It will not include world-wide revenues that were not also valid for postage, it excludes most local stamps, it excludes many minor varieties, it excludes several "countries" that are dubious in their validity as a country.
You can say the same thing about Gibbons.
Michel tends to list more stamps than the other two general catalogs named above.
None, however, could be considered "complete".
The most comprehensive catalogs, of course, will be the specialized catalogs.
It is what it is. Scott describes it's own rules for what stamps it features. It features postage stamps issued by actual countries that were used for postage.
There are some stamps issued by some countries that are not listed because Scott does not believe they were used for postage. Some people contend with Scott on how it makes the decision on whether certain stamps were used for postage on mail items.
Also keep in mind that the catalog only focuses on postage stamps. It does not include revenue stamps, cinderellas, or any other type of stamp.
everyone has explained this well, but i'll a teeny bit more.
there are SPECIALIZED catalogues for individual countries (these are NOT Scott or Michel or Gibbons, although they, too have specialized catalogues for certain countries, or reqions).
They will list more stamps and varities than Scott, Michel, etc.
Scott avoids many stamps issued by companies on behalf of countries, where those stamps were mostly for currency, not postal need. They also avoid stamps of real places, like Staffa, that issues stamps but don't get used for postage. The Middle East contributes lots of stamps that Scott doesn't list.
And, then what does one do with things like Christmas seals? Scott lists them until 1977, but only nationals, no locals, and ignores things like Easter seals, Boys Town, etc.
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"Save the USPS, buy stamps; save the hobby, use commemoratives"
i wrote this more for completeness in answering your question. it helps to point that it will be impossible to ever LIST everything, much less collect everything
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"Save the USPS, buy stamps; save the hobby, use commemoratives"
I would hate to have to make shelf space for a catalog that included everything! (or pay for it for that matter!) When I come across something not in my Scott, I turn to Google and SOR. They haven't failed me yet!
Johnny, you never know where your philatelic adventure will take you.
Some day you may find some area of philately just fascinating and you will want to acquire the specialized philatelic literature that will help you study that field.