Michigan Lawyer to Auction Rare “Inverted Jenny” Stamp
A Michigan tax attorney is parting ways and selling his rare 1918 "Inverted Jenny" 24 cent postage stamp, in an auction scheduled for later this month. It's estimated value is $450,000.
According to MLive.com, Ronald D. Bassey, a Michigan tax attorney and CPA in Bloomfield Hills, bought this stamp from a collector in 1977 for $36,000. Siegel Auction Galleries in New York will auction it off as part of their upcoming "2020 Rarities of the World" auction, June 30th - July 1st.
The "Inverted Jenny" stamp is the Holy Grail of American stamp collecting. This stamp comes from a sheet of 100 stamps - all with the Curtis "Jenny" airplane printed upside down, in error. The stamps were issued to celebrate the new U.S. government airmail service, which used the "Jennys". The original sheet was purchased at a post office in Washington D.C. on May 14, 1918, for $24, by William T. Robey. Stamp collectors immediately wanted to buy the stamps due to the massive mistake. Five days later Robey sold the stamps to a collector for $15,000 - (with inflation that's equal to about $250,000 in 2020 dollars) and a day later that collector sold the sheet of 100 stamps for $20,000.
Over time the stamps were, for the most part, split up and sold individually. This particular stamp is one of the better examples, which is why it will go for $450,000 - or maybe more.