1873 Continental Bank Note 90-Cent Perry

If you want to understand the complexity and beauty of nineteenth-century American stamp production, there is no better place to start than the 1873 Continental Bank Note Company issues. And among those issues, the 90-cent Commodore Oliver Hazard Perry (Scott #166) stands as the highest denomination, the most expensive, and arguably the most fascinating stamp in the entire set. This rose carmine portrait of the War of 1812 naval hero has challenged and rewarded collectors for over 150 years, and it shows no signs of losing its appeal.

With a Scott catalog value of $2,250 for a mint original gum example and $300 for a nicely used copy, the 90-cent Perry is not a stamp for the faint of heart or the light of wallet. But for collectors who appreciate the craft of steel-plate engraving, the detective work of distinguishing between different bank note printers, and the satisfaction of owning a genuinely scarce piece of American postal history, this stamp delivers on every front.

Historical Context: The Bank Note Era

The period from 1870 to 1893 is known among stamp collectors as the "Bank Note Era," and for good reason. During these years, the United States government contracted with private security printing firms to produce its postage stamps, rather than printing them in-house at the Bureau of Engraving and Printing (which would not take over stamp production until 1894).

Three companies held the stamp printing contract in succession:

The National Bank Note Company (1870 to 1873) won the initial contract and produced the first series of stamps featuring portraits of prominent Americans on denominations ranging from 1 cent to 90 cents.

The Continental Bank Note Company (1873 to 1879) took over the contract on May 1, 1873, inheriting the same printing plates that National had used. This created an immediate identification challenge: how do you tell a Continental printing from a National printing when both companies used the same plates?

The American Bank Note Company (1879 to 1894) followed, again using many of the same basic designs but on different paper stock.

Continental's solution to the identification problem was ingenious. For the lower denominations (1 cent through 15 cents), the company engraved tiny "secret marks" into the printing plates, small design additions that differentiated Continental printings from National printings. However, for the three highest denominations (24 cents, 30 cents, and 90 cents), Continental decided not to alter the plates. Instead, collectors must distinguish these printings by differences in paper, ink color, and overall impression quality.

Commodore Oliver Hazard Perry: The Man on the Stamp

Oliver Hazard Perry (1785 to 1819) was one of the most celebrated American naval officers of the early republic. His fame rests primarily on the Battle of Lake Erie during the War of 1812, fought on September 10, 1813. Perry commanded a squadron of nine vessels against a British fleet of six ships, and after his flagship, the USS Lawrence, was shot to pieces, he famously transferred his flag by rowboat to the USS Niagara under heavy fire and rallied his forces to victory.

His dispatch to General William Henry Harrison after the battle became one of the most quoted phrases in American military history: "We have met the enemy and they are ours." Perry was just 28 years old at the time.

The portrait on the 90-cent stamp depicts Perry in naval uniform, facing left. The same portrait design was used by all three bank note companies, making the distinction between printings a matter of careful examination rather than a simple visual comparison.

What Makes the 1873 Continental Printing Special

The 90-cent Perry printed by Continental Bank Note (Scott #166) is distinguished from the National Bank Note version (Scott #155) and the American Bank Note version (Scott #191) by several characteristics:

Paper. Continental printed on hard, white wove paper that has a slightly different texture than National's softer paper. American Bank Note used a distinctly softer paper that is generally easier to distinguish.

Ink color. The Continental printing is cataloged as "rose carmine," a warm pinkish-red shade that differs subtly from National's carmine shade. However, color alone is not a reliable identifier, as ink colors can vary within a single printing run and can be affected by chemical changes over time.

Impression quality. Continental's printings tend to show cleaner, sharper impressions than National's later printings, which often show signs of plate wear.

Grill marks. National Bank Note stamps from 1870 to 1871 were grilled (small raised bumps pressed into the paper for security purposes). Continental stamps were not grilled. If you find a 90-cent Perry with a grill, it is a National printing (Scott #144), not a Continental.

Because the identification can be subtle, many collectors submit their 90-cent Perry stamps to expert certification services like the Philatelic Foundation (PF) or the Professional Stamp Experts (PSE) to confirm the printing attribution.

