The word has come to be used broadly for commemorative stamps, but is preferably reserved for such stamps as mark periods in a reign, e.g. the Silver Jubilee of King George V (1935), the Diamond Jubilee anniversary of Queen Victoria; or stamps which bear the word “Jubilee ” in inscription or overprint. “Jubilee” is a misnomer for the 1887 issue of Great Britain, which was an ordinary issue long in preparation, which happened to materialise in that year.
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