A unique copy of Scott No. PR54, a special printing of the $36 Newspaper Stamp, has realized a record $230,000, plus a 10% buyers charge, in a May 2003 Shreves Galleries Auction in New York.
The stamp was printed by the Continental Bank Note Co. in 1875 and sold by the U.S. Post Office Department in a program which made available to collectors and dealers (then called "stamp gatherers" by the Department) reprints, reissues or special printings of all U.S. stamps issued from 1847 to 1875. Due to their extremely high face value, very few of the newspaper reissues were sold. According to the records maintained by the Post Office Department, only a tiny handful of the high dollar value newspaper stamps found buyers.
PR51 ($9 yellow orange) | 4 sold |
PR52 ($12 blue green) | 5 sold |
PR53 ($24 dark gray violet) | 2 sold |
PR54 ($36 brown rose) | 2 sold |
PR55 ($48 red brown) | 1 sold |
PR56 ($60 violet) | 1 sold |
Mr. Paul Lietzow of Berlin, Germany purchased two each of the PR51 and PR52 stamps, and all of the PR53-PR56 stamps, an expenditure of $270.00 -- quite a sum in those days. The PR54 of this story is the only one of the PR53-PR56 stamps which has been found.
The PR54 was submitted to PSE on January 12, 2001. It was studied by several leading dealer experts over the ensuing 21 months, culminating with the issuance of PSE Certificate No. 48973 on October 14, 2002 which stated “it is a genuine SPECIAL PRINTING, unused, no gum as issued, with a small thin.” The stamp was not graded, but had it been, it would have graded Good 30, since it was centered to the top, almost touching, and had a small thin.
Armed with the PSE certificate (and a later PF certificate) for a major philatelic rarity, the owner spoke with several auction houses about the sale of the stamp. A decision was made to offer it at the Shreves May 2003 Premier Sale. Estimated to bring between $100,000 and $150,000, it realized an amazing $253,000 with the buyers premium! One wonders what the price would have been if the stamp had not had a thin, and had been better centered. Being unique, perhaps it would have made little difference. Or, perhaps it would have brought much more.
Several high dollar-value newspaper stamps remain unaccounted for, waiting to be found. We wish you all luck, as the financial reward will be substantial.