The only privately available one-cent Z-grill stamp, a collector’s gem, is anticipated to fetch millions in an upcoming auction this June

In a highly anticipated event for philatelists around the globe, the rarest US stamp, the 1868 one-cent “Z-grill,” is scheduled for auction on June 14th. This unique stamp, known for its scarcity and historical value, is expected to command a sale price of four to five million dollars, potentially setting a record as the most expensive US stamp ever sold. The auction will be conducted by Robert A. Siegel Auction Galleries in New York.

The one-cent Z-grill’s rarity is underscored by the fact that only two copies are known to exist, with one held by the New York Public Library, leaving just one in private hands. This particular stamp has been part of the prestigious collection owned by billionaire investor Bill Gross since 2005.

Charles Shreve, director of international auctions at Robert A. Siegel Auction Galleries and long-time manager of Gross’s stamp collection, described the one-cent Z-grill as the “trophy of collecting United States stamps.” Its uniqueness and the status it confers upon its owner make it a highly coveted piece among collectors.

The Z-grill’s distinctive feature is its embossed waffle pattern, which was part of a post-Civil War initiative by the US Post Office to prevent stamp fraud. This technique, known as grilling, involved creating small indentations on the stamp’s surface to allow cancellation ink to seep through, making the stamp difficult to clean and reuse. Although the Z grill was one of several patterns used, it is among the rarest and most sought after by collectors.

The history of the one-cent Z-grill includes its discovery in 1916, with subsequent sales in 1975 and 1977, eventually becoming part of the collection of Los Angeles Lakers owner Jerry Buss. Bill Gross acquired the stamp in 2005 through a significant trade, fulfilling a childhood ambition inspired by his mother’s stamp collecting hobby.

Gross, who co-founded the Pacific Investment Management Company (PIMCO), had embarked on a mission to assemble a complete collection of every stamp issued by the US Postal Service. The acquisition of the one-cent Z-grill was a pivotal moment in achieving this goal, symbolizing a triumph rooted in a personal narrative of proving the value of stamp collecting.

The upcoming auction of the one-cent Z-grill is part of a larger sale of Gross’s extensive stamp collection, estimated to be worth $15 to $20 million. The auction will not only feature the Z-grill but also other valuable stamps, making it a landmark event for the philatelic community.

As the auction date approaches, the one-cent Z-grill continues to fascinate collectors and enthusiasts alike, embodying the rich history and enduring allure of philately.