America’s most valuable postage stamp was sold for nearly $4.4 million on Friday, marking the first time this particular stamp has been available in 26 years. The 1868 one-cent “Z” Grill stamp was part of a collection owned by Bill Gross, co-founder of Pacific Investment Management Co., also known as PIMCO.
Among stamp enthusiasts, the “Z” Grill is considered the most coveted stamp, completing the entire collection that includes one of every postage stamp issued by the US Postal Service since 1847. The stamp features Benjamin Franklin and is one of only two known examples of its kind; the other stamp is owned by the New York Public Library and on loan to the Washington Smithsonian National Postal Museum, where it cannot be sold.
The “Z” Grill is unique due to a waffle-like embossment that prevents ink from being cleaned off, making the stamp harder to reuse. This particular variety of grill is considered the rarest and was used for only a short period of time. Some other notable owners of this stamp include former Los Angeles Lakers owner Jerry Buss.
Bill Gross’s interest in stamps began during his childhood when his mother purchased them with the hopes that they could fund his college education. Over time, collecting stamps became an investment and a passion for Gross, who sought to create order out of chaos through his stamp collection. Gross reportedly took calls only from Warren Buffett and Shreve while scanning auction catalogs late at night during football games.
Although the use of stamps has declined in recent years, they still represent an important piece of American history. Collecting stamps can also serve as an alternative investment, with some people choosing to invest in tangible items that could increase in value over time. In Gross’s case, he obtained the “Z” Grill stamp in 2005 and has since sold more than $50 million worth of stamps.
