Australia in Depth
(Article #84)
‘50 years of Kangaroo Prices’
By Simon Dunkerley © 2004
As published in Stamp News April 2004 Edition
With Stamp News in its fiftieth year of publication, it is interesting to reflect for a moment on the price increases experienced by the ever popular Kangaroo issues during that time.
Table 1 shows the Australian Commonwealth Specialists' Catalogue (ACSC) prices for a selection of items. This list is largely restricted to items that were priced in every edition from at least 1955 onwards. The only exceptions being (1) the 3d first watermark and 2/- brown third watermark imperforate three sides in pair that were not priced in 1980 (the 1981 prices are used), and (2) the 3rd watermark 6d blue strip of twelve with 'CA' monogram both sides, which was first priced in 1957 (this price is used).
The items are chosen to reflect a broad range of the varieties, monograms, imprints and normal high value singles. All items listed are mint, with the exception of six used watermark inverted or sideways errors, marked by (O) after the catalogue number.
This table shows the prices for every five years through to 1980, shortly after which the annual publication of the catalogue ceased. After a gap of a few years, the entire catalogue was last published as one volume in 1988. Since then, the Kangaroos have been published as a single volume in 1993, 1996 and 1999. To provide a nearly equal spread of years, the 1988, 1993 and 1999 prices are shown, together with an approximation of either the latest known realisation or an estimate of what each item would possibly realize at auction today.
Naturally, the prices through to 1965 are in £, and show relatively little change during a period in which the economy was generally not booming. In fact there was a significant credit squeeze in the very early 1960's. This did not last for long, and as you can see, the overall prices more than doubled or very nearly doubled in each five year span from 1965 through to 1980. Whilst many of these items are of a specialised nature, the general perception remains that such items increased by more in the late 1970's through to the early 1980's than in other periods. However, that is not the case, as the significant increases from the mid 1960's to the mid 1970's demonstrate. After significant increases through the 1980's and 1990's, it could be said that the last five years have well and truly exceeded the expectations of many.
| ACSC KANGAROO PRICES | ||||||||||||
| Denomination and Wmk | Cat No. | 1955 | 1960 16th Ed. |
1965 21st Ed. |
1970 26th Ed. |
1975 31st Ed. |
1980 40th Ed. |
1988 | 1993 1 |
1999 3 |
Today's Approx. Estimate |
|
| £ | £ | £ | £ | $ | $ | $ | $ | $ | $ | |||
| ½d | Imperf (1) | 1b | 35 | 35 | 35 | 200 | 650 | 1250 | 1500 | 2000 | 2500 | 5000 |
| 2d (2nd) | Wmk Inv | 6a (O) | 10 | 10 | 10 | 40 | 110 | 200 | 200 | 400 | 1000 | 8000 |
| 2d (2nd) | CA (3) | 6z | 6 | 6 | 6 | 30 | 135 | 400 | 500 | 700 | 900 | 2500 |
| 2d (2nd) | No M (3) | 6zd | 5 | 6 | 6 | 22.5 | 90 | 300 | 450 | 1000 | 1250 | 3000 |
| 2½d (2nd) | CA (3) | 10z | 6 | 6 | 6 | 25 | 150 | 325 | 450 | 800 | 1000 | 3000 |
| 2½d (3rd) | Miss ½ | 11g | 60 | 60 | 60 | 450 | 1600 | 3400 | 9000 | 10000 | 10000 | 30000 |
