That musty smell that you get when you open that old album is the smell of bacteria (microscopic protozoans called infusoria). So yes,
you can be thrilled about inheriting grandpas old collection, but at the same time, if you do not
move to protect it, it will dissapear before your eyes. It's a slow process but bacteria will eat
away at the paper and gum. Most bacteria feeds off the gum and the simplest way to stop the decaying process
is to soak off the gum. But for most of you this will be a drastic course of action.
If you do see that your prized stamp is indeed disentegrating, layer by layer, then formaldehyde vapors will arrest the decay. Stamps should be exposed to the vapors from this chemical, dried and then rinsed with a celluloid solution mixed with 1,000 parts of acetone. Make sure the room is well ventilated whilst doing this. The process should be repeated two or three times.
You can buy formaldehyde from Carolina Biological Supply Co., 2700 York Road, Burlington, NC, 27215. 1-800-334-5551. As for celluloid solution, maybe your local photography store can lead you in the right direction. Acetone is nail polish remover.