the overprinting measuring 18 mm. The first comprehensive study of these issues was conducted by George L. Toppan, and his classification of the various varieties that occur in these issues is the most feasible one yet presented. The first stamps issued for Canal Zone postage consisted of three values, 2c, 5c and 10c, which were first issued on June 24, 1904, but were only used for twenty-four days, until July 17, 1904, and were removed from sale after that date. They were overprinted with a rubber handstamp. Dr. J. C. Perry, a surgeon in the U. S. Marine Hospital, and a philatelic student was stationed at Ancon at this time, whose investigations provided much information concerning this and some of the later series. In regard to the first stamp issues he said: The first issue of stamps was authorized by executive order of the Governor of the Canal Zone, which provided that a limited number of stamps of the Panama Republic should be secured and surcharged "Canal Zone" in order to meet the demands of the postal service until the United States stamps properly surcharged could be obtained from Washington. These first issues were carefully guarded and purchases were limited to the amount of one dollar in silver or fifty cents in U.S. currency. The executive order also cautioned anyone about buying or keeping large quantities of these stamps, as they would not be available for postage after the above date. However, this cautionary measure was unnecessary. This first series of Canal Zone overprint issues is the one with the most plentiful fakes. 1904 issues, second series These stamps consisted of existing U.S. regular issues of 1902–1903 and were overprinted in 1904 with CANAL ZONE and PANAMA in vertical fashion, for use as Canal Zone postage: Issued in denominations of 1c, 2c, 5c 8c and 10c. Benjamin Franklin became the first historical figure to appear on Canal Zone Postage. The overprinting was conducted in Washington D.C. These were the first U.S. stamps overprinted for use in the Canal Zone, and consisted of a huge quantity on 10-million stamps. As the stamps featured American historical figures, such as Benjamin Franklin, George Washington and Abraham Lincoln, they were generally not well received by the largely Panamanian population in and around the Canal Zone. These issues were briefly used for less than five months and were taken off sale as a result of