The U.S. Air Mail stamp #C3 1918 24¢ Curtiss Jenny, printed upside down and known as the “Inverted Jenny,” is the most famous error stamp in the world.

During the first decade of the 20th century, the United State Postal Service conducted numerous experimental trials on ways to effectively carry the mail, including by airplane. The first official USPS Air Mail flight took off on May 15, 1918, on a route between Washington, DC, and New York City, with an intermediate stop in Philadelphia.

The USPS decided to set an unprecedented rate of 24 cents an ounce for the nascent Air Mail service, considering the regular first-class mail rate was only 3 cents. Because of the new service and rate, a new stamp was needed. Because the Curtiss JN-4—a comparatively pokey, 90-horsepower biplane known as a “Jenny”—was chosen to shuttle the mail, it was decided the plane would grace the inaugural Air Mail stamp. The stamp (Scott #C3 1918 24¢ Curtiss Jenny) was printed in sheets of 100 stamps instead of the customary 400 per sheet and in printed in patriotic red and blue ink on white paper.

The process of choosing, designing and printing of the stamp was rushed to meet the deadline. Only six days expired between the engraving and printing. Since the printing consisted of two colors, the paper needed to be fed twice through the printing press. This printing process had resulted in errors before (in 1869 and 1910) and the result was that several sheets of these first Air Mail stamps were misprinted, with the blue Jenny airplane inverted or upside down. Officials discovered the error and destroyed all of the misprinted sheets they could find. One sheet of the 100 stamps (the only one known of so far), however, got through unnoticed. Soon, news of the misprints got out and collectors went in droves too their post offices in the hope of finding the “Inverted Jenny” error sheet. A collector by the name of W.T. Robey went to his local post office on May 14 and was the lucky one. Details of that event are rather uncertain, but after spiriting away his lucky discovery, he contacted several stamp dealers and newspapers to announce his find. The first recorded sale was between Robey and a Philadelphia dealer, Eugene Klein, for the sum of $15,000 for the sheet. Klein, in return, sold it immediately to “Colonel” H.R. Green for $20,000.

On advice of the dealer, Green broke up the sheet into a block of eight stamps, block of four with the plate number center, a block of four with center lines and separated the rest into individual stamps.

This number block of four Inverted Jenny stamps was purchased by U.S. financier Bill Gross for $2,970,000 in October of 2005.

Later, Gross traded the block with Donald Sundham, president of Mystic Stamp Company, for one of only two known examples of US 1867 1¢ Franklin “Z” Grill (Scott #85A).

The story of the “Upside Down Jenny” evolved over the years. In recently years, the unique number block of four stamps was purchased by a unanimous buyer for $2,970,000 in October of 2005. Later, it was revealed that the buyer was U.S. financier Bill Gross. Shortly thereafter, he entered into an agreement to swap the block of four stamps with Donald Sundham, president of Mystic Stamp Company, for one of only two known examples of US 1867 1¢ Franklin “Z” Grill (Scott #85A), as the value of both are about the same. By completing this trade, this, Gross became the owner of the only complete collection of 19th-century United States stamps. (The other 1867 1¢ Franklin “Z” Grill stamp is owned by the New York Public Library and is part of the Benjamin Miller Collection).

On June 18 of this year, Robert Siegel Auction Galleries, held an auction of “Rarities” and one of the items was a 24¢ “Inverted Jenny.” The opening sales price for the mint, never hinged stamp was set at $ 850,000. To the frustration of the auctioneer, no bids materialized. The auction still ended on a somewhat happy note. A potential buyer had forgotten about the sale and was on a bicycle ride. He contacted Siegel and was eager to buy the stamp for the starting price plus 15-percent buyer’s fee.

It is believed that seven of the 100 stamps were lost or destroyed, either through theft or mishandling.

If you are looking to fill your Air Mail collection, an example of a regular #C3 1918 24¢ Curtiss Jenny stamp can be had for about $100 on the low end and a mint sheet of 100 can still be had for upwards of $18,000.

Tonny Van Loij is a Worthologist who specializes in stamps and philately. He is a member of national and international stamp societies and Gold award-winning stamp exhibitor.

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WorthPoint—Discover Your Hidden Wealth

A Scott US #91 Abraham Lincoln 15¢ black stamp, when originally printed in 1868, sold originally for 15 cents—a large sum for postage then. Today’s catalogue value for this stamp $13,500, mint condition.

I first became interested in stamps at the age of 9. Like many, I had a childhood stamp collection and as I grew older, my enthusiasm for stamps has never waned and I have been collecting ever since. But what about those stamp collections, started by your grandfather or uncle, that has been sitting in the attic for all these years. Could it possible hold a hidden gem?

