Rare ‘Inverted Jenny’ stamp sells for $825000
Published December 27th, 2007
A Wall Street executive in New York fulfilled a childhood dream, buying a rare stamp known as the “Inverted Jenny” for $825,000.
Heritage Auction Galleries in Dallas said it obtained the stamp from Sonny Hagendorf of Scarsdale, N.Y., for $750,000, then sold it to the businessman, whose name was not released.
The 24-cent U.S. airmail stamp is called the “Inverted Jenny” because when it was printed in 1918 the image of a Jenny biplane, a Curtis JN-4, was mistakenly printed upside-down. The one that just changed hands, which originally came from a sheet of 100, is in mint condition.
Heritage Co-Chairman Steve Ivy was active in the stamp business for decades under the name, Ivy & Mader. It was the second largest philatelic firm in the United States when the company was sold in 1993.
“We’ve watched the stamp market evolving and we like what we see. We think it has vast potential now that third-party grading and certification are finally catching on,” said Ivy.
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