Heritage Sells "Inverted Jenny" Stamp to Coin Collector for $825,000

[gmarguli]

Heritage Auction Galleries, the world's largest collectibles auctioneer, formally re-entered the philatelic market after 14 years with the $825,000 sale of an "Inverted Jenny" stamp. The 24-cent denomination, U.S. red, white and blue misprint (Scott # C3a) depicting an upside-down Curtis 4-N ("Jenny") biplane was position number 84 on the original sheet of 100.

 

The mint condition stamp is one of the finest known and one of no more than a half dozen never-hinged specimens. It is certified by Professional Stamp Experts as PSE 75 NH.

 

"We have tens of thousands of rare coin clients who are ready to buy stamps now that they know we're in the market. This stamp was purchased for one of them," said Greg Rohan, Heritage's President.

 

"We acquired it from Sonny Hagendorf of Scarsdale, New York for $750,000 and sold it for $825,000 to a senior Wall Street executive who is a long-time coin collector. This is the first rare stamp he's ever purchased. He told me it's a great value and he's thrilled.

 

More Story & Facts

[MunkyMan95]

I thought Philately was dead?

[MAULEMALL]

I thought Philately was dead?

I no its illeagle round these here parts

[MunkyMan95]

I thought Philately was dead?

I no its illeagle round these here parts

 

Philately, not Pedophilia!

[pendragon1998]

Pic...

 

[rbrown4]

That is neat, truly the cream of the crop amongst stamps.

 

Rey

[thebeav]

It amazes me that they would know it was number 84 in the sheet and not number 83.....Or number 74......How do they do it ?

 

Paul

[gmarguli]

All the stamps came from a single sheet and when the sheet was cut up the person wrote the location number in pencil on the back of the stamp.

[CAP Freak]

THis was on the Simpsons episode "The Bee Sharps"

[just-john]

Yup glade I kept my sheet together

[MikeInFL]

If that stamp were a coin, what would it be?

[DC Dawg]

If that stamp were a coin, what would it be?

Thinking about it in the context of errors, how about the 1955 DDO Lincoln Cent?

 

Scott

[gmarguli]

If that stamp were a coin, what would it be?

 

[James_OldeTowne]

If that stamp were a coin, what would it be?

 

It would be the equivalent of a genuine double-sided Saint-Gaudens, or maybe a dime struck on a fifty-dollar octagonal gold planchet - something truly outrageous.

[PerryHall]

Seems overpriced for a stamp with a population of 100. How many coins with a population of 100 are worth even 1/10 what this stamp sold for?

[gmarguli]

Seems overpriced for a stamp with a population of 100. How many coins with a population of 100 are worth even 1/10 what this stamp sold for?

 

Most of the stamps were hinged, so in coin terms, this would be like an uncleaned coin where 98% of all others were cleaned.

[Conder101]

If that stamp were a coin, what would it be?

Bodybagged for the alteration on the back?

 

Sent to NCS for conservation to remove the problem on the back?

 

Sent back and forth between PCGS and NGC until it got maxed out?

[MikeInFL]

Seems overpriced for a stamp with a population of 100. How many coins with a population of 100 are worth even 1/10 what this stamp sold for?

 

Most of the stamps were hinged, so in coin terms, this would be like an uncleaned coin where 98% of all others were cleaned.

 

Aha, like a 1799 large cent without any corrosion or porosity!...Mike

 

p.s. does "hinged" mean "not licked"?

[gmarguli]

A hinge is a special piece of gummed tape that is used to secure the stamp to an album. Stamp collectors used to not care, but more recently the collectors are looking for non-hinged stamps.

[just-john]

it's all in the marketing stamps are coming back OOOO BOY O BOY.Now let the stamp grading make up for the slow down on coins to float the tpgs

[MikeKing]

With rare stamps, the market has always been good, and exciting. Based on condition, and there are a ton of things that fall into this assessment, a stamp that 'normally' would go for $1,000.00, may, for example, go for $7,000.00.

 

edited to add:

 

of course, now that the stamp graders are horning in on the profits, eventually (except for hard core stamp collectors), they will drain the hobby of originality just as they did with coins.

 

 

[Elbesaar]

Seems overpriced for a stamp with a population of 100. How many coins with a population of 100 are worth even 1/10 what this stamp sold for?

 

Most of the stamps were hinged, so in coin terms, this would be like an uncleaned coin where 98% of all others were cleaned.

 

Aha, like a 1799 large cent without any corrosion or porosity!...Mike

 

p.s. does "hinged" mean "not licked"?

 

Never Hinged means full original gum and no "paper hinge" was ever used on it.

 

Paper hinges used to be used to attached stamps to album sheets; newer albums are

now made with a hingeless system - using pre-placed clear pockets where you insert the stamp.

 

I collected stamps with a passion back in

the mid 1970's when I gave up collecting coins

.

I stopped collecting after a few years and didn't

collect anything again until the early 1990's.

 

Coins were my first obsession and they are still that today.