Position 27 - 2019-07-10 Transaction Summary

Purchase Date:
2019-07-10
How Purchased:
Auction
Where Purchased:
Cherrystone Auctions, Inc.
Auction No.:
The New Amsterdam Collection
Lot No.:
200
Sound/Fault:
Sound
Catalogue Value:
$ 450,000
Realized:
$ 385,000
Seller:
Anonymous
Buyer:
Anonymous

Description

Lot #200

The Inverted Jenny - position 27

1918 24c carmine rose and blue, center inverted, position 27, attractively centered, deep rich colors, full original gum, minor hinge remnant, handstamped "Sanabria N.Y.", v.f. and desirable sound copy. The Inverted Jenny is one of the most recognized and desired rarities in all of philately. Its legendary status began the moment the stamp was issued in May, 1918, when William T. Robey purchased an entire error sheet of 100 at the New York Avenue Post Office window in Washington D.C., one day after the stamp was issued on May 14th. Within one week Robey sold the sheet for $15,000.00 to the well-known Philadelphia stamp dealer Eugene Klein (an impressive return on his initial $24.00 investment). Shortly thereafter Mr. Klein sold the sheet to the renowned, yet eccentric collector, Col. Edward H.R. Green for $20,000.00. Col. Green asked Klein to break up the sheet for him into singles and blocks, then instructed him to sell all but the few key position blocks. The copy offered here was last sold in a Robert A. Siegel auction in 1990 where it brought $115,000 plus buyer's premium. Previous owners include William T Robey, Eugene Klein, Colonel Edward H.R.Green, Carlton Smith, Caroline P Cromwell and Irwin Weinberg. Despite the rarity and great value of Inverted Jenny stamps, many of the original 100 have been poorly treated by its owners over the years. Colonel Green himself allowed moisture to affect some of the stamps he retained. Eight straight edge copies were found in Colonel Green's estate, stuck together in an envelope (they had to be soaked and lost their gum). Other examples have become somewhat toned due to climate and poor care. Some copies were badly hinged and hinge removal resulted in thin spots and creases, one was even taped to an exhibit page. A famous vacuum cleaner story recounted how a stamp was almost lost. A wonderful opportunity to obtain a sound and beautiful Inverted Jenny, not seen on the market since 1990, with 2019 Philatelic Foundation certificate numbered "558675",
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