Stamp Collectors Make School-Yard Swap Worth $3 Million

As hobbies go, stamp collecting lacks a certain sexiness. Oh, it beats trainspotting by miles. And it doesn’t get one as dirty as gardening. It’s cheaper to start than collecting Ferraris or Stradivarius violins. Yet, philately remains a field inhabited by old men, young boys, and those with too much time on their hands. However, a je ne sais quoi did arrive in the field with a $3 million trade between two collectors earlier this week.

Donald Sundman, president of the Mystic Stamp Company, is one of the parties to the transaction. He owned the “Z Grill,” which according to the Australian Broadcasting Corporation was “issued in 1868 with a profile of Benjamin Franklin, is valued for its rarity and the waffle-like grill on the back that better absorbed postmarks and prevented people from reusing them.” Only two are known to exist – the other belongs to the New York Public Library.

Trading with Mr. Sundman was Wall Street's “Bond King” Bill Gross, managing director of asset management firm PIMCO. It turns out he has led a double life as “Monte Carlo,” a mysterious persona who has bought up very expensive stamps at auction of late. He owned the 1918 24˘ Inverted Error “Jenny” Plate Block. The four stamps in the block depict the Curtiss JN-4 biplane, known as the Jenny, but the planes were printed upside down. Mr. Gross bought the Jenny block for $2.97 million at auction a couple of weeks ago.

The swap of the Z Grill for the Jenny block is incredibly significant. “It is truly the biggest event in the past 100 years. [The Z Grill] is like the Holy Grail of stampdom,” said Charles Shreve, president of Shreves Philatelic Galleries, who represented Mr. Gross at the swap. All the more so because it now means that Mr. Gross now owns an entire set of US 19th Century postage stamps. Not even the US National Postal Museum (yes, it exists) can say that.

Mr. Sundman did admit to "a serious case of seller's remorse” after the trade. He said, “I bought the Z Grill because it was the rarest stamp in the world. But I get a wonderful item in exchange.” Meanwhile, the independent Postal Rate Commission approved a hike in the price of a first class stamp in the US. It will likely take effect in January.

Which raises the question, "what would the Holy Grail of Trainspotting be?"


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