Sale 1362 — The El Dorado Collection of Superb United States Stamps
Sale Date — Tuesday-Thursday, 7-9 October, 2025
Category — 1894 Unwatermarked Bureau Issue (Scott 246-263)
1c Ultramarine (246). Mint N.H., brilliant color on post-office fresh paper, unusually choice centering with wide and balanced margins
EXTREMELY FINE GEM. THIS STUNNING EXAMPLE OF SCOTT 246 IS AS FRESH AS THE DAY IT WAS PRINTED, AND HAS BEEN AWARDED THE GRADE OF SUPERB 98 BY P.S.E.
With 2009 P.S.E. certificate (Superb 98). Only five grade higher (all 98J) and four others share this grade.
(Image Magnifier)
1c Blue (247). Mint N.H., intense shade and impression on bright paper, unusually choice centering with Jumbo margins
EXTREMELY FINE GEM. A SUPERB MINT NEVER-HINGED EXAMPLE OF THE 1894 ONE-CENT BLUE ON UNWATERMARKED PAPER, GRADED XF-SUPERB 95 JUMBO — THE HIGHEST GRADE AWARDED.
With 2011 P.S.E. certificate (XF-Superb 95 Jumbo). This is the highest grade awarded and it is shared by only four others.
(Image Magnifier)2c Carmine Lake, Ty. I (249). Mint N.H., perfectly centered with wide and balanced margins, intense shade and impression, long and full perforations
EXTREMELY FINE GEM. A PHENOMENAL EXAMPLE OF THE UNWATERMARKED 2-CENT TYPE I 1894 ISSUE IN THE CARMINE LAKE SHADE. THIS MAGNIFICENT MINT NEVER-HINGED STAMP HAS BEEN AWARDED THE GRADE OF SUPERB 98 BY P.S.E. — ONLY TWO GRADE HIGHER AND NONE SHARE THIS GRADE.
As collectors of the First Bureau Issue know, great difficulty was experienced in perforating the stamps, either due to poor equipment or improper operation. Choppy, ragged perfs and poor centering are so common on this issue that it is often possible to separate the 1894 unwatermarked stamps from the 1895 watermarked stamps by the appearance of the perforations alone. This example with precise centering, Jumbo margins and perfectly formed perforations is an extreme condition rarity.
With 2014 P.S.E. certificate (Superb 98). Only two grade higher (at 98J and 100J) and none share this grade.
(Image Magnifier)2c Carmine Lake, Ty. I (249). Deep rich color, essentially perfectly centered, machine cancel, Extremely Fine Gem, with 2012 P.S.E. certificate (Superb 98)
(Image Magnifier)2c Carmine, Ty. I (250). Mint N.H., brilliant color, choice centering with wide and balanced margins, Extremely Fine Gem, with 2011 P.S.E. certificate (XF-Superb 95)
(Image Magnifier)2c Scarlet, Ty. I (250b). Radiant color, mathematically perfect centering with wide margins, attractive cancel, Extremely Fine Gem, a phenomenal stamp in every respect, ex Kirke, with 2007 P.S.E. certificate as Carmine shade (Gem 100), with ungraded 2010 P.F. certificate as Scarlet shade, SMQ $1,750 as Scott 250 and unpriced as the scarcer 250b, regardless of the shade this is the highest grade awarded and the only to achieve it
(Image Magnifier)2c Carmine, Ty. II (251). Mint N.H. with bottom part imprint selvage, detailed impression on post-office fresh paper, well-proportioned margins, Extremely Fine, with 2002 (as strip) and 2007 P.F. certificates (VF-XF 85)
(Image Magnifier)2c Scarlet, Ty. II (251a). Mint N.H., lovely color in the Scarlet shade, wide margins
EXTREMELY FINE MINT NEVER-HINGED EXAMPLE OF THE 2-CENT TYPE II 1894 ISSUE IN THE EXCEEDINGLY RARE SCARLET SHADE.
As an indication of rarity, P.S.E. has certified only one Mint N.H. and two hinged examples of this shade.
With 2007 P.F. certificate.
(Image Magnifier)2c Carmine, Ty. III (252). Brilliant color, gorgeous centering, wavy-line machine cancel, Extremely Fine Gem, with 2013 P.S.E. certificate (Superb 98), this is the highest grade awarded and it is shared by no others
(Image Magnifier)3c Purple (253). Mint N.H., deep rich color on bright paper, choice centering, long and full perforations
EXTREMELY FINE GEM. A SUPERB MINT NEVER-HINGED EXAMPLE OF THE 1894 3-CENT UNWATERMARKED BUREAU ISSUE, GRADED XF-SUPERB 95 BY P.S.E.
Ex "Golden Oak". With 2004 P.F. and 2007 P.S.E. certificates (latter XF-Superb 95). Only two grade higher (at 95J and 98) and seven others share this grade.
