On February 26, 1872, Iceland issued a decree on the issue of its own stamps, which went into circulation on January 1, 1873. The first issue consisted of five stamps with a design identical to the design of the 1870 Danish stamps (crowned denomination numeral in an oval), with the name of the country "Island". The stamps were printed on thin, lightly tinted paper with a crown watermark at H. Thiele's printing house in Copenhagen. The author of the design of the first Icelandic stamps was Philipp Butz. The stamps in this issue are available in two perforation sizes: 14:13½ and 12½, as well as without teeth and without glue. Often found with fake cancellations with stamps that have not been used.