$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.

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