Commemorative stamp of Queen Victoria, although there are no special inscriptions on the stamps, and they were intended as regular stamps. In 1870 Peru issued a 5¢ scarlet Locomotive and Arms stamp and is regarded as the first commemorative postage stamp, issued to commemorate the 20th anniversary of the first railway in South America. Though the United Kingdom often set the precedent for postage stamps and their designs, they were the late runners with the issue of their first commemorative stamp, not issuing one until 1924 when it printed and released the British Empire Exhibition issue of 1924. Other premier commemorative stamps
Postage stamp social and political realities of the time of their issue, they are often prized for their beauty and historical significance by stamp collectors whose study of their history and of mailing systems is called philately. Because collectors often buy stamps from an issuing agency with no intention to use them for postage, the revenues from such purchases and payments of postage can make them a source of net profit to that agency. Throughout modern history, numerous methods were used to indicate that postage had been paid on a mailed item, so several different men have received credit for inventing the