World Record Price Paid for Flawed Philatelic Item
The stamps, purchased at the Robert A. Siegel Auction Galleries in New York, are among the 100 so-called “Inverted Jennies” printed and sold in 1918. The stamps earn their nickname from their flaw: the Curtiss JN-4H airplane is depicted flying upside down or inverted. Only one sheet of 100 flawed stamps was ever printed. In 1918, William Robey paid $24 for the entire sheet, according to Reuters.
Since that first sale, the sheet has been divided and prices for the individual stamps have risen from a mere 24-cents to nearly $750,000 apiece.
“The Inverted Jenny is one of the best-known stamps in the world, and the record sale of the plate block for $2,970,000 is a measure of its unique charm,” Scott R. Trepel, president of Siegel Auction Galleries said in a statement about the sale.
Photos of the Inverted Jenny stamps can be viewed online at http://www.siegelauctions.com/.