The source for the design was based on Gilbert Stuart's portrait of James Madison.

Multiples of this stamp, because of its high value are rare and command high prices

By far the most common cancel is the double oval Registry cancel and features highly. This is because it was primarily used for registered bank mail. Registry cancels are bold, usually cover most of the stamp and are not that attractive. Lightly cancelled command a premium as do the rare example with a town cancel.