Why Stamps had Their Great 1970s Run

The 1970s were the halcyon days of philately. The inflation of the Carter years was fierce, and inflation rates for many years topped 10%. Add to this, currency controls in Great Britain had meant that people began to lose faith in money. Remember for a minute that money has no real value. It is a convention and represents a bearer certificate for goods and services that are only redeemable as long as the person doing the redeeming believes that there is someone who will want to exchange goods and services for the money that he has. When people lose that faith, economies break down. Such faith is bent and deformed by confiscatory taxation and currency controls

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