Position 5 - 2003-04-25 Transaction Summary

Purchase Date:
2003-04-25
How Purchased:
Auction
Where Purchased:
Schuyler Rumsey Philatelic Auctions
Auction No.:
15
Lot No.:
1463
Sound/Fault:
Fault
Catalogue Value:
$ 170,000
Realized:
$ 88,000
Seller:
Anonymous
Buyer:
Anonymous

Description

1918, 24¢ carmine rose & blue, center inverted, position 5, o.g., very lightly hinged, attractive centering, strong color, expertly reperforated at top, F.-V.F. , a lovely example of this popular 20th century rarity, with 1999 P.F. certificate.

Scott No. C3a, $170,000.

Discovered by William T. Robey when he purchased the pane of 100 at the New York Avenue Post Office window in Washington D.C. on May 14, 1918, the day after the stamp was placed on sale. Later the pane ·was sold through stamp dealer Eugene Klein to Col. Edward H.R. Green. Klein then divided the pane into singles and blocks, and all where then sold but for a few key position blocks.

The 24¢ Inverted Jenny, position 5, was first sold in the September 23, 1942 Green Sale I auction. This stamp was the first straight-edge ever to be sold auction and brought $1,750. On February 3, 1949, it was sold by Harmer, Rooke & Co., New York for $1,450. On April 5, 1980, it was sold again in a R.A. Siegel sale for $ 70,000 but described as "very lightly hinged, reperfed at top". It again was offered in 1986 and later in May 1999 when it sold on the auction block by Jacques Schiff for $88,000. Making philatelic news in October 2000, it was placed on eBay in an internet charity auction and sold for $91,300, making this the first 24c invert to be sold over the internet and the highest ever paid for a stamp online.
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