Position 9 - 2009-12-12 Transaction Summary

Purchase Date:
2009-12-12
How Purchased:
Auction
Where Purchased:
Heritage Auctions
Auction No.:
1111
Lot No.:
31738
Sound/Fault:
Fault
Catalogue Value:
$ 1,000,000
Realized:
$ 0
Seller:
Anonymous
Buyer:

Description

24c Inverted "Jenny" - The "Locket Copy"

24c Carmine Rose & Blue, Center Inverted (C3a), encased in the original locket created by Col. Green for his wife, Mabel. Green had the Invert, which is from position 9 with a natural straight edge at the top, placed into the locket back to back with a normal 24c. The invert, which is fresh and bright, has tiny corner creases at the bottom from being too close to the edge of the locket at some time in its past. Without opening the locket, there is no way to be certain about the gum, but there is no reason to suspect that it has ever been hinged, since it was Green who broke up the original sheet, keeping the straight edged singles and a few large blocks for himself.

Scott $500,000 for hinged, $1,100,000 for never hinged.

ONE OF THE MOST HISTORICALLY SIGNIFICANT EXAMPLES OF THE INVERTED JENNY, IT IS BEING OFFERED FOR ONLY THE SECOND TIME SINCE ITS OWNER, MABEL GREEN, PASSED AWAY IN 1950.

Provenance: Col. Green

In 1918, shortly after the death of his mother, Hetty Green, the notorious "Witch of Wall Street", Col. "Ned" Green, an avid stamp collector, purchased the unique sheet of the famed "Inverted Jenny" from Philadelphia stamp dealer, Eugene Klein. Klein had just purchased the sheet from William T. Robey, the collector who had discovered the sheet in a local Washington, D.C. post office.

Correctly understanding the enormous value to stamp collectors, Col. Green proceeded to break up the sheet into blocks and singles to sell and kept a few large multiples and the straight edged copies for himself. It was one of the latter that he had encased in a gold locket as a gift to his wife Mabel. Over the years, the Colonel had given Mabel many valuable gifts, such as the $625,000 he gave her upon their marriage. However, the locket must have had some sentimental value because, although Green's stamps were sold upon his death in 1936, Mabel saved the locket until her own demise in 1950.
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