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Many businesses and government officers had vast quantities of stamps. As they were very small, they were easily stolen by employees and someone coming into the offices. To help prevent this, many offices used a special machine that punched holes into the stamps in the form of the logo or company initials.

This made it very clear if someone was mailing personal mail using company stamps or trying to sell them.

These perforations are called perfins by collectors to differentiate them from the perforations used to make stamps easy to separate.

There are groups and collectors that like these and study them carefully. Others feel they totally ruin the value of a stamp and do not want them in their collections.

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