Lot 2520 ()California State Telegraph Co., 1871, black & red, imperf (privately perfed), well centered with s.e. at right, beautiful rich colors, we believe this was originally imperforate and later privately perforated, without gum, Very Fine appearance.
Scott No. 5T3a var.; $875 Estimate $500 - 750.
The perforate version of this stamp (5T3) is exceptionally rare and was missing from both the Lilly and Born collections. This makes us wonder if it was in fact only "issued" imperforate without gum, and maybe should be considered an essay.