An ultra-rare U.S. postage stamp is going under the hammer this summer — and it may fetch as much as $5 million.
Robert A. Siegel Auction Galleries in New York recently announced that it will be auctioning off a Benjamin Franklin Z Grill during a large stamp auction on June 14. Issued by the U.S. Postal Service in 1868, the stamp depicts Benjamin Franklin's profile and was indented by a "Z-grill" pattern.
The Benjamin Franklin Z-grill is one of the rarest and most sought-after stamps in America. Only two Benjamin Franklin Z-grill stamps exist, with one belonging to the New York Public Library, according to the auction's description posted on siegalauctions.com.
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The stamp is part of a collection that was carefully curated by American investor "Bond King" Bill Gross. He acquired the Benjamin Franklin Z-grill stamp in 2005.
Auction house Director Charles Shreve called Gross' collection, "without question, the most significant and most valuable collection of United States stamps formed this past half century."
"Its appearance at public auction will be a historic event, where all of the rarest and most sought-after stamps issued by the United States will be offered for sale, including [the] iconic One-cent ‘Z’ Grill," Shreve said in a press release.
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The significance of the stamp may not be obvious to someone who doesn't study philately, which is the study and collection of stamps.
But Siegel Auction Galleries President Scott Trepel explained that its value comes from the device that imprinted the stamp itself.
"When we talk about rarest grilled stamps, we are talking about what makes one stamp different from another," Trepel described. "Sometimes it is obvious, like part of the design is printed upside down. Other times, it is the way the stamp was manufactured, so one printing method might be much, much rarer than another."
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"In the case of the Z grills, they look different because they were made from one particular grilling device that was unlike the others," he continued. "Back in 1868, several different denominations were grilled on that machine. Very, very few were 1 cent, 10 cent and 15-cent stamps."
Trepel also emphasized the historical importance that the June 14 auction will be open to private stamp collectors across the U.S.
"There have been very few times in the history of stamp auctions when the offering is a collection put together by someone of immense wealth and intense determination," he said. "The Gross U.S. sale in June is one of them. For collectors who have patiently waited for this to happen, it is an opportunity to buy what they have wanted for a very long time."
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"And for others who just want one stamp – the rarest of the rare, the best of the best – it could well be an opportunity to capture a trophy."
Fox Business reached out to Siegel Auction Galleries for comment.
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