| 3d (1st) | imperf pair | 12bf* | 50 | 50 | 50 | 400 | 1500 | 4000 | 18000 | 15000 | 20000 | 40000 |
| 5d (1st) | CA (3) | 16z | 10 | 10 | 10 | 50 | 300 | 405 | 550 | 1250 | 1750 | 4000 |
| 6d (1st) | Retouch E | 17e | 35 | 35 | 35 | 125 | 750 | 1000 | 2500 | 2500 | 2500 | 3000 |
| 6d (1st) | CA (3) | 17z | 10 | 10 | 10 | 40 | 255 | 400 | 600 | 1200 | 2000 | 6000 |
| 6d (2nd) | Wmk Inv | 18a (O) | 3.75 | 10 | 10 | 30 | 80 | 165 | 75 | 750 | 3000 | 10000 |
| 6d (2nd) | No M (3) | 18zd | 20 | 20 | 20 | 70 | 375 | 700 | 1000 | 2000 | 3000 | 10000 |
| 6d Bl (3rd) | CA (3) | 18zd | 20 | 20 | 20 | 70 | 375 | 700 | 1000 | 2000 | 3000 | 10000 |
| 6d Bl (3rd) | CA/CA12 | 19zl** | 30 | 30 | 30 | 200 | 900 | 2500 | 1250 | 8000 | 12000 | 50000 |
| 6d Bl (3rd) | Imprint (4) | 20z | 5 | 5 | 5 | 25 | 180 | 300 | 750 | 1750 | 3500 | 12500 |
| 1/- (1st) | CA (3) | 30z | 12 | 12 | 12 | 45 | 300 | 500 | 750 | 1750 | 2500 | 5000 |
| 1/- (S/M) | Wmk Inv | 34 (0) | 5 | 5 | 5 | 45 | 200 | 330 | 250 | 2000 | 3000 | 10000 |
| 2/- (1st) | CA (3) | 35z | 20 | 20 | 20 | 96 | 720 | 1200 | 2000 | 3000 | 5000 | 30000 |
| 2/- (2nd) | CA(1) | 36za | 15 | 15 | 15 | 80 | 525 | 1100 | 1500 | 2000 | 3500 | 15000 |
| 2/- Br (3rd) | Imperf pair | 37b* | 150 | 150 | 150 | 900 | 4000 | 6000 | 20000 | 20000 | 30000 | 70000 |
| 2/- Br (3rd) | Imprint (4) | 37zh | 10 | 10 | 10 | 55 | 420 | 1000 | 2000 | 4000 | 6000 | 60000 |
| 5/- (1st) | CA (1) | 42z | 15 | 15 | 20 | 75 | 450 | 700 | 950 | 2000 | 6000 | 25000 |
| 5/- (2nd) | CA (1) | 43z | 30 | 25 | 25 | 185 | 1050 | 2200 | 1250 | 2000 | 5000 | 15000 |
| 5/- (3rd) | Wmk S/W | 44aa (0) | 15 | 15 | 15 | 105 | 600 | 925 | 1500 | 5000 | 10000 | 40000 |
| 5/- (3rd) | CA (3) | 44z | 35 | 35 | 30 | 150 | 900 | 1500 | 2000 | 4000 | 9000 | 20000 |
| 10/- (1st) | CA (1) | 47z | 25 | 25 | 25 | 100 | 675 | 1200 | 1750 | 3000 | 12000 | 40000 |
| 10/- (3rd) | Wmk SW | 48aa (0) | 25 | 25 | 25 | 160 | 800 | 1100 | 1500 | 3000 | 4000 | 15000 |
| 10/- (3rd) | CA (1) | 48z | 25 | 25 | 25 | 125 | 750 | 1155 | 1250 | 2500 | 8000 | 40000 |
| 10/- (3rd) | Imprint (4) | 48zc | 80 | 80 | 80 | 300 | 1800 | 2650 | 3500 | 5000 | 8000 | 30000 |
| £1 (1st) | Normal | 51 | 32 | 32 | 35 | 200 | 800 | 1600 | 1500 | 1750 | 1600 | 2500 |
| £1 (1st) | CA (1) | 51z | 60 | 60 | 80 | 400 | 1950 | 3000 | 3500 | 6000 | 15000 | 87000 |
| £1 B (3rd) | Normal | 52 | 25 | 25 | 25 | 150 | 600 | 1500 | 1500 | 1500 | 1500 | 2500 |
| £1 B (3rd) | Wmk Inv | 52a | 28 | 35 | 35 | 210 | 750 | 1800 | 3000 | 2500 | 2500 | 4000 |
| £1 B (3rd) | Wmk SW | 52ab (0) | 20 | 20 | 20 | 210 | 700 | 1400 | 2500 | 3500 | 5000 | 25000 |
| £1 B (3rd) | CA (1) | 52z | 60 | 60 | 60 | 300 | 1425 | 3000 | 3500 | 6000 | 10000 | 45000 |
| £1 B (3rd) | Imprint (4) | 52zc | 150 | 150 | 150 | 750 | 4500 | 10000 | 12500 | 27500 | 35000 | 125000 |
| £2 (1st) | Normal | 55 | 50 | 50 | 60 | 325 | 1250 | 3200 | 4000 | 4000 | 3750 | 6500 |
| £2 (1st) | CA (1) | 55za | 125 | 125 | 150 | 520 | 3750 | 9500 | 9000 | 10000 | 20000 | 100000 |
| £2 (3rd) | Normal | 56 | 30 | 30 | 35 | 325 | 1000 | 2400 | 3000 | 2500 | 2500 | 4000 |
| £2 (3rd) | Imprint (4) | 56z | 280 | 280 | 300 | 1625 | 11250 | 20000 | 22500 | 20000 | 22500 | 75000 |
