10c Panama-Pacific, Perf 10 (404). Mathematically centered within wide and perfectly balanced margins, bright color on post-office fresh paper

EXTREMELY FINE GEM. A SPECTACULAR ORIGINAL-GUM EXAMPLE OF THE 10-CENT PERF 10 PANAMA-PACIFIC, WHICH HAS BEEN AWARDED THE PERFECT GRADE OF GEM 100 BY P.S.E.

With 1985 P.F. and 2011 P.S.E. certificates (Gem 100; unpriced in SMQ above the grade of 98, SMQ $2,150.00 as 98). This is the highest grade awarded to a hinged stamp to date, with the next highest a 98. Only one other example of Scott 404 has been graded Gem 100 in any other condition category -- the Mint N.H. example sold in our Sale 953, which realized $105,000 hammer. For the collector who values centering more than never-hinged gum, this stamp presents a rare opportunity, and would be a marvelous capstone to a superb Panama-Pacific set.

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