Jay Smith & Associates: Iceland: Revenues: Vacation Savings Stamps

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Iceland: Revenues: Vacation Savings Stamps - Orlof Overprints

Thor Thorsteins has written (summarized here): A law dated February 26, 1943, required employers to pay temporary wage earners 4% vacation pay, to be paid in Vacation Stamps at the time of payment of wages. The post office was to issue Vacation Stamps and Vacation Books for the stamps. Both full post offices and the smaller letter collecting stations were to distribute the books free of charge but only full post offices were to sell Vacation Stamps and redeem books for vacation funds. Stamp sales began August 1, 1943. (Vacation pay was initially 4%; 6% from 1957; rising in 1964 to 7% and to 8 1/3% in 1971.) Due to insufficient time to prepare special Vacation Stamps, for the vacation year 1943-44, postage stamps overprinted with the word “Orlof” and values of 10, 20 and 50 aurar; 1, 2, 5, and 10 krónur, were used. It was required that postal clerks sell these stamps to whoever desired them. These overprinted stamps were savings stamps for the next summer vacation period starting May 15, 1944 until May 14, 1945. The wages recipient was to glue the received stamps into his/her book and before going on vacation during the vacation period to present it with accompanying certification for payment at a post office. Overprinting of stamps was performed by State Printer Gutenberg during the period May 16, 1943 to April 13, 1944. Starting in 1944, purpose-designed Vacation Stamps were printed and used up into the 1970s (they are available from Jay Smith and Associates).

Twelve regular postage stamps and seven official stamps were overprinted. They were sold for only about nine months and were then withdrawn. Though printed in quantities of ranging from 19,700 to 158,500, most were printed in quantities of less than 50,000. Quantities withdrawn and destroyed seem not to have been recorded, thus only the original print quantities are known; some stamps may exist in much smaller quantities than the original print numbers suggest. Stamp collectors in Iceland at that time seem to have paid little attention to these stamps; collectors outside of Iceland seem to have been virtually unaware of them until many years later. Because they were not considered to be postage stamps, they got less respect at the time. Furthermore, economic conditions in Iceland during the war years were extremely difficult for many people and thus little money was spent on stamps like these. It seems that no Icelandic stamp dealers stocked them or offered them to overseas buyers. It must also be remembered that the stamps had to be redeemed to get the money for a vacation and that the post office normally destroyed the redeemed stamps. The only mint-with-gum stamps extant were likely purchased by collectors, plus perhaps the odd few found in the desk drawers of small employers. Used examples are rare.

Of all 19 stamps, only three low values (Fish) are seen with any frequency. The vast majority of the stamps are extremely scarce or rare. The Facit Catalog started listing and pricing these stamps in 2007, however, I have absolutely no idea how the Facit editors arrived at the pricing they are using. For the most common three stamps, the pricing is perhaps a little low, but in the right neighborhood. However, beyond those three stamps, the prices make no sense to me. If I have not had nor been able to buy -- and I do try to find these kinds of things -- more than one example of a stamp in 38 years (as of 3/2011), a catalog value of $75 is simply absurdly low. Despite the presence of the Facit listings causing demand to increase significantly -- with no change in supply -- the Facit prices appear to remain unchanged. The Facit values may be a guide to relative rarity, however, they do not reflect the true market value of these stamps.

See the article in the Resources section for more information and images of all the pages in a complete Orlof savings book.

Though the listings below of available items may not include all that you are seeking, please send your want list so that you will be on the waiting list when I can next offer the scarcer stamps.

I am interested in buying these overprints and all Icelandic revenue material.

Vacation Savings Stamps - Orlof Overprints

Top

Item #

Quality & Description

IMAGES: Hover mouse pointer over image to determine if ACTUAL image of item OR a REPRESENTATIVE sample image of item.
Click for more information

Never
Hinged

US$

Mint
Hinged

US$

Used

US$

234949

Orlof 10 kr Overprint on Scott #44 (Facit #73) [1 kr Christian IX] Mint Superb, looks LH, but is probably NH with natural gum skips.

