Stamps allow us to send letters, packages, and documents to anyone, anywhere in the world. However, the price of stamps is not constant and can change over time. Therefore, one popular option for many mailers is the Forever Stamp.
What’s different about Forever Stamps? The Forever Stamp has the unique ability to retain its value even when the price of postage increases, making it a convenient and cost-effective option for many. However, many people ask, “When do forever stamps go up in price? “
This article will explore the history of Forever Stamps, how USPS sets postal prices, and the current price of Forever Stamps. By the end of this article, you will understand when Forever Stamps go up in price and how to plan for future price changes.
When Do Forever Stamps Go Up in Price?
The USPS announces price increases for postage through a formal process that includes seeking approval from the Postal Regulatory Commission (PRC). The PRC reviews the USPS’s proposal for price changes and determines whether they are reasonable and fair to customers. Once approved, the USPS announces the new prices and the effective date of the change, which typically occurs in January of each year.
Forever Stamps will increase in price again, and the USPS filed notice with the PRC of mailing services price changes to take effect July 9, 2023. The new rates include a three-cent increase in the price of a First-Class Mail Forever stamp from 63 to 66 cents.
Regardless of when the next price increase for Forever Stamps occurs, customers can rest assured that the USPS will follow its standard process for announcing and implementing price changes.
History of Forever Stamps
The USPS introduced Forever Stamps in 2007 as a practical choice for those who regularly use stamps. The idea behind the Forever Stamp is that it retains its value even when the price of postage goes up, so customers can purchase them at the current price and use them whenever they want without worrying about the cost of future price increases.
The first Forever Stamp was issued in April 2007 and featured an image of the Liberty Bell. It was sold for 41 cents, the price of a First-Class Mail stamp.
The concept of the “Forever Stamp” was to simplify the process of purchasing and using stamps. Before the introduction of Forever Stamps, customers had to purchase stamps at the current price and use them before the price increased, or they would have to purchase additional stamps to make up the difference. This often resulted in customers having a surplus of outdated stamps they couldn’t use.
Since the introduction of Forever Stamps, there have been several price increases for postage, but the value of the Forever Stamp has remained the same. For example, the price of a First-Class Mail stamp increased from 41 cents to 42 cents in May 2008, but those who had purchased Forever Stamps at the 41-cent rate could still use them without additional stamps.
Then, you can read more to learn how the USPS sets postal prices.
How the USPS Sets Postal Prices
The USPS is responsible for setting postal prices for mail delivery within the United States. The USPS is a self-funded government agency that operates independently from taxpayer dollars, meaning it relies on revenue from postage and other services to fund its operations. Postal prices are set to cover delivery costs and maintain the USPS’s financial stability.
The PRC is the independent agency that oversees and approves USPS postal prices. The PRC is responsible for ensuring that USPS pricing is reasonable and adequate to maintain quality service standards.
USPS postal prices are based on a complex formula that considers various factors, including the cost of labor, fuel, transportation, inflation, and other economic factors. The USPS also considers the pricing strategies of its competitors and the demand for its services when setting prices.
The USPS uses several mail categories to determine postal prices, including first-class, standard, and priority mail. Each category has different pricing structures based on weight, size, and delivery speed.
The USPS typically announces changes to postal prices in the fall of each year, with the new prices taking effect in January of the following year. The PRC must approve any proposed price changes before they can go into effect.
Current Price of Forever Stamps
The current price of Forever Stamps is 63 cents each as of January 22, 2023. The price of a Forever Stamp has gone up steadily over the years, reflecting changes in the cost of delivering mail and the overall economy.
The current price of 63 cents represents a 3-cent increase from the previous price of 60 cents, which was in effect from July 10, 2022, until January 21, 2023. This increase was part of the USPS’s regular price adjustment process based on the Consumer Price Index and other economic factors.
It’s important to note that the price of Forever Stamps only applies to First-Class Mail letters weighing up to 1 ounce. Prices for other types of mail, such as packages, postcards, and international mail, vary depending on the weight, size, and destination. For more detailed information, check the USPS website or consult your local post office for the most up-to-date price.