The New Amsterdam Collection of United States Rarities
July 10, 2019
The New Amsterdam Collection of United States Stamps sold for close to $7 Million on 10th July 2019. Hundreds of floor and internet bidders competed for just 220 lots at auction which took almost four hours to complete. With the final hammer, the New Amsterdam Collection took its rightful place among the most valuable stamp collections in philatelic history.
The New Amsterdam Collection was formed over fifty years ago, its mission to complete spaces in a newly acquired Scott National Postage Album. Most of the material was acquired through Dumont Stamp Company, an old established and respected dealership which was in midtown Manhattan in the 1970s.
Competition was intense, especially for the top items. The absolute highlights of the auction were the two 1867 "Z" Grills, each with a pre-sale estimate of $750,000. The 10c green (Washington) fetched $1,150,000 and 15c gray black (Lincoln) $1,610,000, the latter setting a record for a single United States stamp sold at auction.
Additional rare Grills realized $661,250 for a 3c "B" Grill and $172,500 for a 30c "A" Grill. Other noteworthy results include $287,500 for 1869 30c Pictorial with Inverted flags and $402,500 for 24c Inverted Jenny. A rare 2c coil pair estimated at $300,000 was hammered down at $805,000. All results include Cherrystone's 15% buyer's premium.
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",
Catalog Value $450,000
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