Vaitupu

Vaitupu is part of Tuvalu, an atoll located in the central part of the island nation. Over a thousand people live there. Plus they have a Wikipedia article. What more you could want?

Stamps were issued between 1984-87. What? Only four souvenir sheets? No booklets at all? Sure, there are specimens, but still. I'll bet somebody lost their job for being lazy.  File:Vaitupu butterfly.jpg|1985 75c butterflies 

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