[ noun ] the collection and study of postage stamps <noun.act>
Philately \Phi*lat"e*ly\, n. [Philo- + Gr. ? exemption from tax; cf. frank to send free.] The collection of postage stamps of various issues.
Unfortunately, philately is on the wane these days, and the principality has moved on to other things. Now it is known best as a tax haven. The sector achieved especial notoriety three years ago when Mr Robert Maxwell's empire collapsed.
Frank said the Postal Service needs more control over its budget, hopes to find new sources of revenue in areas ranging from transportation to philately and is examining other initiatives to improve its management of costs.