In all my decades as a philatelist and stamp dealer, I‘ve had the privilege of handling some of the rarest and most valuable United States stamps ever issued. As I like to tell my clients, stamp collecting offers the excitement of a treasure hunt, the joy of possessing miniature works of art, and the satisfaction of preserving history – all in one pursuit. But what excites collectors and investors the most are the tiny handful of iconic US stamps worth seven or even eight figures.
What stamps belong in this exclusive club, and why are they so valuable? To find out, let‘s embark on a guided tour of the nation‘s most cherished and expensive stamps, along with some practical advice on how to build your own collection of these coveted rarities.
Factors Behind a Stamp‘s Value
Not all stamps are created equal in the eyes of collectors. A stamp‘s value is determined by a combination of rarity, condition, and demand. Generally speaking, the fewer of a given stamp that exist, and the more pristine they are, the more desirable and valuable they become. Certain key factors send a stamp‘s price soaring:
- Printing errors like inverted or missing images
- Unusual variations like rare color shades or double impressions
- Age, with stamps from the 19th century especially prized
- Use on a historic cover or by a famous figure
- Cancellations, with some rare postal markings adding value
A stamp that scores high in all those categories can easily be worth six, seven or even eight figures to the right buyer. Over the past few decades, the very best US stamps have appreciated dramatically, with values rising anywhere from 50% to over 1000% between 2000 and 2020. The market for rare stamps has proven resilient even in troubled economic times, drawing investors seeking tangible, portable stores of wealth.
Just how big is the US stamp market overall? In 2020, amid a global pandemic, the world‘s top three stamp auctioneers – Sotheby‘s, Christie‘s and Robert A. Siegel – reported combined US stamp sales of over $50 million. Globally, the stamp collecting market is estimated to be worth north of $10 billion. With 5 million serious collectors in the US alone, demand for the hobby‘s "blue chips" should remain robust well into the future.
The Mount Rushmore of US Stamps
If US stamps had a Mount Rushmore, which ones would make the cut? Here are my top four nominees for the most iconic and valuable, based on their rarity, beauty, and historical significance:
The Inverted Jenny (1918) – $4.9 Million
The world‘s most famous stamp error, the Inverted Jenny shows a blue Curtiss JN-4 biplane printed upside down in the center of a 24¢ red airmail stamp. Only one sheet of 100 errors survived, instantly becoming the stuff of philatelic legend. As of market values from January 2022, a single Inverted Jenny is valued at $1.593 million. But the ultimate prize for collectors is an intact block of four – one of these realized $4.9 million in 2019, setting an all-time record price for a US philatelic item.
1¢ Franklin Z Grill (1868) – $3 Million
At first glance, the 1¢ Franklin Z Grill looks unassuming. But flip it over and you‘ll see a distinctive pattern of tiny squares in a Z shape – an experimental security grilling that proved impractical and was promptly discontinued. Only two examples of this major postage stamp rarity are known to survive: one in the New York Public Library‘s Miller Collection, and one held privately. The privately owned Z Grill last traded hands in 2005 for $3 million, at the time the highest price ever paid for a single US stamp.
24¢ Inverted Jenny (1918) – $1.351 Million
Collectors of means can aspire to own an Inverted Jenny – but only one lucky buyer can possess the finest example of this legendary error. The unique top-condition Inverted Jenny, graded XF-90 by the Professional Stamp Experts, was last auctioned in 2016 as part of the collection of billionaire Bill Gross. It realized $1,351,250, the highest price for a single Inverted Jenny and a record for any single US stamp without a Z Grill.
1¢ Blue Franklin Z Grill (1868) – $1 Million+
Even rarer than its red 1¢ Franklin cousin, only two copies of the blue 1¢ Z Grill are recorded. One is forever off the market in the Miller Collection at the New York Public Library. The only one in private hands sold at auction in 1998 for $935,000, then resold in 2005 for a princely $1 million. Were it to return to market today, it might well fetch $5 million or more.
More Stamps in the Million-Dollar Club
Beyond the Big Four, an elite group of US stamps have routinely surpassed $1 million at auction in recent years. Most date from the 19th century and show printing errors or rare variations. Here‘s a chronological rundown of these seven-figure standouts:
- 1847 5¢ and 10¢ First Issue, Reproduced Die Proofs ($1 million)
- 1851 1¢ Blue Franklin Carrier, Type I ($1.18 million)
- 1867 15¢ Lincoln Z Grill ($1.6 million)
- 1869 15¢ Landing of Columbus, Double Impression ($900,000)
- 1869 24¢ Declaration of Independence, Center Inverted ($1.2 million)
- 1869 30¢ Eagle, Shield & Flags, Inverted Flags ($310,500)
- 1875 Re-issue of 1869 90¢ Lincoln ($1.61 million)
The World‘s Most Valuable Stamp Collection
While most of us can only dream of owning an Inverted Jenny, it is possible to see one in person – by visiting the world-class William H. Gross Stamp Gallery at the Smithsonian National Postal Museum. Bequeathed to the Smithsonian by its namesake, the noted bond investor Bill Gross, the gallery houses one of the world‘s most comprehensive collections of US and international stamps.
