common consent of collector and dealer are ranked as great rarities
are the most fruitful source of astonishment to the non-collector.
They are the gems of the most costly collections, the possession of
the few, and the envy of the multitude. In a round dozen that will
fetch over £100 apiece there are not more than one or two that can lay
any claim to be considered works of art; indeed, they are mostly
distinguished by their surpassing ugliness. Nevertheless, they are the
gems that give tone and rank to the finest collections. Some of them
are even priceless.

To the average man it is astonishing that anyone in his senses can be
so foolish as to give £1,000 for an ugly little picture that has
merely done duty as a postage stamp. He contends there can be no
intrinsic value in such scraps of paper, and that settles the matter,
in his opinion. But is it not so with precious stones and pearls? They
are of value merely because they are the fashion. There is no
intrinsic value in them. If they were not fashionable they would be
of little or no value. Long-standing fashion, and fashion alone, has
given them their value. So it is with stamps; fashion has given them
their value, and every decade of continued popularity adds to that
value as it has added to the value of precious stones and pearls.
There is no sign that precious stones are likely to become worthless
by the withdrawal of popular favour. Fashion changes from one stone to
another without affecting the popularity of precious stones in
general. So it is with stamps. Fashions change from one line of
collecting to another without in the slightest degree affecting the
stability or popularity of collecting as a whole. Precious stones and
pearls minister to the pride of the individual, and stamps to his
pleasure; and each has its own strong and unshakable hold upon the
devotees of fashion and pleasure. There is a fluctuating market in the