Rare 'Jenny' stamp sells for $825,000

AP on Yahoo ^ | 12/27/07 | PaulJ. Webber - ap

[NormsRevenge]

DALLAS - One of the most famously flawed stamps in U.S. history sold for $825,000 to a New York man who bought it slightly cheaper than the record price another "Inverted Jenny" copy fetched at auction last month.

The rare 1918 24-cent stamp, depicting an upside-down Curtis JN-4 biplane known as "Jenny," was sold privately this week to a Wall Street executive who did not want to be identified.

Heritage Auction Galleries president Greg Rohan, who brokered the sale, said the buyer is the same collector who lost an auction last month in which another "Inverted Jenny" sold for $977,500. Rohan said his client, whom he described as not being a rare stamp collector, was glad to get another chance at the prized misprint.

"I suspect he's going to enjoy owning it and showing it to a few close friends," Rohan said.

The mint condition red, white and blue stamp is one of the finest known surviving stamps from the original sheet of 100 misprints. The original 100 were bought at a Washington, D.C., post office in 1918.

Randy Shoemaker, founder of Professional Stamp Experts, said there are probably fewer than 1,000 collectors in the world with the money and obsession to seriously pursue such a rare item.

"This is the Rolls-Royce," Shoemaker said. "It's the most expensive airmail stamp in the world."

Rohan said Heritage acquired its stamp from Sonny Hagendorf, a dealer from Scarsdale, N.Y. Rohan said the copy sold by Heritage is one of fewer than five to have never been hinged, meaning affixed with adhesive to be placed in a stamp album.

[xp38]

It may be an urban myth but it was a part of the plot in the movie Brewsters Millions with Richard Pryor and John Candy.

[keat]

Since the red ink was clearly printed after the blue, I would say the plane was printed correctly and the border is upside down.

Kinda takes away from the excitement.

[woofer]

Should have paid $867,530.90 for it.

Yeah, but he didn't pay $977,000.00 for like tht other sucker. He just lost $152,000.00 in asset vaalue.

[rmlew]

Turned over, no discernible pilot.
Looks like the first UAV to patrol our southern border!

(Back in 1916 during the Mexican Expedition against Pancho Villa 9 Jenny's were sent as part of the 1st Aero Squadron)

[djf]

Jenny, I got your number,
I need to make you mine.
Jenny, don’t change your number
Eight six seven five three oh nine...

Couldn’t help myself.
Great tune!