prices are rising as a result of demand and that demand is for quality. While there is perceived large pool of plate proof material it simply does not exist. At most there were about 2,500 of each cardboard plate proof made available to the public in the waning years of the 19th century. When you subtract the number of proofs lost over time, the number damaged through mishandling, examples that are cut close and examples that have faded that leaves a relatively small supply of material that I would classify as extra fine.

The percentage of catalog that I find myself paying for this material has risen in each of the past three years. There are some areas that I am now willing the pay almost full Scott's to acquire. You can still buy VF sets of proofs below the stated catalog price. However, if you want the best quality, strong impressions, superb color and great even margins must be willing to pay about 150% of catalog. The popular Atlanta trial color plate proofs on card are a wonderful example of what is happening in the market place. You rarely see more than two sets of anyone issue come up for sale at auction during a calendar year. It is hard to find an Atlanta set that does not have a few values cut close. Nice Atlanta sets are easily worth 150% of catalog today. The same can be said for the Pan-Pacific small die proofs that have been coming onto the market. Most of these have not been seen for years. If you can find a particular set double Scott is not an outrageous price.

Now is a great time to start collecting sets of plate proofs. Prices are still relatively cheap especially when compared to their stamp counterparts. However, it is a thin market. If someone had the means and knowledge they could corner it. Boy do I just hate to have to write that and let's hope it doesn't happen.