Discovery of second copy of rare stamp stirs collectors worldwide

The discovery of a second copy of what was thought to be the world's rarest postage stamp may be a boon to the hobby, Las Vegas philatelists say.

The New York Times, in a copyrighted story this month, reported that a second copy of the 1856 black-on-magenta British Guiana 1-cent -- the holy grail of philately -- has turned up.

It is not known what the second copy, which has passed initial tests for authenticity, will do to the value of the authentic copy, which in 1980 sold at auction for $935,000 to John E. du Pont. He was convicted in 1997 of killing an Olympic wrestler and was sent to a hospital for the criminally insane.

The second copy surfaced in Europe in the mid-1980s, when a dancer, who had inherited the stamp in a collection from her grandfather, sold it to an unidentified dealer from Germany.

"All I can say is that if it is proven to be genuine, it will give a lot of collectors hope that there are still treasures to be found out there," said Ruth Hilliard, owner-operator of Charleston Stamps, 5708 W. Charleston Blvd.

Betty Mauck, former vice president of the Southern Nevada Stamp Club and a representative of the American Philatelic Society, goes to area schools and youth organizations to encourage young people to collect stamps.

"A story like this will certainly get a lot of young people interested in the hobby," Mauck said, "because no matter where I go, the most often asked questions I get is how many stamps do I have and what are they worth.

"Money plays a big part in kids getting interested in the hobby."

On Saturday Mauck addressed local Cub Scouts about stamp collecting during their pow wow at Cashman Middle School.

"Stories about rare stamps being discovered is one of the things that makes the hobby so interesting," said Larry Carlson, a Las Vegas collector of U.S. and Canadian stamps.

"It is exciting to buy a collection and discover something in it that is worth more than you initially thought. It adds to the mystique of the hobby."

Fil Cornell, past president of the Southern Nevada Stamp Club, said he believes that while the find could generate some interest, "it probably will not result in a significant number" of new collectors.

Cornell said one of the biggest deterrents to the hobby is that world governments print too many new issues each year. In 1997, for example, 13,700 new stamps were issued worldwide. To buy unused specimens of each one would have cost a collector $7,500, Cornell estimated.

The story of the British Guiana 1-cent is one of the most intriguing in philatelic lore.

A small number were produced by a British Guiana newspaper printer when supplies of the official London-produced stamps had run out.

In 1873, Vernon Vaughan, 12, of Scotland, found a crude-looking specimen of the stamp and sold it to dealer N.R. McKinnon for what amounted to $1.60.

It has passed though the hands of stamp-collecting's elite.

American millionaire Arthur Hind of Utica, N.Y., outbid King George V of England for it in 1917, paying $38,000. When a second authentic copy turned up, Hind bought it for tens of thousands of dollars and burned it, significantly increasing the value of the other one.

The highest price ever paid for a stamp at auction occurred in November 1996, when the 1855 Swedish tre skilling yellow stamp sold for $2.3 million. The stamp was rare because it was printed in yellow, while that issue had been printed in green.

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