A stamp issued as waste is now worth as much as $90,000

Yesterday's (September 20) sale came following the second instalment of the Natalee Grace auctions on September 19, which saw an 1869 30c centre invert sell at $90,000. The 1923 1c also sold at $90,000, as one of the most sought-after stamps in US philately.

The stamp originates from the rotary waste issue of 1923, which came as a result of the decision to use the stamps salvaged from the discontinued high-capacity rotary presses.

Those produced by the presses are well printed, but were not issued initially as they did not conform to regular standards. This is due to them having different dimensions to the regular flat-plate stamps, caused by the curvature of the cylinder from which they are printed.

The stamp at auction is waste from a vertical rotary printing, which makes it wider than the flat-plate variety. Other stamps in the issue stem from a horizontal printing, which makes them taller.

The present 1c green is perhaps the finest of the thirteen recorded examples and is also one of five to be issued without a pre-cancel. Just one other of these five is as well-centred as the sold example, which also boasts a light machine cancel and a deep shade of green.

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