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Reference
For reference only. NOT for sale.
Send your want list.

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234950

Orlof 10 kr Overprint on Scott #83 (Facit #88) [1 kr Two Kings] NH VF.

Reference
For reference only. NOT for sale.
Send your want list.

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238226

Orlof 5 kr Overprint on Scott #85 (Facit #90) [5 kr Two Kings] NH Just Fine. As of 12/2014, only the fourth mint example I have had in 41 years.

Reference
For reference only. NOT for sale.

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247802

Orlof 5 kr Overprint on Scott #98 (Facit #120) [5 kr Frederik VIII] Mint, extremely lightly hinged, with XF centering. Wonderfully fresh and attractive with almost perfect centering, great color, and perfect perforations. This is perhaps the rarest of the Orlof overprints and is "rare" even with faults -- this just might be the nicest example any of us ever see! As of 12/2023, this is only the second example I have had (in any condition) in 50 years and the other example was in really terrible condition (but it still sold for $200). I believe this to be the rarest overprinted Orlof stamp.

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Reference
For reference only. NOT for sale.

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238232

Orlof 50 aur Overprint on Scott #104 (Facit #96) [10 aur Two Kings, crosses watermark] NH VF. This stamp had by far the lowest printing quantity according to Facit: 14,600, which is less than one-tenth of highest print quantity. As of 12/2014, in 41 years I have recorded having only seven mint (and no used) singles plus a plate block of four; however they seem often to be creased. Wonderful quality; very scarce!

Reference
For reference only. NOT for sale.

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236800

Orlof 50 aur Overprint on Scott #121 (Facit #137) [25 aur red Christian X] NH VF.

Reference
For reference only. NOT for sale.

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234956

Orlof 1 kr Overprint on Scott #173 (Facit #197) [60 aur Gulfoss Waterfall] NH VF.

Reference
For reference only. NOT for sale.
Send your want list.

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247795

Orlof 1 kr Overprint on Scott #173 (Facit #197) [60 aur Gulfoss Waterfall] NH Fine. Very fresh and bright. As of 12/2023, this is only the fourth uncanceled example (only the third NH example) that I have had in 50 years.

Reference
For reference only. NOT for sale.

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234971

Orlof 10 aur Overprint on Scott #221 (Facit #245C2) [10 aur green Fish, comb perf 14x14 thin tooth at top] NH F-VF. This is the most commonly found Orlof overprinted stamp, however, well centered examples are scarce. The underlying stamp exists with three perforation types, logically however, the only overprinted version recorded is the last one printed. Theoretically other perforations could exist.

24.00

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239201

Orlof 10 aur Overprint on Scott #221 (Facit #245C2) [10 aur green Fish, comb perf 14x14 thin tooth at top] NH F-VF+. This is the most commonly found Orlof overprinted stamp, however, well centered examples are scarce. The underlying stamp exists with three perforation types, logically however, the only overprinted version recorded is the last one printed. Theoretically other perforations could exist.

33.00

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Vacation Savings Stamps - Orlof Overprints continued ...

Top

Item #

Quality & Description

IMAGES: Hover mouse pointer over image to determine if ACTUAL image of item OR a REPRESENTATIVE sample image of item.
Click for more information

Never
Hinged

US$

Mint
Hinged

US$

Used

US$

234969

Orlof 10 aur Overprint on Scott #221 (Facit #245C2) [10 aur green Fish, comb perf 14x14 thin tooth at top] Mint Superb. This is the most commonly found Orlof overprinted stamp, however, well centered examples are scarce. The underlying stamp exists with three perforation types, logically however, the only overprinted version recorded is the last one printed. Theoretically other perforations could exist.

