Lot 417 o
Documentary, 1898, "I.R." Provisional, 8¢ Violet Brown, clear purple overprint, intense shade, neat "M.M. L.I.C., July 12 98" manuscript cancellation (Michigan Mutual Life Insurance Co.); light vertical crease, Very Fine appearance; with 1987 P.F. certificate.Scott No. R156 $5,500.
Congress approved the War Revenue Law of 1898 to meet the increased demands for Federal revenue during the Spanish-American War. The law was to become effective on July 1, 1898, leaving only seventeen days before the new stamps were needed. The Bureau of Engraving and Printing had already started work on the dies, rolls and plates in anticipation of its passage, but they were still unable to issue stamps when the law went into effect. The provisional overprints were a result.
Realized: $1,500