'Plate 77 Penny Red' postage stamp 'holy grail' appears for sale at $873,307

A UK dealer is offering this elusive 'used' Penny Red stamp, a sibling to the Penny Black, for sale

A UK philatelic dealer has acquired a legendary postage stamp considered to be a "holy grail" of the collecting hobby: an elusive 'plate 77 Penny Red'.

The Penny Red is a sibling to the Penny Black, the world's first-ever postage stamp.

The former carries a price tag of £550,000, making it the most valuable single postage stamp ever handled by the Channel Islands firm.

Of particular note is the stamp's unique and highly-coveted combination of two sevens - something that many collectors worldwide have spent many hours searching for.

This Penny Red bears the hallowed two sevens, and is also in excellent condition.

"This example has graced some of the finest stamp collections ever formed," said Vince Cordell, Director of GB Philately at Stanley Gibbons.

"[It] is not only a magnificent exhibition piece but one of the great rarities of Great Britain and World philately."

Some Penny Reds are exceptionally rare. Production ceased on many e