Inverted Jenny plate block sets US stamp record


A rare Inverted Jenny plate block of four has sold for a world record of more than $4.8m in a private sale at the Mystic Stamp Company in New York.

Company president Donald J Sundman commented: "At the request of the purchaser, the exact price is not being disclosed; only that it was north of $4.8 million. 

Inverted Jenny block
The Inverted Jenny block has set a new record for US philately

"This Inverted Jenny plate block sale is a record price for any U.S. philatelic item and the second highest price in the world ever paid for any philatelic item."

The Inverted Jenny is among the world's rarest stamps. A single example sold for $977,500 in 2007, setting a world record for a US stamp that stands today.

Investor and collector Bill Gross was the last owner of the block, having paid $2.9m at Robert A Siegel in 2005. This latest sale equates to growth of 5.6% pa.

Sundman explained the mysterious circumstances surrounding the sale: "It was the oddest transaction I've seen in stamps. 

"Someone called me in late September and said he represents some people overseas who want to buy my Jenny block. He told me they are not collectors, just wealthy people who want to buy things.

"He revealed they had purchased a copy of the Magna Carta, and had a list of other rare items they wanted to buy, including a copy of the Declaration of Independence.

"It's odd that non-collectors are spending millions on some of the greatest treasures. I've never seen anything like this in my 40 years in the hobby."

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