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
Denomination (postage stamp) existing denominations became worthless. In other cases, changes to the local currency have led to changes in denomination. For instance, when the Ryukyu Islands (at the time a United States protectorate) changed its currency from Yen to Dollars, a number of airmail stamps originally printed with Yen values were overprinted and re-denominated to cents in 1959–1960. During periods of hyperinflation, non-overprinted postage stamps of extraordinary denominations have been issued. As one example, in Hungary, on 15 July 1946 a AP40,000 (Hungarian adópengő) stamp featuring a diesel locomotive was issued. This was the equivalent of 80 quadrillion pengő (P80,000,000,000,000,000,000,000,000) Denomination (postage