On 29th March, Kagin’s Auctions of Tiburon, Calif. will be offering encased stamps during ANA’s National Money Show in Pittsburgh, Pa. During the Civil War, people started hoarding coins due to economic crisis, which led to shortage of currency. To resolve this issue, the government started monetizing postage stamps in 1862.
Almost 750,000 encased postage stamps were sold, but experts believe that only 3,500 to 7,000 numbers of such stamps exist today. The encased postage was created using eight stamps of the 1861 issue. They were protected in mica and clad in brass. The reverse side was used for commercial advertising. By analysing these elements, the scarcity of these pieces can be identified.
Out of the 38 lots that are being offered at the auction, one of the highlights is the 5¢ Thomas Jefferson-Drink Sands’ Ale encased postage. It has been graded as very fine to extremely fine by the auction house. Apart from a minute flaw at the right cheek of Jefferson image, the detailing is great and the colours are rich. The case is also in good condition and some of the silver letterings are still visible. The stamp has a listed market value of $3,750, but it’s difficult to value them accurately. It is currently being offered for an estimated value of $3,000 to $5,000.
A 10¢ George Washington-Mendum’s Family Wine Emporium with ribbed frame is another offering. Only two such examples exist today and it was sold for $8,625 during its previous sale. This time, it’s being offered at an estimated value of $4,000 to $6,000.
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Image Courtesy: Kagin’s Auctions