Within 12 months, the Treasury reprinted it as a red stamp, and changed the cancellation stamp to have black ink. The Penny Red was born, but the Black remains the memorable – and valuable – one.

The plate 77 Penny Red has been dubbed the ‘Holy Grail of philately’ and is one of just nine examples of the stamp ever recorded. Although millions of Penny Reds were printed between 1841 and ...