Stamp collecting is the collecting of postage stamps and related objects, such as covers (envelopes or packages with stamps on them). It is one of the world's most popular hobbies, with estimates of the number of collectors ranging up to 20 million in the United States alone. The first postage stamp, the Penny Black, was issued by Britain in 1840. It pictured a young Queen Victoria, was produced without perforations (imperforate), and consequently had to be cut from the sheet with scissors in order to be used. While unused examples of the "Penny Black" are quite scarce, used examples are common, and may be purchased for $25 to $150, depending upon condition. Coin collectors often begin by saving coins they have received in circulation, but found interesting. These may be the remnants of change from an international trip, or an old coin found in circulation. Over time, if their interests increase, chance will not be sufficient to satisfy the demands for new specimens, and a potentially expensive hobby is born. Some become dedicated generalists, looking for a few examples of everything. If they have enough resources, this can result in an astounding collection, as that of King Farouk of Egypt, who collected everything (and not just coins either). Some are completists, wanting an example of everything within a certain set. For example, Louis Eliasberg was the only collector thus far to assemble a complete set of known coins of the United States.
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