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28.00

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234970

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28.00

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240923

Orlof 10 aur Overprint on Scott #221 (Facit #245C2) [10 aur green Fish, comb perf 14x14 thin tooth at top] Mint F-VF, lightly hinged. This is the most commonly found Orlof overprinted stamp, however, well centered examples are scarce. The underlying stamp exists with three perforation types, logically however, the only overprinted version recorded is the last one printed. Theoretically other perforations could exist.

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25.00

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234972

Orlof 10 aur Overprint on Scott #221 (Facit #245C2) [10 aur green Fish, comb perf 14x14 thin tooth at top] Mint F-VF, but with crease (not obvious from front). This is the most commonly found Orlof overprinted stamp, however, well centered examples are scarce. The underlying stamp exists with three perforation types, logically however, the only overprinted version recorded is the last one printed. Theoretically other perforations could exist.

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8.00

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247796

Orlof 10 aur Overprint on Scott #221 (Facit #245C2) [10 aur green Fish, comb perf 14x14 thin tooth at top] Mint with VF centering; this example is actually NH, but has an area of gum discoloration (from an old stock page), thus cannot be described as NH. This example looks wonderfully fresh from the front. This is the most commonly found Orlof overprinted stamp, however, well centered examples are scarce. The underlying stamp exists with three perforation types, logically however, the only overprinted version recorded is the last one printed. Theoretically other perforations could exist.

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9.00

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247797

Orlof 10 aur Overprint on Scott #221 (Facit #245C2) [10 aur green Fish, comb perf 14x14 thin tooth at top] Mint with VF centering, but bends and slightly soiling. This is the most commonly found Orlof overprinted stamp, however, well centered examples are scarce. The underlying stamp exists with three perforation types, logically however, the only overprinted version recorded is the last one printed. Theoretically other perforations could exist.

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5.00

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247798

Orlof 10 aur Overprint on Scott #221 (Facit #245C2) [10 aur green Fish, comb perf 14x14 thin tooth at top] Mint with Fine+ centering, but small adhesion on gum. The underlying stamp exists with three perforation types, logically however, the only overprinted version recorded is the last one printed. Theoretically other perforations could exist.

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10.00

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247799

Orlof 10 aur Overprint on Scott #221 (Facit #245C2) [10 aur green Fish, comb perf 14x14 thin tooth at top] Mint with Fine centering, but tear at upper right. The underlying stamp exists with three perforation types, logically however, the only overprinted version recorded is the last one printed. Theoretically other perforations could exist.

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4.00

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234958

Orlof 10 aur Overprint on Scott #223 (Facit #247) [12 aur Fish] NH VF right margin example.

Reference
For reference only. NOT for sale.
Send your want list.

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240925

Orlof 20 aur Overprint on Scott #224 (Facit #248C2) [25 aur red Fish, comb perf 14x14 thin tooth at top] NH F-VF. The underlying stamp exists with three perforation types, logically however, the only overprinted version recorded is the last one printed. Theoretically other perforations could exist. Very fresh and bright.

50.00

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Vacation Savings Stamps - Orlof Overprints continued ...

Top

Item #

Quality & Description

IMAGES: Hover mouse pointer over image to determine if ACTUAL image of item OR a REPRESENTATIVE sample image of item.
Click for more information

Never
Hinged

US$

Mint
Hinged

US$

Used

US$

247801

Orlof 20 aur Overprint on Scott #224 (Facit #248C2) [25 aur red Fish, comb perf 14x14 thin tooth at top] Mint without gum, with F-VF centering. I attest that this example is Mint no gum, not Used without cancellation: I soaked it and another stamp apart; both were fully gummed and fully stuck to each other. Very attractive with fresh and bright appearance. The underlying stamp exists with three perforation types, logically however, the only overprinted version recorded is the last one printed. Theoretically other perforations could exist.

