Stamp collecting has become a nationally recognized hobby since the 1840's. As a matter of a fact, it is considered one of the most popular hobbies in the United States. There are 20 million people in the United States alone who engage in this relaxing hobby.
The first stamp, the Penny Black, was released in 1840. It was a picture of Queen Victoria which was actually published without perforations. Each stamp was cut using scissors. Even though it was discontinued, there are numerous used printings which can be found ranging between $20 to $200 dollars. However, unused printings are quite rare and, of course, much more expensive.
Some of the most highly valued 19th century stamps in the world have an interesting story behind them. For example, one US stamp called the "Inverted Jenny" is valued so highly because it is a misprint. This stamp depicts a Curtiss JN-4 airplane which was unintentionally printed upside down. As a result, this has become one of the most famous misprints in American philately! Only 100 prints have been found, adding to its overall value. How much is this rare stamp worth? In November 2007 one single Inverted Jenny was sold for $977,500. A block of four were sold at an auction in 2005 for $2.7 million.
Another famous stamp, the "Benjamin Franklin Z-grill" or more commonly known as the "Zgrill" is arguably the most rare of all United Stated stamps! What sets this stamp apart from most others is the characteristic Z shape which was pressed into the stamp. This Z shape was pressed into the stamp in order to allow the paper to more efficiently absorb the ink. However, this method was seen as impractical and soon abandoned, thus making this one of a limited few to ever to display the Z marking.
Perhaps the rarest of all stamps, according to many philatelists, is the "British Guiana 1c Magenta". According to historical accounts, Georgetown had awaited a shipment of stamps in 1856. However, after realizing that this delivery was not coming, the local postmaster ordered a printing of 3 emergency stamps to substitute for the lost delivery. To this date, only one is known to exist. Although heavily postmarked and dirty, it is believed to be the most valuable stamp in existence!
When one studies stamps, it becomes clear that the overall value of a stamp is determined by; its age, the history and lore surrounding it, and how rare it is. It is no wonder how philatelists and collectors can be taken in by such a remarkable field of study.