(Image Magnifier)4c Dark Brown (254). Mint N.H. with bottom plate no. 106 selvage, deep rich color on post-office fresh paper, detailed impression, almost perfectly centered with wide margins, long and full perforations all around
EXTREMELY FINE GEM. A STUNNING MINT NEVER-HINGED EXAMPLE OF THE 1894 4-CENT UNWATERMARKED BUREAU ISSUE, GRADED XF-SUPERB 95 BY P.S.E.
With 2004 and 2010 P.S.E. certificates (both XF-Superb 95). Only six grade higher (four at 95J, two at 98J) and five others share this grade.
(Image Magnifier)4c Dark Brown (254). Deep rich color, detailed impression, attractive cancel, wide and balanced margins, Extremely Fine Gem, with 2013 P.S.E. certificate (Superb 98), only two grade higher and none share this high grade
(Image Magnifier)5c Chocolate (255). Mint N.H., bright color, detailed impression showing every detail of the engraving, perfectly centered with balanced margins
EXTREMELY FINE GEM. THIS MINT NEVER-HINGED EXAMPLE OF THE 1894 5-CENT UNWATERMARKED BUREAU ISSUE IS GRADED SUPERB 98 BY P.S.E., WHICH IS THE HIGHEST GRADE AWARDED.
According to Brookman, certain abrasive components of the ink used for printing the 5c stamp caused rapid plate wear. The stamp offered here, with such a remarkably detailed impression, in pristine condition and with superb centering, is truly one of the finest in existence.
With 2003 P.F. and 2013 P.S.E. certificates (Superb 98). This is the highest grade awarded and only one other shares this grade.
(Image Magnifier)6c Dull Brown (256). Mint N.H., pretty pastel color and detailed impression on bright paper, beautiful centering with wide and balanced margins
EXTREMELY FINE GEM. A GORGEOUS MINT NEVER-HINGED EXAMPLE OF THE 1894 6-CENT UNWATERMARKED BUREAU ISSUE.
With 1988 P.F. and 2004 P.S.E. certificates (XF-Superb 95). Only four grade higher (two each at 95J and 98).
(Image Magnifier)8c Violet Brown (257). Deep rich color, almost perfectly centered with Jumbo margins, oval duplex datestamp cancel, Extremely Fine Gem, with 2014 P.S.A.G. certificate (Superb 98 Jumbo), Scott value $20
(Image Magnifier)10c Dark Green (258). Mint N.H., deep rich color and proof-like impression, essentially perfectly centered with wide margins
EXTREMELY FINE GEM. THE 10-CENT IS ONE OF THE MOST DIFFICULT DENOMINATIONS OF THE SET TO OBTAIN IN SUCH SUPERB CONDITION. THIS ABSOLUTELY STUNNING MINT NEVER-HINGED EXAMPLE OF THE 1894 10-CENT UNWATERMARKED BUREAU ISSUE, SCOTT 258, IS GRADED SUPERB 98 BY P.S.E. — THIS IS THE HIGHEST GRADE AWARDED AND THE ONLY EXAMPLE TO ACHIEVE THIS GRADE.
We have often written that the difficulties experienced by the Bureau of Engraving & Printing in perforating its first issue directly caused the scarcity of superb Mint Never-Hinged higher value stamps. Clearly, this applies to the 10c issue as well. A review of the Population Report data confirms this. Moving down the Population Report statistics, there are two at 95J (we have never offered them), one at 95, three at 90J and two at 90. These are extremely low numbers.
With 2013 P.S.E. certificate (Superb 98). This is the highest grade awarded and the only stamp to achieve it.
(Image Magnifier)15c Dark Blue (259). Mint N.H., deep rich color on bright paper, unusually wide margins for this difficult issue
EXTREMELY FINE GEM. WITHOUT QUESTION THIS IS ONE OF THE FINEST MINT NEVER-HINGED EXAMPLES OF THE 15-CENT UNWATERMARKED BUREAU ISSUE IN EXISTENCE.
The 15c 1890 stamp is, in our opinion, one of the most striking designs of the Gilded Age regular issues. Its distinctive three-quarter portrait of Henry Clay is elegantly framed and printed in an extraordinarily deep shade of Indigo Blue. The beauty of the issue is enhanced in examples such as this stamp, which provides a balanced frame of white margins around the design. Further endowed with Mint N.H. gum and unusual freshness, this stamp ranks among the very finest in existence.
With 1999 and 2004 P.F. certificates and 2005 P.S.E. certificate (XF-Superb 95). Only two grade higher (one at 95J, realized $13,000 in 2023, and one at 98, we have never offered it). This is also the only example to achieve the grade of XF-Superb 95.
(Image Magnifier)50c Orange (260). Mint N.H., radiant color on bright paper, unusually choice centering with wide and balanced margins
EXTREMELY FINE. A BEAUTIFUL MINT NEVER-HINGED EXAMPLE OF THE 1894 50-CENT UNWATERMARKED BUREAU ISSUE.
With 2008 P.S.E. certificate (XF 90). Only five grade higher and four others share this grade. These are very low population numbers.
