Why a one-cent stamp is set to sell for millions
An extremely rare stamp that was once bought for a measly one cent is set to sell for millions of dollars, breaking records at a US auction house.
While to the untrained eye, the blue stamp seems like any old stamp, the 1868 one-cent Z-grill is actually the rarest stamp in America due to its unique history and rarity.
On June 14th, the one-cent Z-grill will be put up for sale by Robert A. Siegel Auction Galleries, marking the first time the rare stamp has been on auction since 1998.
Experts from the New York auction house say it could fetch $6 million to $7.5 million (AUD), which would make it the single most expensive US stamp ever sold.
The reason for the extraordinary price comes down to the fact that out of the two known Z-grill stamp copies, the one up for auction is the only copy available for private purchase by collectors, while other historic copy is held at the New York Public Library.
The Z-grill is unique due to its signature embossed paper, which was introduced to the US postal service after the Civil War to prevent stamps from being reused.
Since 2005, the coveted stamp has belonged to billionaire investor and “bond king” Bill Gross.
“It’s considered the trophy of collecting United States stamps,” said Charles Shreve, who has managed and built Gross’ extensive stamp collection for years and serves as director of international auctions at Robert A. Siegel Auction Galleries.
“There’s only one. If you want to brag, that’s the stamp.”
Mr Gross' entire collection is estimated to be worth $22.6 million to $30 million AUD. The top 100 stamps from the collection will be auctioned off on June 14th, while the remaining stamps will be sold on June 15th.
“There’s multiple stamps that’ll bring $500,000 or $750,000 (USD) but the (one-cent) Z-grill is the star of the show,” Shreve said.
“I just know some people who are lusting for it, and we want to try to get as many people interested in it as possible.”
Image credits: Robert A. Siegel Auction Galleries