DETROIT – A Michigan tax attorney is auctioning a rare 1918 stamp worth more than $200,000.
Ronald D. Bassey, who obtained a business degree from the University of Michigan and a law degree from Harvard Law School, is parting with the rare “Inverted Jenny” error stamp he bought anonymously in 1977 for $36,000.
The auction will be conducted by Siegel Auction Galleries, a New York City-based firm, on July 1.
The 24¢ stamp was issued near the end of World War I for the first U.S. government airmail service. Only one sheet of 100 was sold with the misprint showing the plane flying upside down, creating stamp collecting’s most famous stamp errors.
The design in red and blue pictures a biplane. The name “Jenny” is the nickname given to the model of plane on the stamp, the Curtis JN-4H. A modified version of this military pilot training airplane was furnished to the U.S. Post Office for the new service.
The original sheet of 100 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. Shortly after his fortuitous purchase, Robey sold the sheet for $15,000 to a dealer, who had arranged to sell it to Col. Edward H. R. Green, a famous collector and son of the legendary business tycoon Hetty Green.
Col. Green instructed the dealer to divide the sheet for sale to collectors, keeping the best pieces for himself. Before dividing the sheet, the dealer wrote in light pencil on the back of each stamp its position number.
Bassey’s stamp comes from position 11. This is the first time since his purchase 43 years ago that his ownership of the stamp has been made public.
Robert A. Siegel Auction Galleries is the largest stamp auction firm in the United States, selling an average of $30 million in collectible stamps each year. It also has an office in Dallas.
"selling" - Google News
June 09, 2020 at 11:59PM
https://ift.tt/3dQWAdx
Michigan lawyer selling rare, 1918 ‘Inverted Jenny’ stamp worth more than $200K - MLive.com
"selling" - Google News
https://ift.tt/2QuLHow
https://ift.tt/2VYfp89
Bagikan Berita Ini
0 Response to "Michigan lawyer selling rare, 1918 ‘Inverted Jenny’ stamp worth more than $200K - MLive.com"
Post a Comment