2c Panama-Pacific, Lake Shade Variety (398b). Lightly hinged, intense color which is significantly different from both the listed shade and also the Carmine Lake shade, perfectly centered with wide and balanced margins

EXTREMELY FINE GEM. THE 2-CENT PANAMA-PACIFIC IN THE LAKE SHADE IS EXCEEDINGLY RARE IN ANY CONDITION -- THE STAMP OFFERED HERE, WHICH IS GRADED SUPERB 98 BY BOTH P.S.E. AND THE P.F., IS PROBABLY THE FINEST IN EXISTENCE.

According to Johl, "there is one shade that is practically as scarce as the four-cent Blue of the Columbian issue, this is known as Lake, almost the same color as were the Postage Due stamps current at that time. Only one pane of 70 is said to have been found at a Post Office in San Francisco, although it hardly seems possible that but one sheet could have been printed in this dark color. When these were discovered there were only 40 copies left; 31 were purchased by A. L. Ott, an old-time collector, and 9 by a local dealer."

With 2006 P.F. and 2005 P.S.E. certificates (both graded OGph, Superb 98; SMQ $16,500.00). This is by far the highest graded example in the P.S.E. Population Report. Only three are graded in total -- one other hinged at F-VF 75 and one Mint N.H. at F 70. The centering and lightly hinged gum on this stamp puts it in a class by itself

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