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Bull market on limited Year of the Snake stamps

By Zhang Ye (Global Times)

14:17, January 07, 2013

The China Post Group (CPG) issued special stamps for the Year of the Snake Saturday at a face value of 24 yuan ($3.85) per large edition, but the market value quickly jumped to 380 yuan Sunday.

The CPG publishes commemorative postage stamps each year printed with an animal from the Chinese zodiac. 2013 is the Year of the Snake. This year's snake stamps come in two editions, a large edition of 20 stamps and small one of six stamps. The face value of each stamp is 1.2 yuan.

On Saturday, the date of issue, long lines appeared in front of the Beijing-based stamp shop of the China National Philatelic Corp (CNP) and all their snake stamps sold out Sunday, a salesperson at the shop told the Global Times Sunday on condition of anonymity.

Some Shanghai residents started lining up to buy the snake stamps at 8 am Wednesday and waited at least 70 hours to pay 380 yuan for the large edition and 115 yuan for the small edition, according to the Shanghai Morning Post Sunday.

The current selling price is much higher than the face value of the stamps due to a limited issue and strong investor confidence in 2012's dragon stamps, Tao Jianjun, a Beijing-based vendor of special stamps and coins, told the Global Times Sunday.

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