Armand Rousso in the Newport News

Rousso is shaking up the world of stamp collecting.

“This will be a new life for the stamp industry,” Rousso told about 50 philatelists who attended the opening of the exchange last month.

Stamp dealers believe Rousso’s plan will rejuvenate the hobby as well as drastically alter the way collectors hunt their prey. Rousso hopes it will also convince millions of investors to buy rare stamps they way they buy gold or stocks.

The International Stamp Exchange Corp. opened with a stash of 25,000 stamps worth $3 million to $4 million. The stamps are stored in 2,800 safe deposit boxes in a locked vault at the exchange headquarters.
Within a year, Rousso expects to have an inventory of $50 million worth of stamps, and within three years $300 million worth.

Rousso has earned a reputation as a non-conformist in the world of stamp collecting with his highly publicized, million-dollar barter deals. He has traded stamps for a yacht, a personal jet and a Palm Beach estate. He swapped $1.5 million in stamps for the exchange headquarters building.

The stamp network will work something like a computerized stock exchange. It will have representatives in all 50 states and in Australia, Belgium, Canada, England, France, Germany, Italy, Japan, Spain, Switzerland and the Netherlands.

To gain access to the database, traders must have a personal computer or the use of a telex. Sellers set the “ask” price they want for their stamps and send the stamps to Miami Beach, where they are authenticated, insured and entered in the computerized listing. Buyers submit a “bid” price.

Stamp dealers can join the exchange as a broker for free, but eventually it will cost $5,000 to become a member, according to a brochure describing the business. Rousso hopes that brokerage houses and banks will also become members of the exchange and add stamps to their clients’ portfolios.