UK’s Rarest and Most Valuable Stamp Set to Sell for £650,000

London, 10 Jul (ONA) --- Britain's “rarest and most valuable” stamp is set to be sold for more than half a million pounds.

Stamp dealer Paul Fraser Collectibles has confirmed it will be selling a Plate 77 Penny Red from 1864.

The Victorians issued 21 billion Penny Reds, but just nine examples from printing plate 77 exist today, the dealer said.

Only one sheet of 240 stamps from printing Plate 77 was produced before authorities realised the plate was defective. They destroyed the printing plate and the sheet, but nine stamps somehow escaped the incinerator.

Just three examples are in private hands, with the others housed in museums. Of the three, this particular item is said to be in “the finest condition”.

Paul Fraser Collectibles described the example as the “rarest and most valuable Great Britain stamp” and confirmed it had a price of £650,000 ($832,000).

The last Plate 77 Penny Red sold in 2012 for £550,000, which was a record for a single Great Britain stamp.

The Penny Red replaced the Penny Black in 1841 and the British postal authorities issued them until 1879, according to the dealer.

A small ’77’ in the stamp’s right-hand scroll work reveals its plate number.

The example for sale will come on part of its original envelope, accompanied by a four penny stamp.

--- Ends/Khalid