I’m here to say that yes, it could contain a stamp or post card that is very valuable in today’s market. You’ll never know until you pull it out and take a look.

Over the last three years, I have been privileged to appraise many stamp collections that were handed over the years from family member to family members. Most of the recipients have no idea where to start in establishing the value of these collections. Not every collection contains a hidden treasure, however now and then I come across one and am honored to be able to break the news to the lucky owner.

Now, this may be a good time to step back and explain a few things: First off, there is a specific code that identifies every stamp ever issued. Every stamp issued by a country receives a catalogue number according to date of issue. Sometimes a set of stamps is issued over a long period of time and numbers are saved until date of issue and then used consecutively.

Second, the value of stamps—like everything else in the collecting world—hinges on the condition of the stamp in question. All “classic” stamps issued between 1840-1940 are graded as follows: Fine; Fine-Very-Fine; Very Fine; and Extremely Fine (close to perfection). These terms are used when stamps are perfect, little off center on one or more sides, etc. There is no uniform set grading system. Not every dealer or specialist will come to the same exact conclusion.

So, back to those hidden gems. I recently attended a National Stamp Show as an appraiser and I came across a real gem. The stamp in question was Scott US #91 Abraham Lincoln 15¢ black. This stamp, when originally printed in 1868 sold originally for 15 cents. Today’s catalogue value for this stamp $13,500, mint condition.

At another occasion, the gem happened to be an old postal card—Scott catalog UX #17 The cards were priced at 2¢. These cards where preprinted for large mailings by private companies. The postal cards in question where recalled, however, two of them got somehow in the mail. After the authenticity was confirmed—the item was in the collection passed on to my client from his grandfather. The catalogue value is $ 2,900 recently sold for $3,800. According to my notes (appraisal) the company that had them originally printed was Booth, Dailey & Ivins, a garbage company in New York, and one of the two that got away was mailed on Oct 14, 1902.

Now, before you start planning everything you’re going to buy with the profits from Grandpa’s collection, be warned that these examples are the exception. Still, a typical collection can be worth between $500 and $7,500, and even more so if you get lucky.

If you have stamps or a collection that you are interested in having evaluated you can contact me through WorthPoint’s Ask a Worthologist service. You never know . . . you could be the owner of a hidden gem and just need me to tell you.

Tonny Van Loij is a Worthologist who specializes in stamps and philately. He is a member of national and international stamp societies and Gold award-winning stamp exhibitor.

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WorthPoint—Discover Your Hidden Wealth

While the economy may be dominated by talk of bulls and bears, when it comes to the Chinese New Year, which begins Jan. 26, it is the Year of the Ox. The ox is the sign of prosperity through fortitude and hard work, and people born under this sign are truthful and sincere. So this probably isn’t the sign for Bernie Madoff, architect of the $50-billion Ponzi scheme.

Chinese New Year Ox by Lladro

(Find out more about  this collectible at  the Lladro’s site.)

It was the Year of the Rat in 2008, which might sound a bit more like Madoff’s year, but it turns out that that was a time of hard work and prosperity—a good time to start a business or get married.

The Chinese New Year is based on a calendar that has been in use for centuries, a combination of lunar and solar calculations. The New Year starts with the new moon on the first day of the calendar new year and ends on the full moon 15 days later.

The 15th day of the New Year is called the Lantern Festival, which is celebrated at night with lantern displays and children carrying lanterns in a parade.

Since the lunar cycle is about 29.5 days, the Chinese have to insert an extra month every few years to catch up with the solar calendar. The years also cycle through 12 animal signs—the rat, ox, tiger, rabbit, dragon, snake, horse, sheep or goat, monkey, rooster, dog, and boar or pig.

Ancient Chinese zodiac figures

(For further information on these exceptional Tang-era figures, click here.)

There are five types of ox years. The Metal Ox tends to clash with people who do not agree with him and isn’t very affectionate. The Water Ox is more reasonable and methodical. The Wood Ox flexible and socially adroit. The Fire Ox is forceful and proud.

This is the year of the Earth Ox. The Earth Ox is a “less creative” but “enduring” ox, secure, stable and industrious. Just the ox we need these days.

Antique mutton-fat white jade carving

(If you are interesting in learning more about this piece, visit GoAntiques dealer Objets D’Art Uniques.)

Chinese New Year—with a new animal sign and even nuances with the signs—offers a collecting cornucopia.

The Singapore Mint has, of course, Year of the Ox coins. The mint is striking 88 sets of two five-ounce coins—one gold coin, one silver—with the price for a set $10,604 Singapore or $7,143. The mint is offering other collectibles and gifts, as well.

Singapore coin set

The Lantern Festival marks the end of the New Year’s celebration, and a wide variety of Chinese lanterns is available at the AFC China Co.

