The One-Cent Magenta: Inside the Quest to Own the Most Valuable Stamp in the World
Summary (from the publisher): An inside look at the obsessive, secretive, and often bizarre world of high-profile stamp collecting, told through the journey of the world’s most sought-after stamp.
When it was issued in 1856, it cost a penny. In 2014, this tiny square of faded red paper sold at Sotheby’s for nearly $9.5 million, the largest amount ever paid for a postage stamp at auction. Through the stories of the eccentric characters who have bought, owned, and sold the one-cent magenta in the years in between, James Barron delivers a fascinating tale of global history and immense wealth, and of the human desire to collect.
One-cent magentas were provisional stamps, printed quickly in what was then British Guiana when a shipment of official stamps from London did not arrive. They were intended for periodicals, and most were thrown out with the newspapers. But one stamp survived. The singular one-cent magenta has had only nine owners since a twelve-year-old boy discovered it in 1873 as he sorted through papers in his uncle’s house. He soon sold it for what would be $17 today. (That’s been called the worst stamp deal in history.) Among later owners was a fabulously wealthy Frenchman who hid the stamp from almost everyone (even King George V of England couldn’t get a peek); a businessman who traveled with the stamp in a briefcase he handcuffed to his wrist; and John E. du Pont, an heir to the chemical fortune, who died while serving a thirty-year sentence for the murder of Olympic wrestler Dave Schultz.
Recommended for fans of Nicholas A. Basbanes, Susan Orlean, and Simon Winchester, The One-Cent Magenta explores the intersection of obsessive pursuits and great affluence and asks why we want most what is most rare.
When it was issued in 1856, it cost a penny. In 2014, this tiny square of faded red paper sold at Sotheby’s for nearly $9.5 million, the largest amount ever paid for a postage stamp at auction. Through the stories of the eccentric characters who have bought, owned, and sold the one-cent magenta in the years in between, James Barron delivers a fascinating tale of global history and immense wealth, and of the human desire to collect.
One-cent magentas were provisional stamps, printed quickly in what was then British Guiana when a shipment of official stamps from London did not arrive. They were intended for periodicals, and most were thrown out with the newspapers. But one stamp survived. The singular one-cent magenta has had only nine owners since a twelve-year-old boy discovered it in 1873 as he sorted through papers in his uncle’s house. He soon sold it for what would be $17 today. (That’s been called the worst stamp deal in history.) Among later owners was a fabulously wealthy Frenchman who hid the stamp from almost everyone (even King George V of England couldn’t get a peek); a businessman who traveled with the stamp in a briefcase he handcuffed to his wrist; and John E. du Pont, an heir to the chemical fortune, who died while serving a thirty-year sentence for the murder of Olympic wrestler Dave Schultz.
Recommended for fans of Nicholas A. Basbanes, Susan Orlean, and Simon Winchester, The One-Cent Magenta explores the intersection of obsessive pursuits and great affluence and asks why we want most what is most rare.
Review: I received an advance reading copy of this book as a Goodreads giveaway.
This work of non-fiction gives an inside look at stamp-collecting through the lens of the history of the world's most valuable stamp. The only known existing copy of the one-cent magenta was issued in 1856 in then British Guiana as a provisional measure; a shipment of official stamps from London did not arrive. Not a particularly well produced or attractive specimen, most copies of the stamp seem to have been thrown out except for one that was discovered by a 12 year old boy in 1873. Barron tracks the stamp's history, including its series of owners, one of which includes John E. DuPont, heir to the chemical fortune and known for murdering Olympic wrestler Dave Schultz and portrayed in the movie Foxcatcher. In 2014, the stamp, which originally only cost one penny, sold for almost $9.5 million at auction, the most ever paid for a postage stamp. It's amazing that such a miniscule, unsightly stamp has garnered renown as one of the most famous in the world. In 2015, it was described as "a bit like looking at a red-wine stain or a receipt that's been through the wash a few times" (9).
In the process of telling the story of the one-cent magenta, Barron also provides a history of postage and stamp collecting through the ages. It wasn't until the 1860s, after postage became widespread in the United States, that the term "philately" was concocted to describe stamp collecting. Early collector Herpin composed this word from the Greek words 'philo' denoting love and 'ateleia' meaning free of all charges. Meant to denote a stamp that has been prepaid (compared to the historical practice of the sender paying the postage), the term would have "been Greek to the Greeks" (79). The book also describes some of the most prodigious collectors of all time, which include British royalty and wealthy Americans. For example, well-known collector and one-cent magenta owner Ferrary had reportedly spent "as much as $1.2 million on stamps (equivalent to $34.9 million today)" by the early twentieth century (113).
Although a fast read about a popular hobby through the ages, I was frustrated by the seemingly haphazard organization of the book. It seems to jump around a good deal in time and subject before finally settling down into a series of chapters centered around each subsequent owner of the one-cent magenta. The book also covers accounts about stamp collectors disparaging the lack of professional treatment provided by some owners of the famous stamp. For instance, Hind "glued many of his stamps in stamp albums, all but ruining them forever." The author then goes on to assert that "A deep student of philately would have known better than to risk damage to the stamps" (126). This raised interesting questions about ownership to me, as this assessment implies that the owners of famous and rare stamps have an obligation to preserve stamps for their future owners rather than do to them what they will. It was also an interesting insight into the snarky world of stamp collecting and resident 'experts' who disdain the 'amateur' efforts of some.
Stars: 3
In the process of telling the story of the one-cent magenta, Barron also provides a history of postage and stamp collecting through the ages. It wasn't until the 1860s, after postage became widespread in the United States, that the term "philately" was concocted to describe stamp collecting. Early collector Herpin composed this word from the Greek words 'philo' denoting love and 'ateleia' meaning free of all charges. Meant to denote a stamp that has been prepaid (compared to the historical practice of the sender paying the postage), the term would have "been Greek to the Greeks" (79). The book also describes some of the most prodigious collectors of all time, which include British royalty and wealthy Americans. For example, well-known collector and one-cent magenta owner Ferrary had reportedly spent "as much as $1.2 million on stamps (equivalent to $34.9 million today)" by the early twentieth century (113).
Although a fast read about a popular hobby through the ages, I was frustrated by the seemingly haphazard organization of the book. It seems to jump around a good deal in time and subject before finally settling down into a series of chapters centered around each subsequent owner of the one-cent magenta. The book also covers accounts about stamp collectors disparaging the lack of professional treatment provided by some owners of the famous stamp. For instance, Hind "glued many of his stamps in stamp albums, all but ruining them forever." The author then goes on to assert that "A deep student of philately would have known better than to risk damage to the stamps" (126). This raised interesting questions about ownership to me, as this assessment implies that the owners of famous and rare stamps have an obligation to preserve stamps for their future owners rather than do to them what they will. It was also an interesting insight into the snarky world of stamp collecting and resident 'experts' who disdain the 'amateur' efforts of some.
Stars: 3
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