allest details are important. You have doubtless noticed that
almost all stamps issued during the past thirty years have "scalloped"
edges. These are perforations made to enable persons using stamps to
detach one or more without using scissors. Previous to 1856 all stamps
were printed on sheets of paper, and had to be cut off one by one with a
knife or scissors. These are known as "unperforated." Many experiments
were made to do away with the necessity of using scissors, and we
illustrate the different methods used. Gradually all nations have
adopted the "regular" perforations, which consist of a series of holes
punched out along all four edges of each stamp. Now this difference
between perforated and unperforated stamps makes not a little difference
in the prices asked. For instance, the 24c. U.S. of 1851 unperforated
would be cheap at $100, whereas the same stamp perforated is worth $2.50
only. The Victoria twopenny of 1867 is worth $1.50 perforated, while $25
is asked for the unperforated. So none of the ROUND TABLE collectors
should trim the edges of any stamps they may have. Next week we will
illustrate the scale of regular perforations.

The so-called _error_ of the 5c. red-brown U.S. 1890 issue in the color
of the 4c. dark brown has been demonstrated to be a _changeling_, by a
very simple chemical test. The dealer who offered these stamps for sale
at $30 each has notified the thirty-seven people who bought copies at
that price that their money will be returned on demand.

I would advise all collectors to keep all the different shades of the
U.S. stamps which they get at little or no expense, but to avoid paying
any extra for shades of current or late stamps.

A PENROSE SCULL.--The common stamps of the U.S. are worth about
$50 to $100 per million if in good condition. The 10c. brown is
quoted at 10c.

BUCKSKIN.--This is not the place to quote arguments in favor of
stamp-collecting. Most boys, and many men, find great pleasure in
this pursuit. Ask one of them to tell you of its pleasures.

H. W.--There are two varieties of Baltimore and Ohio Telegraph
stamps. One is worth $2 each, the regular perforated are worth
65c. per set.

ARTHUR L. EVANS.--The 10c. green is worth 6c. The 6c. and 8c.
Columbians can still be bought at face in many post-offices.

PHILATUS.

SCHOOL-BOY'S SONG OF THE SCHOOL WEEK.

On Monday black, at four o'clock,
The ke