The Plate 77 Penny Red sends collectors into a ‘frenzy’, according to auctioneers

PHILATELISTS are foaming with excitement over the appearance of Britain’s rarest stamp at auction ­– and it was posted right here in Islington.

The “Plate 77 Penny Red” is expected to fetch in the region of £650,000 when it goes under the hammer later this month, as there are only nine of them known to still exist. Dating back to 1864, six are in museums – meaning there are just three for private collectors to try and obtain.

The stamp being auctioned by Paul Fraser Collectibles is said to be in the best condition of those three, and sold for £550,000 when it was last seen in 2012.

The stamp is attached to a preserved envelope and stamped with a “15” cancellation mark, which researchers know means it must have been used in Highbury.

The Plate 77 Penny Red is so rare because only 240 were printed before it was realised there was a fault with the plate and all the equipment and other stamps were destroyed.

Mike Hall, chief executive officer at the auction house, said: “This stamp is legendary among collectors because it shouldn’t exist.

“While most people know the Penny Black was the first stamp, it’s actually Plate 77 Penny Reds that send collectors into a frenzy.”

The Penny Black had been a short-lived stamp, as authorities found that the red cancellation mark could be easily rubbed away and the stamp could then be used more than once.

In came the production of the Penny Red to prevent this, and more common examples do not fetch anywhere near the same prices when they are sold among dealers and collectors.