$500 Documentary Second Issue Persian Rug revenue stamp die proof

In 1871, the government issued a new series of documentary revenue stamps to replace the 1862 "first issue" revenue stamps. Concerns over counterfeiting as well as reuse after chemically removing the cancellation prompted the decision.

The first issue revenue stamps had been printed in a single color, with the exception of the 200-dollar United States Internal Revenue stamp, which was printed in two colors: green and red. Due to the security concerns, the second and third issue stamps were all printed in at least two colors, with the 200-dollar and 500-dollar second issue stamps printed in three colors as an additional security feature.

The largest denomination stamp in the first issue of revenue stamps was the 200-dollar, which paid the tax on real estate transfers of $200,000. However, this denomination proved to be insufficient for the very largest commercial transactions, generally railroad deeds. Accordingly, the second issue of revenue stamps (1871) included a 500-dollar stamp, which was sufficient to pay the tax on a real estate deed of one-half million dollars. The federal government approved a 5,000-dollar stamp, which was never issued.

The 500-dollar second issue revenue stamp is often referred to as the "Persian Rug" due to the extensive scrollwork's resemblance to the patterns used in hand-woven rugs. The stamps were printed one to a sheet, with sheet margins on all four sides. A single example of the stamp, used to pay the tax on the will of Erastus Corning, Sr., has survived with the side margins, including the printer's imprints, intact.

Just 210 copies of the 500-dollar stamp were issued, and approximately eighty have survived.

The National Postal Museum's die proof is one of the few known proofs for the stamp. The proof is printed in the colors of the issued stamp: red orange, green, and black, and is mounted on backing paper.

References:

Kingsley, T.C., 1993. The Legendary Persian Rug: And The Other High-Value Civil War Revenue Stamps. Pacific Palisades: Castenholz & Sons.

Toppan, G.L., H.E. Deats and A. Holland. 1899. An Historical Reference List of the Revenue Stamps of the United States. Boston: Boston Philatelic Society. Reprinted as The Boston Revenue Book. Lawrence, MA: Quarterman Publications, 1979.