Shanghai Overprints were issued for sale at the U.S. Postal Agency in the Chinese port city between 1919 and 1922. The stamps were created by applying an overprint to sixteen denominations of the then-current definitive issues.
At first, the U.S. Postal Agency accepted payment in U.S. currency only. Non-Americans had trouble sending letters via U.S. mail, which also hurt revenue. To complicate matters, the China-U.S. currency exchange rate was 2-1. To simplify the situation, a surcharge of two times the stamp denomination was added to U.S. #498-518. These overprinted stamps were then applied when postage was paid in anything other than U.S. currency.
Scott#'s K1, K2 and K3 was recently purchased from the APS. The Scott# K5 has been in my collection for a few years. I received it in a packet of Franklin/Washington stamps. Someone must of overlooked it.
Also the Scott Catalogue of United State Stamps state "Used stamps are valued bearing legible cancels showing Chinese origin. I say that because the used value is normally 2 to 2½ times more than the mint value.
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