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19.00

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235995

Orlof 20 aur Overprint on Scott #224 (Facit #248C2) [25 aur red Fish, comb perf 14x14 thin tooth at top] Used VF. As of 2/2012, only one of five used examples I have had in 38 years. Extremely scarce; used is not priced in any catalog.

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95.00

235997

Orlof 20 aur Overprint on Scott #224 (Facit #248C2) [25 aur red Fish, comb perf 14x14 thin tooth at top] Used Fine. As of 2/2012, only one of five used examples I have had in 38 years. Extremely scarce; used is not priced in any catalog.

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65.00

234960

Orlof 20 aur Overprint on Scott #226 (Facit #250C2) [35 aur red Fish, comb perf 14x14 thin tooth at top] NH Superb. Though the underlying stamp exists with two perforation types, the second type was printed after the Orlof overprinting and thus cannot exist with overprint.

Reference
For reference only. NOT for sale.
Send your want list.

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234961

Orlof 10 kr Overprint on Scott #O16 (Facit #TJ29) [Official 10 aur Christian IX] NH Superb.

Reference
For reference only. NOT for sale.
Send your want list.

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236811

Orlof 10 kr Overprint on Scott #O19 (Facit #TJ32) [Official 50 aur Christian IX] NH F-VF.

Reference
For reference only. NOT for sale.

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234963

Orlof 10 kr Overprint on Scott #O34 (Facit #TJ36) [Official 10 aur Two Kings] NH Superb.

Reference
For reference only. NOT for sale.
Send your want list.

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247805

Orlof 10 kr Overprint on Scott #O36 (Facit #TJ38) [Official 16 aur Two Kings] NEVER HINGED with VF centering. An outstanding example with strong color, crisp printing impression, great centering, and excellent perforations. As of 12/2023, this is only the third example I have had in 50 years; this example has equal to or better centering than the others. This scarcity of this stamp is greatly under-appreciated.

Reference
For reference only. NOT for sale.

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234965

Orlof 10 kr Overprint on Scott #O38 (Facit #TJ40) [Official 50 aur Two Kings] NH VF.

Reference
For reference only. NOT for sale.

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234966

Orlof 2 kr Overprint on Scott #O48 (Facit #TJ51) [Official 2 kr Christian X] NH VF.

Reference
For reference only. NOT for sale.

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Vacation Savings Stamps - Orlof Overprints continued ...

Top

Item #

Quality & Description

IMAGES: Hover mouse pointer over image to determine if ACTUAL image of item OR a REPRESENTATIVE sample image of item.
Click for more information

Never
Hinged

US$

Mint
Hinged

US$

Used

US$

236814

Orlof 5 kr Overprint on Scott #O49 (Facit #TJ52) [Official 5 kr Christian X] NH Superb.

Reference
For reference only. NOT for sale.

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235998

Orlof Book: Complete 1943-44 ORLOFSBÓK, serial numbered "No 09860". Contains 19 OVERPRINTED STAMPS: 10x 1 krona on 60 aur Gulfoss Waterfall; 4x 10 aur on 10 aur Fish (green); 4x 20 aur on 25 aur Fish (red); and 1x 50 aur on 25 aur Christian X (red). The outer cover of the book is worn and with an ink stain, but the interior pages are all in excellent condition. The stamps are mostly VF with a couple F-VF; under magnification I do NOT see any defects on the stamps. The total of the individual selling prices of the stamps is approximately $3400!!!! The pages of the book include 9 pages of Orlof law and regulations (it would be great if somebody would volunteer to translate this). My understanding is that THIS 1943-44 BOOK IS THE ONLY BOOK IN WHICH THE OVERPRINTED STAMPS WERE USED. In 38 years I do not recall ever seeing another example of a complete book containing any overprinted stamps. The book is rare and contains $3400 in intrinsic value of the stamps (which could be removed and easily sold); it should sell for much more than $3400, however, to keep the book intact I offer it for less than the value of the stamps.

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Reference
For reference only. NOT for sale.

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