50c Orange (260). Mint N.H., perfectly framed with Jumbo margins, brilliant color and sharp impression

EXTREMELY FINE GEM. THIS STAMP, WHICH HAS BEEN GRADED SUPERB 98 JUMBO BY P.S.E., IS WITHOUT QUESTION THE FINEST EXAMPLE OF THE 50-CENT 1894 UNWATERMARKED BUREAU ISSUE IN EXISTENCE.

The unwatermarked 1894 Issue was the Bureau of Engraving and Printing's first effort producing postage stamps. As collectors know only too well, the stamps are typically poorly centered with irregular perforations. Issued quantities of the higher values on unwatermarked paper were small -- only 175,330 of the 50c, compared to 244,110 of the 30c 1869 -- and collectors have hinged most of the supply in philatelic hands. This 50c stamp has margins and centering rarely seen on any copy, used or unused, and its Mint Never-Hinged condition elevates it to the top of its class.

In his three-volume work on 19th Century United States stamps, Lester G. Brookman wrote the following about the 50c 1894 Issue: "There are few, if any, of the 19th century U.S. stamps that are so difficult to find in superb used condition as is this stamp. The price for commercial copies of this stamp can well be multiplied by 10 and the buyer of a superb copy of this stamp at such a price can rejoice in the fact he has a bargain!" Brookman's comments apply equally to 50c stamps with original gum and actually understate the value of a Mint Never-Hinged example.

Ex Hewitt, Zoellner and Fox. 1998 P.F. certificate no longer accompanies. P.S.E. encapsulated (Superb 98 Jumbo; unpriced in SMQ above the grade of 98, $31,700.00 as 98). This is the only stamp to have achieved this exalted grade in the P.S.E. Population Report. The next closest Mint N.H. examples are graded 95 (2). There are no other examples in any category graded above 95J.

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