The Gross collection includes rarities in pristine condition from the 19th and 20th centuries, including at one point all four of the most valuable US stamps: the 1¢ Franklin Z Grill, 1¢ Blue Franklin Z Grill, Inverted Jenny and 1869 1¢ Pictorial. It‘s been called the greatest stamp collection of all time, valued at over $100 million. Besides a Jenny invert, highlights on view include two rare 1868 1¢ Z Grills, an unused 90¢ 1869 Pictorial, and a stunning four-block of the iconic Ceil Blue Lincoln issue.
Building a World-Class Stamp Collection: An Expert‘s Advice
If you‘re dreaming of starting your own collection of rare US stamps, I have one key piece of advice: buy the best you can afford, and don‘t compromise on quality. In stamps, condition is king – you‘ll get the most enjoyment and strongest financial returns from owning superb, visually striking examples.
To evaluate a stamp‘s condition like a pro, it‘s essential to understand the finer points of centering, color, cancellation and gum:
- Centering: How well-centered and symmetrical the design is within the margins. Look for even margins on all four sides.
- Color: Is the color fresh and unfaded? Bright, vivid color is a must for top-grade stamps.
- Cancellation: On used stamps, you want a light, unobtrusive cancel that doesn‘t mar the design. Pen cancels or heavy smudges detract from value.
- Gum: Is the original gum on the back intact, smooth and unblemished? Avoid stamps with skips, bumps or disturbed gum.
Mastering the nuances of grading stamps takes years of experience, so it‘s wise for new collectors to work with a trusted dealer or auction house. Reputable sellers will provide detailed condition reports on any stamp they offer and encourage you to ask questions. Be wary of bargains that seem too good to be true – "rare" stamps offered at deep discounts online are seldom genuine.
One of the best ways to get a feel for the stamp market is to attend a live auction. Watching seasoned collectors and investors do battle for a choice rarity can be a thrilling experience – and an educational one, too. Take note of which stamps generate the most excitement and how bidding progresses. Specialty auction houses like Robert A. Siegel and H.R. Harmer hold regular sales focused solely on stamps and postal history, giving you the chance to view scarce items up close.
When you‘re ready to acquire your first serious stamp, I recommend buying a key issue you love in the highest grade you can comfortably afford. A classic first purchase might be an 1847 first issue 5¢ Franklin or 10¢ Washington in a certified grade of fine or very fine, with four clear margins, a light cancel and rich color. From that starting point you can build out to other 19th-century issues in different denominations, perhaps focusing on stamps with a particular theme like Presidents, American history or technological progress.
As you grow your collection, store your stamps properly to preserve them for posterity. Avoid exposing stamps to direct sunlight, moisture or extreme temperatures. The best approach is to mount them in acid-free album pages and keep those pages in archival-quality binders or boxes when not being viewed. Some collectors go so far as to store their most valuable holdings in bank vaults for maximum security and environmental control.
The Eternal Appeal of Rare Stamps
What keeps collectors coming back to stamps year after year, and decade after decade? As a lifelong philatelist, I believe the hobby combines a unique set of satisfactions: the thrill of the hunt for elusive items, the desire to complete sets or series, and the sense of making contact with history in a tangible way. There‘s also an undeniable status element to owning iconic rarities like the Inverted Jenny or Z Grills – possessing them places you in an exclusive club and makes an impressive statement of your collecting prowess.
Financially, top-quality US stamps have proven to be a resilient, transportable store of wealth through various economic cycles. Over the past several decades, many key US issues have appreciated at a clip of 5-10% a year, sometimes more. As the pool of available superb stamps continues to shrink, and the collector base expands globally, I expect that trend to continue – which is great news for collectors who acquire their treasures at today‘s prices.
At the end of the day, though, I encourage collectors to focus first on the core values of studying, preserving and enjoying stamps. Buy what you love, not just what you think will be a good investment. If you approach the hobby with genuine passion and an open mind, the financial rewards tend to follow – and you‘ll have a grand adventure along the way. In the words of stamp collecting legend Josiah Lilly, "Stamp collecting dispels boredom, enlarges our vision, broadens our knowledge, makes us better citizens and in innumerable ways enriches our lives."
