The One-Cent Magenta: Inside the Quest to Own the Most Valuable Stamp in the World
by James Barron
Genres: History, Non-fictionPages: 224
Rating:
Synopsis: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.
I am not really a stamp person, but because of my work at Postcrossing, I’ve been exploring the world of postal stuff more generally, and thus came across The One-Cent Magenta, by James Barron. It’s the story of obsession with one particular stamp, which collectors have made the most valuable stamp in the world.
There isn’t, in the end, a whole lot to say about the one-cent magenta in and of itself. It’s a very plain-looking stamp, and it doesn’t have a particularly special story. Barron’s book is more about the people who’ve gone after it, and how that incredible value was created — partly out of rarity (the one discussed is the only one extant, as far as we know) and partly just out of sheer enthusiasm/greed/desire to be the one who owns the thing only one person can own.
It’s interesting to get a glimpse into that world, and also kind of repellent. I’m sure some people who collect stamps are lovely, but the fuss over the one-cent magenta is kind of silly, and the amounts of money spent on it have much better uses.
I also reviewed this book for Postcrossing’s blog! (Not the same text.) I included a picture of the one-cent magenta, if you’re curious.
Rating: 3/5
I used to collect stamps, but between the self-adhesives being *too* adhesive and speculators like the Magenta people driving up costs of the hobby, I lost interest. I did try to get back into it, but the community around it now is very much about doing things “right” and getting perfect mint, *unused* stamps. Which is weird to me because when I was introduced to the hobby, the best was a used stamp with a clear cancellation. The story of the stamp mattered just as much – getting rid of envelopes was just practical, but if the envelope was interesting in some way, you kept it.
You used to be able to buy an entire 16oz bag of stamps nominally cut from their envelopes for next to nothing, and have fun hunting for something new and different. Not a chance, now. I’m slowly working on getting my existing collection properly mounted and organized, but I don’t much bother looking to add to it.
I never really understood the mint stamps thing. I don’t really collect myself, though of course I got a set of the stamps from Guernsey that have my name on them. (Did… I ever tell this story? Look carefully at the design with the goat.)
A $9.5 million dollar stamp, wow. That’s an old stamp, but still that’s a pretty extravagant amount. I guess I don’t have the collector’s mentality.
Yeah, it’s ridiculous to me. I can understand collecting things, but not like that.