Condition Grades and Values

The 90-cent Perry is a high-value stamp where condition has a dramatic impact on price. Here is a guide to grades and approximate market values:

Grade	Description	Value (Mint OG)	Value (Used)
Extremely Fine (95)	Exceptional centering, large margins, full OG	$4,000 - $6,000+	$800 - $1,200
Very Fine (85)	Well centered, balanced margins, OG	$2,250 - $3,500	$400 - $600
Fine-Very Fine (80)	Slightly off-center, sound, OG	$1,200 - $1,800	$250 - $400
Fine (70)	Off-center to one side, OG or part OG	$750 - $1,200	$150 - $250
Very Good (60)	Significantly off-center, perfs may touch design	$400 - $600	$80 - $120
No gum (unused)	Without original gum	$750 (catalog)	N/A
Regummed	Original gum replaced	$500 - $750	N/A
Space filler	Faults (thins, tears, stains)	$100 - $300	$30 - $75

The Scott catalog value of $2,250 for a mint OG example and $300 for used reflects a Fine to Very Fine grade. Auction realizations vary widely based on centering, freshness, and certification.

Key Varieties, Errors, and Cancels to Look For

National vs. Continental vs. American: The fundamental variety question. Collectors must determine which of the three printers produced their stamp. Expert certification is the gold standard for resolving this question.

Secret Marks Confusion: While the 90-cent Perry itself does not have secret marks (those were only added to the lower denominations), collectors sometimes confuse this issue. Understanding that the 90-cent was identified by paper and color, not by secret marks, is essential for accurate attribution.

Fancy Cancels: Used 90-cent stamps bearing fancy cancels (geometric shapes, pictorial designs, letters, or numerals hand-cut into cork or wood by individual postmasters) are highly prized. A clear, well-struck fancy cancel on a 90-cent Perry can multiply the stamp's value several times over. Star cancels, skull-and-crossbones designs, and other pictorial cancels are especially desirable.

Foreign Mail Usage: The 90-cent denomination was used primarily on mail to distant foreign destinations. Covers showing the stamp paying specific treaty rates to countries like China, Japan, Peru, or India are extremely valuable. A single-franking 90-cent Perry cover to an unusual destination is a major find worth thousands of dollars.

Color Varieties: Within the Continental printing, collectors have noted variations ranging from pale rose carmine to deep rose carmine. While not separately cataloged, these shade varieties add visual interest and depth to a specialized collection.

Blocks and Multiples: Mint blocks of the 90-cent Perry are exceptionally rare, with blocks of four cataloging at significantly higher multiples of the single value. A very fine original gum block of four sold at Robert Siegel Auction Galleries for $6,000 in 2015, illustrating the premium placed on multiples.

Special Printings: Continental Bank Note produced special printings of the 90-cent Perry (Scott #177) in 1875 for display at international exhibitions. These special printings, made on harder paper with slightly different colors, are extremely rare and valuable, with catalog values in the tens of thousands of dollars.

Market Value and Recent Auction Results

The 90-cent Continental Bank Note Perry is an actively traded stamp at major auction houses. Here is a sampling of recent sale results:

Mint OG, Very Fine with PF certificate: $1,200 to $1,500 is typical at auction, with exceptionally well-centered examples breaking $2,000. A superb example with a 2013 PSAG certificate and catalog value of $2,250 realized $1,200 at Regency-Superior in 2015.

Mint OG, Fine, certified: $600 to $1,000 depending on gum condition and freshness. Stamps with undisturbed original gum command strong premiums over previously hinged examples.

Regummed examples: $300 to $600, depending on appearance and centering. Many 90-cent Perrys have been regummed over the years, and expert certification noting this fact is important for honest trading.

Used, Fine to Very Fine: $90 to $300 depending on cancel type and quality. Stamps with light cancels that leave the portrait clearly visible are preferred. A used example with a segmented cancel and PF certificate sold for $90 at Kelleher Auctions.

Blocks of four, OG: The 2015 Siegel auction realized $6,000 for a very fine to extremely fine block with PF certificate. Blocks in any condition are rare and always command attention at auction.

On cover: Genuine covers bearing the 90-cent Perry are exceptionally rare and valuable. Values range from $2,000 for a basic overseas cover to $10,000 or more for covers to unusual destinations with clear postmarks and documented postal history.

Building a Bank Note Collection

The 90-cent Continental Bank Note Perry is the capstone stamp in one of the most rewarding areas of American philately. Building a complete Bank Note collection, encompassing all three printer's issues across all denominations, is a lifetime pursuit that combines detective work, connoisseurship, and historical research.

For collectors just starting to explore this area, it is worth noting that the lower denominations (1 cent through 10 cents) of the Continental Bank Note series are affordable in used condition, typically ranging from $2 to $50 each. Working your way up through the denominations, studying the differences between printers, and learning to identify the secret marks on the lower values is excellent preparation for tackling the high values like the 90-cent Perry.

Whether you are a seasoned specialist looking for that perfectly centered, certified mint example, or a beginning collector admiring the Perry from afar while you build toward it, this stamp represents everything that makes classic American philately so compelling: beautiful engraving, fascinating history, genuine scarcity, and the thrill of the hunt.

Browse all Stamps →

Related Items