New York, 4th October 2008 - A stamp issued by the U.S. post office in 1868 sold for $1,035,000 in an auction at Siegel Auction Galleries in New York City. The amount includes a 15% buyer's premium. The stamp was purchased by a collector who bid anonymously over the telephone.
The million-dollar price was paid for a 3-cent "B Grill" stamp, which was printed in 1868 with an embossed pattern in the paper. Collectors are said to prize these "grilled" stamps and only four copies of the "B Grill" are known. The stamp was sold during a three-day auction of more than 1,100 stamps owned by Perry B. Hansen, a mid-western banker.
"Collectors who want rare stamps don't seem fazed by the chaos in the financial markets. We had four bidders on the B Grill over $600,000, and the stamp has a current book value of only $250,000," said Scott R. Trepel, president of Siegel Auction Galleries.
Last year a rare Inverted "Jenny" stamp was sold at Siegel Auction Galleries for $977,500.00.