Merchants Exchange, San Francisco. Perfectly clear three-line handstamp with "PAID" on third line in small italic caps (as in handstamp in previous lot), magenta manuscript "40" transcontinental rate on folded cover to New York City; another example of mail forwarded by the Merchants Exchange at San Francisco -- in this case, too, the absence of San Francisco postal markings and postage due in New York City indicates that the private "Paid" marking and 40-cent rate, although entirely private in origin, were satisfactory evidence of prepayment; an outstanding cover demonstrating the link between an independent mail operation in early San Francisco and the official government post office, illustrated in Letters of Gold, with 1992 P.F. certificate

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