On the Chinese calendar, 2010 will be the Year of the Tiger. Business can be difficult for the rash impulsive Tiger, according to the Chinese zodiac, and he could find that money is scarce or withheld from him. He will only be rewarded if he exercises prudence and patience. He must avoid impulsive acts and be conservative in his outlook. Zounds! Sound like the Year of the Tiger has already been here!

2012 Year of the Dragon vases

(To learn more about these Ming vases, go to Ancient Dragon House.)

Visit our Chinese New Year feature page for videos and more stories about Chinese collectibles.

WorthPoint—Discover Your Hidden Wealth

The “Take Me Out to the Ball Game” stamp is designed to look like an 1880 baseball card from the personal collection of an Arizona art director. Baseball cards from this era were often included in cigarette packs. Tobacco cards were distributed for advertising purposes more than to celebrate the game. This baseball collectibles stamp uses the same image as an 1880 tobacco card, but it replaces the tobacco advertisement with “Take Me Out to the Ball Game.”

As most baseball collectors probably know, the “Take Me Out to the Ball Game” stamp isn’t the first baseball-related postage collectible issued. Throughout the years, a number of U.S. stamps have been created celebrating the great American sport. Some classic baseball collectible stamps include the following:

Jackie Robinson

Lou Gehrig

Babe Ruth

1992 Olympic Baseball Team

Baseball stamp collectors face a difficult time building their collection because there aren’t many pieces available on the market. One reason for this is stamps can’t be issued of an individual until they have been deceased for 10 years. The only exception to this rule is former presidents can have stamps issued a year after their death. Many of the legends who are associated with building baseball into the giant it currently is are still a live; so, it will be several years before stamps are available of these Hall of Famers.

It’s worth noting the 10-year rule doesn’t apply in other countries. Therefore, baseball stamp enthusiasts can find postage of their favorite players in foreign countries. For example, the Comoro Islands issued stamps of Roger Clemens and Kevin Mitchell several years ago. Many other countries have issued similar stamps celebrating some of the greats of Major League Baseball.

Collecting baseball stamps can prove to be an interesting addition to your collectibles set. I don’t know about you, but I certainly plan on picking up a “Take Me Out to the Ball Game” stamp in the very near future.

Forget about the baseball cards, I wish that I had my stamp collection back. The stamps that were given to me as a young child might have been the fortune that got away.

When I was about twelve years old, my father walked out to his car one morning and was astonished to find an older man asleep in the back seat. My father woke him and asked if he needed help. In broken English, the man told him he was hungry. My family took him in, and Mr. Michael stayed with us for several weeks. We began to form a lasting bond with him. It seemed that he was of Greek origin and from a well to do family. However, he had run out of money and needed to reconnect with his family. After a few weeks, my father set him up in a hotel and tended to some of his other needs.

Mr. Michael soon pulled himself together and shared gifts with my family, some of which were several fabulous rifles that had silver and gold inlay. On today’s market, I’m sure they would bring over $25,000 apiece. He eventually left our town, but each Christmas, he sent enough frozen lobster and shrimp to feed an army, and this was a very special treat us. We were an average family at that time, and shrimp and lobster definitely wasn’t on our usual menu.

But, the best gift of all was a collection of Greek Stamp he gave to me. Every few months I received another delivery of the most beautiful stamps I’d ever imagined from Mr. Micheal. He also encouraged me to start collecting American Stamps, and I did. I wish that I knew what happened to this collection over the years.

The reason this comes to mind is that a friend asked if I could help her with her fathers stamp collection. As I started to do some research, my eyes popped out of my head because I recognized some of the stamps as being the same that were in my collection. In today’s market, their value had risen into the thousands.
At an auction house here in Chicago I saw a stamp collection auctioned that took several months to complete. One book sold for over $10,000. I wonder what was in that book.

I suggest that you watch the sales you attend for stamp collections. If my memory serves me well, most of my collection was from the early !900′s thru the 1940′s. I still run across collections regularly, and I can assure you if I think that they worthy, I will be picking them up.

Be sure to check that the stamps aren’t glued down on the pages but are connected by hinges. Every stamp that you find might not be a treasure, but it will only take one. And if you buy them cheaply enough, I assure you that you will be well rewarded.

To this day I still wonder what happened to Mr. Michael. One day he was just gone, as if he never was. I continued to ask my father about him, but there was never an answer. It was if he had disappeared off the face of the earth. I pray he is in Heaven.

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Todays Photo: The Inverted Jenny, a 1918 US Stamp, known for its error,is valued at $525,000 at famousstamps.org

Today’s Links:

www.famousstamps.org/

American Philatelic Society
www.stamps.org/