#262 1894 $2 Unwatermarked

Basic Information

Color: Bright Blue
Subject: James Madison
Paper: Soft porous paper
Printing method: line-engraved intaglio on flat plates
Printer: The Bureau of Printing and Engraving
Perforations: 12
Scott #: 262
Quantity issued: 10,027
Issued: December 10th, 1894

Value

An unused stamp with perfect gum: $1,400-$3,000
An unused stamp with gum and a hinge mark: $250-$475
A used stamp: $75-$150

About the small bank note stamps

An essay for the $2 value. #262E2

“Small Bank Note" stamps refers to the last, and only, definitive series printed solely by the America Bank Note Company in 1894, hence the name bank note series. The printing of this series was taken over by the Bureau of Engraving and Printing in 1895. The Bureau added a triangle to the corner of the stamps to differentiate the 1895 from the 1894 series.

They are called "Small" to distinguish them from the "Large Bank Notes" issued from 1870 to 1893, as the 1894 stamps were reduced in size to cut production costs.

Usage

#262 on a registered cover to Maine

#262 While intended for heavy overseas mail, it was also frequently used for internal Post Office Department accounting

Plates

#262 was issued with the following plate #'s

84

The Inspiration for the Design

James Madison by Gilbert Stuart

The image is modeled after a painting of James Madison by renowned artist Gilbert Stuart.

Gilbert Stuart painted several portraits of James Madison, most notably a circa 1804 oil-on-canvas portrait when Madison was Secretary of State, and another in 1821. The 1804 portrait was designed to pair with a portrait of Dolley Madison. These portraits are celebrated for their realistic depiction of the fourth U.S. President and are now housed in major collections, including the National Gallery of Art and the National Portrait Gallery.