Position 24 - 1986-05-26 Transaction Summary

Purchase Date:
1986-05-26
How Purchased:
Auction
Where Purchased:
Steve Ivy Philatelic Auctions
Auction No.:
AMERIPEX
Lot No.:
576
Sound/Fault:
Fault
Catalogue Value:
$ 110,000
Realized:
$ 82,500
Seller:
Buyer:
Anonymous

Description

#C3a, 24c Carmine rose and blue, Center Inverted, one of the finer known examples of the most famous error stamp ever produced. The 24c value of the 1918 series of air post stamps was the first air mail stamp ever issued by the United States. Its purpose was to pay the postage for letters traveling by airplane between New York, Philadelphia and Washington, D.C. It was printed in two colors. The central vignette, in blue, pictures a Curtiss Jenny bi-plane. The frame is in carmine rose. To produce the stamp it was necessary to pass the sheet through two presses, with one press printing the blue vignette, while the second laid down the carmine rose frame. One full sheet of 100 stamps was mistakenly fed into the second press upside down resulting in this error. Actually, it was the frame which was printed upside down and not the center. However, through the years the error has been referred to as the center being inverted, a more dramatic presentation. This sheet was bought in a New York post office by W. T. Robey on May 14, 1918. He then sold the sheet to Philadelphia dealer Eugene Klein on May 25 for $15,000.00, a neat little profit on his $24.00 investment. Klein immediately sold the sheet to the famous Colonel Green sometime between May 25 and June 1. Green broke the sheet up, keeping a portion for himself and having Klein sell the balance for him. Today, approximately 80 out of the 100 inverts are accounted for. This very fine example has original gum. It is free of any faults that have come to plague several of these stamps. It is accompanied by a 1985 Philatelic Foundation Certificate of authenticity. An exciting opportunity to own one of the most famous of all philatelic rarities. This is the second opportunity for us to have the pleasure of offering this particular airmail invert. Its present owner purchased this stamp from our April, 1984 "Sherman" Sale (lot #1472), at which time he paid $80,000.00, plus the 10% buyer's premium.

According to the Amick book, this sold to a midwest collector, who also owned Position 93.
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