(Image Magnifier)$1.00 Black, Ty. I (261). Mint N.H., intense shade and impression, well-proportioned margins for this difficult issue
VERY FINE AND CHOICE. AN EXCEEDINGLY RARE MINT NEVER-HINGED EXAMPLE OF THE 1894 $1.00 TYPE I UNWATERMARKED BUREAU ISSUE. THIS IS ONE OF THE MOST DIFFICULT ISSUES TO OBTAIN IN MINT NEVER-HINGED CONDITION WITH DECENT CENTERING.
Scott 261 is surprisingly difficult to obtain in Mint N.H. condition with decent centering. P.S.E. lists only three in their Population Report, graded 90J (realized $47,500 in 2008), 98J (realized $57,500 in 2025) and 100 (we have never offered it). For ungraded, we have offered only four others outside of the graded examples. Two others have centering similar to the example offered here. One has perfs into the design at top and another is also noticeably off-center. The P.F. has certified several but some of their records are duplicative, and very few have decent centering.
With 2009 P.S.E. certificate.
(Image Magnifier)$1.00 Black, Ty. I (261). Uncharacteristically wide margins for this issue and perfectly centered, very light cancel, bright and fresh
EXTREMELY FINE GEM. A NOTEWORTHY USED STAMP, AS THE 1894 FIRST BUREAU ISSUE $1.00 STAMPS ARE NOTORIOUS FOR HAVING SMALL MARGINS AND POOR CENTERING, AS WELL AS HEAVY CANCELS. THIS REMARKABLE EXCEPTION TO THE RULE IS GRADED SUPERB 98 BY P.S.E.
The $1.00 Type I, which is defined as having an incomplete circle around the left "$1", occurred on 150 of the 200 subjects of Plate 76. The $1.00 unwatermarked stamps are notorious for having poor centering. To date there are no stamps graded 100 and only one is graded 98J, the example offered in the "Natalee Grace" collection (Sale 1027, lot 138). Only this example and one other (ex Kirke) have graded 98. Far fewer of the unwatermarked stamps were issued compared to its watermarked counterpart — 26,284 of Scott 261 were issued compared to 192,449 of the watermarked Scott 276. They were mostly used on parcels or other oversize or heavy mailings. The stamps on these mailings tend to be damaged from use or were discarded, resulting in a small population of sound used stamps.
With 2010 P.S.E. certificate (Superb 98). Only one has graded higher (at 98J) and only one other shares this desirable grade.
(Image Magnifier)$1.00 Black, Ty. II (261A). Mint N.H., intense shade on post-office fresh paper, choice centering with balanced margins
EXTREMELY FINE MINT NEVER-HINGED EXAMPLE OF THE 1894 $1.00 UNWATERMARKED TYPE II BUREAU ISSUE.
Condition conscious collectors are well aware that it is extremely difficult to find First Bureau stamps in centered, Mint Never-Hinged condition, particularly the higher denominations. This is mostly due to production problems as the Bureau of Engraving and Printing assumed responsibility for stamp production after the American Bank Note Co. contract expired.
With 1990 (as block) and 1991 P.F. and 2004 P.S.E. certificates (VF-XF 85). Scott value $6,750.
(Image Magnifier)$1.00 Black, Ty. II (261A). Deep shade and strong impression, phenomenal centering with wide and balanced margins all around, light cancel at lower left leaves design clearly visible
EXTREMELY FINE GEM. A SUPERB USED EXAMPLE OF THE $1.00 TYPE II 1894 UNWATERMARKED BUREAU ISSUE. A DIFFICULT STAMP TO FIND IN SUCH SUPERB CONDITION.
With 1992 and 2007 P.F. certificates (XF-Superb 95). By way of comparison, P.S.E. has only certified two used examples at this grade with one higher (at 98). Scott value $800.
(Image Magnifier)
$2.00 Bright Blue (262). Original gum, single hinge mark, rich color, perfectly centered with wide margins
EXTREMELY FINE GEM ORIGINAL-GUM EXAMPLE OF THE 1894 $2.00 UNWATERMARKED BUREAU ISSUE, GRADED SUPERB 98 XQ BY THE PHILATELIC FOUNDATION.
The 1894 unwatermarked issue was the first U.S. stamp issue printed by the Bureau of Engraving & Printing. This issue is notoriously difficult to find well-centered, as production was marred by initial problems as the Bureau feverishly worked to satisfy the public demand for stamps. The $2.00 is one of the rarest of the set in original-gum condition with choice centering. The example offered here is truly exceptional.
With 2014 P.S.A.G. certificate (Gem 100). With 2014 P.F. certificate (Superb 98 XQ, the "XQ" stands for "Extraordinary Quality"). By way of comparison, the highest grade awarded by P.S.E. is 95J. Scott value $2,750.
(Image Magnifier)$5.00 Dark Green (263). Original gum, lightly hinged, deep rich color on crisp paper, unusually wide margins
VERY FINE ORIGINAL-GUM EXAMPLE OF THE 1894 $5.00 UNWATERMARKED BUREAU ISSUE, SCOTT 263.
Ex "Laila". With 1978 and 2000 P.F. and 2009 P.S.E. certificates (OGh, VF 80 Jumbo).
(Image Magnifier)