Position 13 - 2019-06-26 Transaction Summary


Purchase Date:
2019-06-26
How Purchased:
Auction
Where Purchased:
Siegel Auction Galleries
Auction No.:
1205-2019 Rarities of the World
Lot No.:
2111
Sound/Fault:
Fault
Catalogue Value:
$ 450,000
Realized:
$ 259,600
Seller:
Anonymous
Buyer:
Anonymous

Description

24c Carmine Rose & Blue, Center Inverted (C3a). Position 13, slightly disturbed original gum, brilliant colors, small thin spots

FINE APPEARING EXAMPLE OF THE FAMOUS 1918 24-CENT INVERTED "JENNY" ERROR. WITHOUT QUESTION THIS IS THE MOST FAMOUS STAMP IN AMERICAN PHILATELY. THIS COPY WAS LONG THOUGHT LOST AND IS OFFERED AT AUCTION FOR ONLY THE SECOND TIME SINCE EUGENE KLEIN BROKE APART THE SHEET SHORTLY AFTER ITS DISCOVERY.

The original sheet of one hundred Inverted Jenny errors was purchased by William T. Robey on May 14, 1918, the first day the stamps went on sale in all three principal airmail route cities: Washington, D.C., New York and Philadelphia. Robey bought the sheet for its $24 face value at the New York Avenue Post Office window in the District of Columbia. On Sunday, May 19, Robey agreed to give Eugene Klein, a prominent Philadelphia stamp dealer, a one-day option to buy the sheet for $15,000. Klein exercised his option on Monday, May 20, in a late afternoon phone call, and he confirmed it with a registered letter to Robey sent in the evening mail. The sheet was delivered to Klein’s office by Robey and his father-in-law on the following day, Tuesday, May 21, 1918.

No later than Monday, May 20, the day Klein exercised his option, he had arranged to sell the sheet for $20,000 to Colonel Edward H. R. Green. Half of the $5,000 profit went to Klein’s partners, Percy McGraw Mann and Joseph A. Steinmetz. Klein was then authorized by Colonel Green to divide the sheet into singles and blocks, and to sell all but a few key position blocks.

Despite the great rarity and value of Inverted Jenny stamps, many of the original hundred have been mistreated by collectors over the years. Colonel Green himself allowed moisture to affect some of the stamps he retained. Eight straight-edge copies that Klein was unable to sell and returned to Colonel Green were found in Green’s estate stuck together in an envelope (they were soaked and lost their gum). Other examples have become slightly toned from improper storage and climatic conditions. Hinge removal has caused thins and creases in numerous stamps, and one was physically Scotch-taped to an exhibit page. Another was nearly lost to philately forever when it was swept up in a vacuum cleaner.

Position 13, offered here, was long thought lost to philately before it surfaced and was sold by the Siegel firm in our 2007 Rarities of the World sale (Sale 937, lot 285). It was consigned by the estate of Robert B. Honeyman Jr., a prominent collector of stamps, books and manuscripts who had acquired the Jenny privately many years earlier.

Ex Colonel Edward H.R. Green and Robert B. Honeyman Jr. With 2007 P.F. certificate.
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