Think stamps are only worth the paper they’re printed on? Philatelists will tell you to think again. The tiny One-Cent Magenta stamp, now on display at the National Postal Museum, recently sold for $9.5 million.
Of course, that sole-surviving stamp of the British Guiana penny issues is the rarest stamp in the world. Other stamps deemed collectible by the philatelic community are also worth a pretty penny.
Take the 1918 Inverted Jenny 24-cent airmail stamp. It is one of the world’s most collectible stamps because a sheet of 100 misprinted stamps showing an upside-down biplane was accidently sold to a customer. In today’s market, an Inverted Jenny stamp could fetch close to $1 million.
Yes, collectors are passionate about their stamps. Indeed, stamp collecting even has a month – October – designated to recognize an activity that can range from a hobby to an obsession. Two years ago to celebrate National Stamp Collecting Month, the U.S. Postal Service reissued 2.2 million Inverted Jenny souvenir stamp sheets. The souvenir stamp sheets feature six $2 stamps and sells for $12. Collectors could buy the stamps at select postal retail counters and through USPS.com, eBay.com, and by ordering via a toll free phone number. The Postal Service’s goal was to sell all 2.2 million stamp sheets in the first 60 days for $26.4 million in revenue. As of March 31, total stamp sales were about $13 million.
To generate interest in stamp collecting and engage new generations of stamp collectors, the Postmaster General requested that the Postal Service create 100 additional stamp sheets that showed the biplane upright. Seventy of these Un-Inverted Jenny stamp sheets were distributed to be sold in the top 50 markets along with 1.2 million Inverted Jenny stamp sheets. The remaining 30 Un-Inverted Jenny stamp sheets were to be randomly distributed in the first 60 days of release.
While an innovative idea, this action had the unintended consequence of creating and improperly distributing a philatelic rarity, our recent management advisory noted. The Postal Service strongly and inappropriately influenced the secondary market by creating a rarity, the report said. In 2014, at least two Un-Inverted Jenny stamp sheets sold for more than $50,000 each. Our report recommended the Postal Service develop a formal process for philatelic promotions.
What reaction did you have to the issuance of the upright Jenny stamp? What types of activities do you think would enhance support of the philatelic program?