The One-Cent Magenta: Inside the Quest to Own the Most Valuable Stamp in the World

by James Barron

Genres: History, Non-fiction
Pages: 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