How much is a piece of paper worth? Usually, not much. An entire ream of 500 sheets can be had for under $10. If it’s colored, maybe a few cents more.
An exception is our currency. Paper used for that is special. Since 1879, it’s been manufactured in Dalton, Massachusetts by Crane & Co. – the same company which also makes high-end stationery. Currency paper is high-end too, fashioned from 25 percent linen and 75 percent cotton infused with small red and blue threads. Just don’t plan on buying any at a local office supply store. It’s illegal to privately own.
As for size, the US is still one of the few countries with every denomination of paper money being the same. Each bill weighs one gram. So, it takes 454 bank notes to equal one pound. That could be one pound of one-dollar bills totaling $454 or $100 denomination bills equaling $45,400.
We’re not the only ones who appreciate US bills. Between half and two-thirds of all US paper money circulates outside of the United States. As I’ve written before, that’s testimony to the global admiration of our financial system as well as the international drug trade where it is widely utilized....
Even though stamps are always increasing in face-value, the paper on which they’re printed is comparatively common. For years, the cost of a stamp has been low enough to not make counterfeiting worthwhile. With mailing costs continually rising, that might be changing.
150 years ago, it was a different matter. In the 1850s, our pennies were still the size of a modern quarter, but thicker. They could buy quite a bit, including a postage stamp. At that time, stamps were used on pretty much all mail. They were more valued than today. In fact, to save a penny or two, some people would try to wash off ink cancels on stamps so they could be reused. No kidding.
To thwart that, the US Post Office Department experimented with embedding grills into stamps. Those almost invisible square grills weakened the paper fibers making stamps more susceptible to absorbing cancellation ink so they couldn’t be “washed.” The Postal Service tried multiple different grills to see which would work best. Some style grills were used only briefly making the stamps on which they were impressed quite scarce. One – called a “Z” grill” – was barely used. Most patrons didn’t even notice.
Grills aside for a moment, even in the early days, it was said, “You’ve made it when your image appears on a postage stamp.” I’d say that depends on your definition of “made it.” Here in the US, one has to be dead to be on a stamp. There have been unintended exceptions.
In 1945, a stamp showing the US flag raising on Iwo Jima was based on a photo of the real servicemen that raised it. Those men were very much alive. In 1999, a stamp was issued showing a distant view of Bobby Thompson hitting his “shot heard round the world” homerun leading to the 1951 World Series. Thompson was also alive in ‘99. There are others. On foreign stamps it’s common – particularly including every stamp from Great Britain showing a tiny silhouette of the reigning king or queen.
In the mid-1800s, only prominent statesmen the likes of George Washington and Ben Franklin appeared on stamps. In 1856, a lowly one-cent stamp featured Ben Franklin. It was made with one of those rare “Z” grills impressed into the paper. Again, few noticed. Of course, collectors are quirkily different. In 1913, one collector did take notice. He also realized precious few of those “Z” grill stamps were out there.
In time, more collectors became aware of the anomaly. That awareness created more demand. As always, rarity and demand equal higher value. In this case, a lot higher.
Late last month, one of only two known specimens of the 1856 Ben Franklin one-cent “Z” grill stamps went to auction. Even with fewer stamp collectors today, compared to 40 or 50 years ago, expectations were high.
At the auction, those expectations met reality. That used, one-cent stamp was hammered down for $4.36 million. Other stamps in the sale brought the total sale to over $18 million making it the highest grossing auction in philatelic history.
I suppose it’s true that fewer kids are collecting today. That’s no surprise considering how anemic the USPS is about stamps and collecting in general. However, clearly, for true rarities, collecting is alive, well and bringing record prices. Even for an old, used one-cent stamp.
For more collecting information and advice, log on to: http://prexford.com/.