Rhodesia, now divided between Zambia and Zimbabwe, first issued revenue stamps in 1890, and Zimbabwe continues to do so to this day. British South Africa Company The British South Africa Company issued revenue stamps for use in all of Rhodesia from 1890 to 1909. The first issue had four values from £1 to £10 and they bore the company's coat of arms. These were issued in the form of postage stamps but due to their high values they never required for postal use so they are regarded by many as purely revenue stamps. In 1896, some of these were surcharged with values between £50 and £200. These are exceedingly rare as few were printed. Later in 1896, a new square design still featuring the coat of arms but with a more ornate frame was issued. This was replaced in 1898 with a design similar to the original 1890 issue but with some differences in the stamp's border. This set included a £100 cherry red value, which is very rare and only six copies of the stamp are known to exist. Around 1907, some of these stamps were overprinted REVENUE to disqualify them from postal use, and in 1909 the £1 to £5 values were overprinted RHODESIA when the company approved this usage on its stamps. These continued to be used until the 1920s. Around 1905, a set of cigarette excise stamps were issued, and these are rare as they were usually torn upon use. Southern Rhodesia Southern Rhodesia became a separate colony in 1923, and in 1924 its first revenue issues portraying King George V in a military uniform were issued. These were replaced by a new issue portraying an elderly King George in 1930. Following his death, in 1937 a set showing the new monarch King George VI was issued. This had nine values from 3/- to £50. The rarest value is the 7/6 black as it was withdrawn soon after issue, and genuinely used stamps can now fetch over £3000. In 1954, a large set showing the coat of arms was issued with values ranging from 1d to £50. In the 1930s, banderole excise stamps were used to pay cigarette taxes. From around 1937 to the 1940s, various postage stamps were handstamped EXCISE or E for the same purpose. Between 1961 and 1964 various stamps were issued for Personal Tax. These exist with various roulettes, perforations and combinations