Why is the "Inverted Jenny" worth $1.3 million?
NEW YORK, NY - We wish we loved anything as much as these philatelists love stamps. Leading stamp dealers and collectors from around the globe gathered with their brethren in New York City for the 8 day long World Stamp Show.
It's not a common hobby, so having a place where saying "1840 Penny Black" and "British Guiana" elicit gasps instead of blank stares is a big deal. These collectors take it seriously. Not only do they believe stamps provide a unique record of modern history- the rare ones are worth WAY more than 47 cents.
Like the famous "Inverted Jenny." In 1918, the U.S. Post Office accidentally printed the Curtiss Jenny Biplane upside down. One sold at an auction there for about 1.3 million dollars.
Most people at the show think a million dollars for a stamp is, ahem, pushing the envelope- so they're just happy to browse, sell, and trade among other philatelists.