Position 73 - 2014-06-26 Transaction Summary




Purchase Date:
2014-06-26
How Purchased:
Auction
Where Purchased:
Siegel Auction Galleries
Auction No.:
1075-2014 Rarities of the World
Lot No.:
1182
Sound/Fault:
Fault
Catalogue Value:
$ 450,000
Realized:
$ 241,500
Seller:
Anonymous
Buyer:
Anonymous

Description

24c Carmine Rose & Blue, Center Inverted (C3a). Position 73, lightly hinged, deep rich colors, choice centering, possibly a small thin spot but not visible to the eye or in fluid

VERY FINE CENTERING AND WONDERFULLY FRESH EXAMPLE OF THE FAMOUS 1918 24-CENT INVERTED JENNY.

According to Jenny! by George Amick (Amos Press, 1986), the original sheet of 100 inverted "Jenny" stamps was purchased by William T. Robey on May 14, 1918, one day after the stamp was placed on sale. Robey bought the sheet at the New York Avenue Post Office window in Washington, D.C. Soon after, the sheet was sold to Col. Edward H. R. Green through Eugene Klein, a Philadelphia stamp dealer. Green paid $20,000 for the sheet, then instructed Klein to divide it into singles and blocks, and to sell all but a few key position blocks.

Stamp specialists and professionals know that examples of this stamp exist in different grades of freshness and condition. Despite their rarity and value, many of the original 100 stamps were mistreated by collectors during the years. Colonel Green himself allowed moisture to affect some of the stamps he retained. Other examples have become slightly toned from improper storage and climatic conditions. Hinging has caused thins and creases in numerous stamps, and at least seven have been "lost" to philately -- or nearly so as in the case of the copy swept up in a vacuum cleaner.

The stamp offered here is beautifully centered and remarkably fresh. Earlier in its history this stamp was described as having a "tiny gum thin", and the Philatelic Foundation issued certificate 55645 in the 1970's describing a "small thin spot". Even in fluid, the stamp shows no evidence of a thin, and it is possible that the earlier P.F. opinion was influenced by the presence of a hinge remnant, which has since been removed. In 1999 Professional Stamp Experts certified it as sound. It is offered here on the basis of our full disclosure of its history and may not be returned if the Philatelic Foundation reaffirms the presence of a thin spot.

P.S.E. encapsulated (OGph, F-VF 75; SMQ $385,000.00)
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