Year of Ox Stamps Bring Beefy Prices
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PEKING — China issued a new commemorative stamp for the Year of the Ox on Saturday, but before it reached any mailboxes, its value soared as speculators looked for a quick profit.
Thousands of Peking collectors formed long lines in subfreezing weather hoping to buy the colorful 0.08-yuan (almost 3-cent) stamp, which depicts a beefy ox with raised horns.
Some of those who reached the counter before the stamps were sold out sought to resell the commemoratives at five times the cover price.
Many speculators are unemployed youths. China Daily quoted a 20-year-old vendor as saying that by “playing stamps” he earned $36 a month--more than the average national wage. For example, the 1980 Year of the Monkey stamp is now worth 100 times its original value.
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