Rare US Stamp Set to Break Auction Records with Estimated Value in the Millions

Calling all serious stamp collectors! This summer, there is a unique opportunity for philatelists to acquire the rarest US stamp ever: the 1868 one-cent “Z-grill.” If you're interested, be prepared to pay a hefty price.

On June 14, the one-cent Z-grill will be up for auction at Robert A. Siegel Auction Galleries. This rare stamp has not been on auction since 1998. Experts predict it could sell for four to five million dollars, making it the most expensive US stamp ever sold. (The British Guiana One-Cent Magenta holds the international record, selling for $8.3 million in 2021.)

The reason for the high price is simple. There are only two known copies of the one-cent Z-grill, with one held by the New York Public Library. This leaves only one available for private collectors. Since 2005, the prized stamp has been owned by billionaire investor and "bond king" Bill Gross.

Charles Shreve, who oversees Gross' stamp collection and leads international auctions at Robert A. Siegel Auction Galleries, describes it as the ultimate prize for collectors of U.S. stamps.

He emphasizes that this particular stamp is one-of-a-kind and is the stamp to have if you want to show off in the stamp collecting world.

What makes a Z-grill stamp unique is the waffle pattern embossed in the paper, also known as a Z grill. At first glance, the blue one-cent Z-grill, featuring Benjamin Franklin, may appear like any other stamp.

The detail has a fascinating history. After the Civil War, the US Post Office was concerned about people cleaning and reusing stamps, which could lead to a loss of revenue, according to Scott Trepel, president of Robert A. Siegel Auction Galleries, as reported by CNN.

One way they tried to prevent stamp fraud was through a method called grilling, which involved creating small indentations on the paper's surface. This technique ensured that once the stamp was canceled, the ink would penetrate these indentations, making it hard to reuse the stamp. The Z grill, although not very common, was just one of the grilling patterns used.

"This stamp may appear similar to other inexpensive stamps at first glance," Trepel explained. "But its unique grill is what sets it apart and makes it incredibly significant."

There is a rich history and mystery surrounding this rare stamp.

The one-cent Z-grills were first made in 1868. It was found in 1916 and later resurfaced in 1957. In 1975, the stamp was sold for $42,500, and in 1977, it fetched $90,000 at an auction. The stamp was eventually purchased by Jerry Buss, the owner of the Los Angeles Lakers, who then sold it in 1986 for $418,000.

In 1998, the one-cent Z-grill was once again put up for auction.

Gross, one of the founders of PIMCO and a lifelong stamp enthusiast, asked Charles Shreve to assist him in putting together a comprehensive collection of all stamps released by the US Postal Service.

His interest in stamps began when his mother introduced him to stamp collecting during his childhood. She believed that the stamps would appreciate in value over time and eventually cover the cost of his college education.

Gross couldn't shake off the memory of his mother's disappointed expression when the collection turned out to be worthless. This prompted him to set out on a mission to validate her theory.

According to Shreve, Gross made a decision when he began earning money. He was determined to show that his mother's belief in stamp collecting was not wrong, but that she simply chose the wrong stamps.

Gross needed the one-cent Z grill to complete his stamp collection. Unfortunately, he lost the 1998 auction to Don Sundman.

In 2005, Gross was able to acquire the one-cent Z grill by trading a block of Inverted Jennies for $3 million with Sundman, finally achieving his goal of completing his collection.

Gross completed his goal of collecting rare stamps and then moved on to collecting other stamps. In 2007, he began selling some of his stamps but kept his collection of US stamps until 2017, when he decided to sell it to Shreve.

The entire collection is valued at $15 to $20 million. The top 100 stamps will be auctioned on June 14, with the rest of the collection being sold on June 15.

According to Shreve, there are several stamps that can fetch $500,000 or $750,000, but the standout is the one-cent Z-grill. He mentioned that there are individuals eagerly seeking to acquire it, and the goal is to generate as much interest in it as possible.

Editor's P/S:

The impending auction of the one-cent Z-grill stamp has ignited a fervor among philatelists and collectors alike. The rarity and historical significance of this stamp make it a coveted prize, with experts predicting it will fetch millions at auction. The stamp's unique Z-grill pattern, implemented to prevent fraud in the 19th century, sets it apart from countless other stamps.

The story behind the Z-grill stamp is equally captivating. Its journey from obscurity to becoming the most expensive US stamp ever sold is a testament to the allure of philately and the lengths collectors will go to acquire the rarest and most valuable items. The stamp's ownership by notable figures like Jerry Buss and Bill Gross adds to its mystique, making it a symbol of both historical significance and financial prowess. The upcoming auction promises to be a thrilling spectacle, showcasing the passion and dedication of the stamp collecting community. of which the Z-grill is the crown jewel. This stamp is not merely a piece of paper; it is a testament to the power of dreams and the pursuit of excellence.