The world’s most expensive piece of paper

Long before I was born, my dad worked briefly for a firm of a stamp auctioneers in London. Apparently he helped, in some small way, to sell King Farouk of Egypt's stamp collection! He had a small collection of his own and he used to take me to stamp fairs, mostly I think to catch up with old friends. For me, it wasn't so much the stamps I found appealing as the people who collected them, who seemed an unusually obsessive bunch with their own arcane rules, jargon, and preoccupations that appeared baffling from the outside. 

I was therefore delighted to discover, in the Library's catalogue, a book called "The One-Cent Magenta: Inside the Quest to Own the Most Valuable Stamp in the World" by James Barron, which is full of stories of people like those I remember.

The One-cent Magenta

This book tells the extraordinary tale of a single stamp, the only one of its kind, as it changed hands and rapidly increased in value with each new owner over its 150 year history. (The title of each chapter reflects the stamp's value at that point in the story.)

The stamp in question is really just a tiny scrap of coloured paper bearing an almost indiscernible design. It was printed quickly in what was then British Guiana (now Guyana) to replace some stamps that had gone missing on their way from London. As stamps of this value (unlike the more common four-cent stamp that was also printed at the time) were mostly used for newspapers and magazines, almost all of the them were thrown away when they were finished with, but miraculously a single stamp survived and was rediscovered some years later in 1873 by a 12 year-old boy among papers in his uncle's house.

After a number of changes of ownership, that stamp eventually sold at auction in 2014 for the astonishing sum of US$9.5 million (about NZ$13.5 million) - more than a billion times its original value! At just 2.5cm x 3.2 cm that means each square millimetre is worth nearly NZ$170, making it the world's most valuable object for its size and weight.

The reasons why someone would pay such an inordinate sum of money for something with no real material value, and why some very rich people find extreme rarity of this kind so irresistible, is the central question explored in this book. It would be tempting to consider these people crazy, but they all made excellent returns on their investments, and future owners will continue to do so as long as the stamp remains so highly sought after.

The book is a real page-turner, and there are lots of astonishing tales along the way about the people involved, such as the man who tried (unsuccessfully) to use the stamp as a bargaining chip to get out of a murder charge, or another who may (or may not - no one really knows) have found a second one cent-magenta and destroyed it to maintain the value of the first. These stories may sound incredible, but in the bizarre world of high-value stamp collecting this sort of behaviour is not out of the question.

This book reminded me of the 1936 novel "Antigua, Penny, Puce" by Robert Graves, about a brother and sister who fall out in spectacular fashion over a dispute concerning the ownership of a rare stamp with many similarities to the one-cent magenta, which is well worth reading too if you find this sort of thing as fascinating as I do. The Library doesn't have a copy, but as it's out of copyright, it is available as an e-book from the Internet Archive, where you can also find the audio of a 1995 BBC Radio dramatic adaptation of the book.

Enjoy!

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