Stamp sets record at $1.2M

OCEANSIDE, N.Y. – An unused 1869 24-cent inverted center U.S. stamp, # 120b, certified Fine and one of only four unused examples known to exist, soared to $1.271 million at a sale of The Newport Collection held Feb. 9 by Philip Weiss Auctions.

It was a new world auction record for a U.S. invert, eclipsing the $825,000 paid for a 24-cent “Inverted Jenny” sold at auction late last year.Weiss 2 cent Pan American AT 3-5.jpg

This 2-cent Pan-American inverted center U.S. stamp, Scott #295a, unused, in mint condition, graded Extremely Fine ($118,650).

The Philip Weiss sale also featured an Inverted Jenny (so-named because it depicts an upside-down Curtis 4-N “Jenny” bi-plane). That stamp sold for $271,200, making it the third top lot of the sale. In second place, behind the 1869 24-cent stamp, was an 1869 15-cent inverted center stamp, # 119b, unused. It hammered for $757,100. Weiss 1869 24 cent invert AT 3-5.jpgIn all, 24 U.S. inverts realized $2.7 million in the auction.

This unused 1869 24-cent inverted center U.S. stamp, # 120b, sold for $1.271 million, a new world auction record for a U.S. invert.

The 1869 24 cent specimen carried a conservative pre-sale estimate of $200,000-$300,000. The Scott Catalog valued the stamp at $325,000 with gum (unlisted no gum). Bidders saw things otherwise.

The other 1869 lot, the 15-cent invert (# 119b, unused, no gum) that sold for $757,100 was expected to be the day’s top lot, since it is one of only three in existence – and one of those was recently offered for sale, with an asking price of $2.5 million. Weiss 1869 15 cent invert AT 3-5.jpgThe one sold by Philip Weiss had a Fine Certification, but it exhibited some faint soiling in the left and right margins. That may have driven the price down some.

Unused 1869 15-cent inverted center U.S. stamp, # 119b, no gum, one of only three known to exist ($757,100).

Weiss’s next sale will be on April 5-6, with a weekend sale of a private collection of high-end mechanical banks, coin-operated machines and slot machines will be sold. The group will be led by a beautiful “Girl Skipping Rope” bank. Other consignments were being added at press time.
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