| £2 (SM) | Normal | 57 | 28 | 28 | 30 | 300 | 900 | 2800 | 3000 | 3250 | 3000 | 4500 |
| £2 (SM) | Imprint (4) | 57z | 200 | 200 | 200 | 1500 | 7500 | 12000 | 22500 | 22500 | 25000 | 75000 |
| £2 (CofA) | Normal | 58 | 25 | 28 | 27 | 250 | 900 | 2600 | 2750 | 2500 | 2250 | 3500 |
| £2 (CofA) | Imprint (4) | 58z | 200 | 200 | 200 | 1250 | 7500 | 15000 | 17500 | 15000 | 16000 | 40000 |
| Total prices (£ to 1965) | 2064.75 | 2077 | 2161 | 12463.50 | 65145 | 126905 | 189725 | 236100 | 343500 | 1206500 | ||
Table 1
At the individual level, an examination of table 1 shows how significantly most of the items have increased in value over the years.
From an overall perspective, the increases can be expressed as an index in table 2.
| Year | Value in $ (nominal) |
Value over previous period as % |
Index value (nominal) |
| 1955 | 4129 | - | 1.00 |
| 1960 | 4154 | 101 | 1.01 |
| 1965 | 4322 | 104 | 1.05 |
| 1970 | 12463 | 288 | 3.02 |
| 1975 | 65145 | 523 | 15.78 |
| 1980 | 126905 | 195 | 30.73 |
| 1988 | 189725 | 149 | 45.95 |
| 1993 | 236100 | 124 | 57.18 |
| 1999 | 343500 | 145 | 83.19 |
| 2004 | 1206500 | 351 | 292.20 |
Across the board, these items are now two hundred and ninety-two times their 1955 value. This is an average of 12.3% per annum over the entire period. As there was little movement from 1955 to 1965, from 1965 the average increases to 15.7% per annum.
Any item that has increased by a lower factor than 292 times the 1955 value has actually decreased in relative value. An example of this would be the 6d first watermark with the retouched 'E', which is now worth approximately 43 times the 1953 value. This item was very highly priced in the early days, and although still popular, this has not been reflected in its current price. On the other hand, the 2/- Brown third watermark imprint block of four, of which only one example is recorded in private hands is now worth 3000 times the 1955 price based on the realisation at auction in January 2003. The latter is both a reflection of it being grossly under valued in the early days and a quantum leap in price when it was last sold.
On this basis, it is interesting to study how items have moved relative to each other. It is clearly apparent that the rarer items, where only one or a few examples are recorded, are generally the ones that have increased by the largest margins, in recent times especially. This has highlighted the importance and effectiveness of the work first shown in the 1993 edition of the catalogue, where numbers recorded were detailed for the first time. Each edition since then has built on that work, making the ACSC a truly remarkable and valuable necessity for those with an interest in these issues.
It is with great anticipation that the next edition of the kangaroo volume is due to be published shortly. This will be a must for those with even a passing interest in the history and prices of the kangaroo issues. In addition, for the first time, this volume will include the 'Commonwealth Period' stamps of the Australian Colonies, making it an exceptional reference.
Simon Dunkerley Pty Ltd
P. O. Box 461 Blackburn Victoria 3130 AUSTRALIA
Tel: (61 3) 9878 1142 Mob: 0419 872 951
Email us at simon@simondunkerley.com