NEW YORK CITY — The iconic Inverted Jenny centerline block of four has been sold at Spink New York for a record-setting $1,740,000, becoming the most expensive United States philatelic item sold at auction this year. A single Inverted Jenny, 1918, 24c sold for $510,000. Both prices include the buyer’s premium.

The Inverted Jenny is one of the world’s most recognizable stamps, and this realization for the unique centerline block cements its status as one of philately’s rarities.

On May 21, 2014, Spink sold one of the most recognized and desirable errors in all American philately, the 24c Inverted Jenny. Sold in a single lot auction the error from the J.E. Safra collection, the single stamp realized $575,100. After handling such a rarity, Spink was able to offer for auction not only a single Inverted Jenny but a block of four. The single Inverted Jenny and the block of four were offered in two separate lots.

The 1918 24c Inverted Jenny’s coveted status began the moment the stamp was issued in May 1918, when William T. Robey purchased the entire error sheet of 100 at the New York Avenue Post Office window in Washington, DC on May 14, just one day after the stamp was issued. Within one week, Robey sold the sheet for $15,000 to the well-known Philadelphia stamp dealer Eugene Klein (an impressive return on his initial $24 investment). Shortly thereafter, Klein sold the sheet to the renowned yet eccentric collector, Colonel Edward H.R. Green for $20,000. Col Green asked Klein to break up the sheet for him into singles and blocks, then instructed him to sell all but the few key position blocks. What is puzzling is how, given the immediate attention created by a spectacular new error, so many of the stamps from the sheet have been poorly handled and stored over the years. In fact, there are at least six examples whose whereabouts are unknown and possibly lost to philately. A great many of the known copies have varying degrees of faults, and some even have lost all of their original gum. Improper hinging has caused a significant number of the faults, often thinning or creasing the stamps, and 19 have straight edges.

For information, +44 20 7563 4034 or www.spink.com.