$5.00 Dark Green (263). Original gum, lightly hinged, deep rich color and proof-like impression on post-office fresh paper, perfectly centered with wide margins

EXTREMELY FINE FINE GEM. THIS STUNNING ORIGINAL-GUM EXAMPLE OF THE 1894 $5.00 UNWATERMARKED BUREAU ISSUE HAS BEEN GRADED GEM 100 BY P.S.E. -- THIS IS THE HIGHEST GRADE AWARDED AND THE ONLY EXAMPLE TO ACHIEVE IT.

The 1894 Unwatermarked issue was the first U.S. postage issue to be printed by the Bureau of Engraving & Printing, after the contract with American Bank Note Co. expired. The first stamps printed by the Bureau are notoriously difficult to find well-centered, as production was marred by initial problems as they geared up to meet the needs of the public for stamps. The designs through the $1.00 repeated the 1890 ABN Co. issue, with the addition of corner triangles to distinguish the printings. The use of the same designs is another indication of the time pressure that may have caused some of the initial production problems. Perhaps the two most difficult denominations to find in superb condition are the $1.00 Type II (Scott 261A), and the $5.00.

With 2009 P.S.E. certificate (OGph, Gem 100; unpriced above the grade of 98, SMQ $20,900.00 as 98). This is the highest grade awarded and no others share it. Collectors waiting for a Mint N.H. example in higher grades will have a very long wait -- the highest grade awarded thus far to a Mint N.H. copy is 80.

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