1862 Civil War Encased Postage Stamp, EP-5, HB-44, S-21, Reed-BC01. One Cent, BAILEY & CO., JEWELLERS, 819 Chestnut Street, Philadelphia, Choice About Uncirculated.
Rated as Rarity-8 (5 to 10 known) according to Fred Reed. This 1862 Patent Date Civil War Encased Postage Stamp has a vivid fresh bright blue Benjamin Franklin 1861 US Postage stamp that appears perfectly centered. It’s eye appeal is exceptional, the stamp viewed though perfectly clear natural mica. There are some traces of original underlying luster seen within the sharp central reverse legend’s and it looks virtually new with natural even tone. Fred Reed considers this 1¢ Bailey to be an R-8, indicating five to ten known. In fact, Reed has assigned R-8 for the four lowest Bailey denominations, while the 12¢ has just Two examples known and there was only one 24¢ piece recorded many decades ago, but that example has never since reappeared. Through the years the rare 1¢ denomination for this Philadelphia "Jeweller" has been lacking in many of the greatest collections. We previously offered in our EAHA Auction of December 11, 1999 lot 549, graded Extremely Fine which sold then for $2,415; our EAHA Auction of November 15, 2011 offered lot 116 which sold at $4,425; and another example was offered in our EAHA Auction of June 26, 2015 lot 200, also graded Choice About Uncirculated which sold for $3,600 a decade ago. (EF Friedberg Cat. $2,500)