Can Postage Stamps Be Used As Currency? It is a completely legal transaction if you are requested to use a postage stamp as a means of transaction, but it not a generally accepted means by the U.S government. That is why you will always see a bold text on each amount of the U.S Dollar state “THIS NOTE IS LEGAL TENDER FOR ALL DEBTS PUBLIC AND PRIVATE.”
While in 1862, John Gault fostered the act of inserting postage stamps and mica into brass coins, which lead to the U.S government passing allow for the use of these items as only “coins”, giving a maximum amount of $5 in value. But it can’t be used to purchase goods and services, it is not accepted on a legal basis.
ALSO SEE: Are Postage Stamps Taxable?
How Do I Sell My Postage Stamps?
Here a few places you would need to meet to get your inherited postage stamps collection for sales:
Most dealers buy both single stamps and collections, it is either you directly transact with the dealer or just have it walk into consignment. Ensure you have all your stamps written, and place them on a little amount backed with terms and conditions and a time limit. Also, get your receipt at the end.
Guaranteed dealer is the only one who serves as an affiliate to any of these: American Stamp Dealers Association, National Stamp Dealers Association, and the American Philatelic Society, with strict obedience to the codes and ethics.
An auction house will be preferable if you have a collection worth $20,000. Asking dealers for directions or members of any stamp club will save you off a thorn in the flesh. Ensure you weigh between two or three auction houses to compare their policies to find whichever one suits you. It is likely your collection take a while before being auctioned. Although your mind ends up paying a certain amount of commission for whoever gives directives.
Postage stamps, as mentioned above, cannot be used as currency, it is not legally accepted in any state or province. It was only used to create a means of transaction in the 18s due to the scarcity of cash as a result of uproar. It could only serve as a legal transaction if one includes it as a form of payment.