International Reply Coupons, as a substitute for
mint stamps, provide easy return
postage throughout the world.
It's a
cinch to send a domestic
SASEs -- just lick a few stamps and
shove a smaller
envelope inside the letter. Not so easy on an international scale, as changing postage rates in individual countries combine with the relative inaccessibility of certain stamps, creating a massive
headache for small-scale
overseas correspondence.
Enter the
IRC,
for short. IRC's are small certificates
redeemable for one unit of
unregistered airmail or the minimum cost for one unit of overseas
priority mail. The
United States Postal Service values each IRC at one ounce of airmail. IRC's are now valued at EUR 1,80 or US$1.75. As evidenced by the
euro's acceleration past the US
dollar, Americans should expect a rapid inflation of IRC prices in
2005. IRCs are only worth $0.80 of American postage when redeemed at a domestic
post office, so the coupons are quite expensive for their relative value. Nevertheless, IRC's provide hassle free
correspondence, even if the transactions cost
an arm and a leg.
IRCs hold a
chequered past.
Charles Ponzi based his
1920 swindle on the importation and resale of IRCs. Ponzi discovered that 66 IRCs could be purchased in
Italy for the equivalent of a US dollar, a significantly higher return over domestic rates.
Flipping the
devalued Italian IRCs for American stamps, Ponzi plied his fantastic earnings on a gullible
Boston. Setting up his strangely named "Security and Exchange Company", Ponzi diverted his massive investments into dubious bank accounts. Devoting little effort to stamp investments when the
moolah came
gushing in, Ponzi
pried on the
penniless shifting stamps in a
shell game.
Nowadays IRCs are used in many
hobbies including
geneaology,
philately (
stamp collecting),
bootleg music swapping,
seed cooperatives, not least
ham radio and
shortwave listening. In recent years IRCs have been used as a form of
stamp currency. For example, if a radio listener wished to receive a
DX bulletin, he or she would mail the club a few IRCs to defray shipment. Many radio clubs would purchase IRCs wholesale and sell the
chits back to members at cost. Given the astronomical adjusted price of IRCs, many hobbyists have switched to mint stamps and
green stamps (bank notes) as cheaper but more risky alternatives to IRCs. Remember that many countries do not accept IRCs or cannot process the notes directly. Given the
dicey nature of IRC swapping, many forgo the system altogether.
Here in the US many post offices ignore IRCs, refusing to stock them or
feigning ignorance when asked about them. Moreover, the IRCs
must be stamped in a certain way for overseas redemption (please refer to the UPU website below for
illustrations.) I must go to the Main Post Office in
Manhattan for IRCs. Given time contraints, I'd rather throw a few bills in
tinfoil and hope for the best.
Citation
http://www.upu.int/irc/en/index.shtml -- the Universal Postal Union
http://www.forbes.com/ceonetwork/2004/04/19/0419bookreview.html -- general information on Ponzi history
http://pe.usps.gov/text/imm/welcome.htm -- the USPS International Mail Manual outlining American IRC policy.