USA invert smashes record

One of the famous USA 24c 'Inverted Jenny' airmail stamps of 1918 has smashed the New Zealand record auction price for an overseas stamp by going for $112,000 NZ (around $72,800 US) at a J.R. Mowbray auction. The invert, said not to be one of the highest quality examples of the inverted error, was sold to a US lawyer.
The 'Inverted Jenny' happened during an intaglio print run for US airmail stamps at the Bureau of Engraving and printing in Washington. Because the 24c value was a two colour stamps the red frame was printed first and then the stamp sheets were fed through again to have the blue centres printed. In this case one sheet of 100 stamps was passed through upside down and the inverted centre of the upside down aeroplane was created.
The error was originally discovered on May 14, 1918 by William T. Tobey who bought a sheet of 100 of the 24c stamps at his neighbourhood post office in Washington DC. Robey eventually sold the sheet for $15,000 to a consortium of businessmen.
John Mowbray of J.R. Mowbray Auctions commented: 'It's the highest price paid for an overseas stamp sold in New Zealand. The collectable market at the moment is very healthy for top quality items'.
For more on the USA 'Inverted Jenny' stamps go to the Rare Stamps link of this website.