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Rarest stamp in the world may sell for a record $20 Million

StampBy Kari Paul From Mashable

A rare stamp from British Guiana is expected to break world records when it is sold as part of an auction of the estate of a multi-millionaire and convicted murderer on Tuesday.

The “world’s most famous stamp,” according to Sotheby’s in New York City, is expected to go for between $10 and $20 million, making it the most valuable object of its size in the world.

The postmaster of British Guiana produced the stamp, which measures at 1″ x 1.25″, in 1856 as part of a contingency supply while he awaited a shipment of stamps from Great Britain. He created two varieties of stamps: Four-cent stamps and one-cent stamps. While several four-cent stamps from this supply still exist, the stamp to be auctioned on Tuesday is thought to be the only one-cent stamp in existence from that batch. It was rediscovered in a collection by a 12-year-old boy in 1873, then sold to numerous collectors over the years. It was rediscovered in a collection by a 12-year-old boy in 1873, then sold to numerous collectors over the years. It accrued in value until the infamous John Eleuthère du Pont bought it for $935,000 in 1980.

Du Pont, a wealthy heir to a chemical fortune, was convicted in 1997 of murdering Olympic wrestler David Schultz. He was sentenced to 13 to 30 years in prison, and died there at the age of 67 in 2010. In his will, which was contested several times by his family members, du Pont designated 20% of the stamp’s proceeds to the wildlife foundation he funded, and 80% to former wrestler Valentin Jordanov Dimitrov.

The current record for a single stamp is $2.2 million for the sale of a rare misprinted Swedish stamp in 1996. The British Guiana stamp will go up for auction at Sotheby’s at 7 p.m. ET on Tuesday. In May, three people were killed in a blast outside a viewing centre showing the European Champions League final between Real Madrid and Atletico Madrid in Jos, the capital of Plateau state.

In April, suspected Boko Haram gunmen stormed a packed venue in Potiskum, in northeast Yobe state, shooting dead two people as they watched Champions League quarter-final matches.

Boko Haram leader Abubakar Shekau has previously preached against football as part of the Islamist group’s agenda to impose strict Islamic law in northern Nigeria.

In several video clips, he described football and music as a Western ploy to distract Muslims from their religion.

Football is Nigeria’s national sport and has a fanatical following but many people in the north have said they would watch the World Cup at home because of fears of Boko Haram attacks.

PHOTO: David Redden, Sotheby’s Vice Chairman, holds the British Guiana One-Cent Magenta after it sold for USD$ 9,480,000 (with buyers’ premium) at Sotheby’s June 17, 2014 in New York. IMAGE: STAN HONDA/AFP

For more on this story go to: http://www.businessinsider.com/people-feared-dead-explosion-world-cup-viewing-nigeria-2014-6#ixzz350EFIAcD

 

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