According to James N. Drummond, the creator of these cinderella stamps, and editor of 'Drummond’s Catalog of Philatelic Miscellany', the Old American Insurance Co., “was established in 1939. Their [current] website is www.oaic.com. The idea behind these ‘coin stamps’ was that the applicant would apply the stamp over the coin on their insurance application, to pay for the first 30 days of coverage .“

The coin to be covered was a dime, and the means of sending it was the “Safe Coin Carrier” which includes these printed instructions: “Place 10¢ in the slot. Paste enclosed coin stamp over 10¢.”

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