Thursday, November 03, 2005

$3 million stamp swap

Reuters News Service is reporting that Wall Street's "Bond King" Bill Gross and Donald Sundman, president of the Mystic Stamp Company, have swapped the two most valuable philatelic items in the world on Wednesday.

Gross traded his block of four "Inverted Jenny" stamps for Sundman's 1-cent "Z Grill" stamp.
It was a cashless exchange involving one $3 million item for another and completed Gross' collection of every U.S. stamp from the 19th century

Gross bought the Jenny block two weeks ago for $2.97 million setting a new world's record.

Gross tried to buy the Z Grill in 1998, but was outbid by Sundman, who paid a record-setting $935,000. The swap now implicitly values the Z Grill at the same price -- making it the most valuable single stamp known.

To read the entire article, click here.
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posted by Don Schilling at 12:01 PM