15c Mich. Mutual Provisional, Scott R158

CANCEL: neat ms. "M.M. L.I.C. July 11, 1898" (Michigan Mutual Life Insurance Co.) CONDITION: clear overprint, beautifully centered, intense color on bright white paper, tiny thin at center GRADE: Very Fine CERTIFICATES: 1968 and 2008 PF COMMENTS: In order to help finance the Spanish-American War, Congress passed the War Revenue Law of 1898 on June 13, 1898 with a "start date" of July 1, 1898, leaving a mere seventeen days before the new stamps were needed. Despite its best efforts, the Bureau of Engraving and Printing failed to have the stamps ready by July 1. Thus, a large quantity of 1c and 2c stamps were printed with an "I.R." overprint (Scott R153, R154, R155 and R155A). Additionally, small quantities were produced in the 8c, 10c and 15c denominations. These issues mark the first time that the United States had to resort to surcharging. This example surely must rank among the best-centered examples of this issue, of which there are only 28 recorded and a large percentage are faulty. As an indication of rarity, we only know of five other copies in the marketplace in the last 10 years - one ex Drucker, one ex Tolman, one ex Ron Scott, one ex Ballman, one in a Harmer-Schau auction Acquired by the collector at Siegel sale No. 436 (Sept. 1973) lot 774 (original card accompanies). He paid full catalogue of $425 hammer. Scott Catalogue: $6,500