An 1861 example of a Perot provisional on a cover is to auction at Spink.

The rare lot is one of two known covers to feature the stamp and carries an estimate of $100,000-200,000.

William Perot was Bermuda's first postmaster

William Perot was Bermuda's first postmaster. He created a provisional stamp (known today as the Perot provisional) prior to the introduction of official postage.

Only 11 specimens are known and are undoubtedly the most desirable Bermuda stamps in the hobby.

The five earliest examples (from 1848 to 1849) are printed in black ink. The other six (1849-1856), known as the second issue, are printed in red - including this example.

Spink comments: "Perot's Second Issue appears on letters dated in March and April 1861, some months after his appointment as a member of the House of Assembly.

"Perot's Second Issue bore no indication of value as the First Issue had, and for this issue Perot thought it necessary to cancel each stamp with a pen cross."

The present lot was discovered in 1946, when a philatelist specialising in Bermuda stamps was given it as a gift from his wife. She had bought it from a stamp dealer who was unaware of its value.

It last sold for £36,000 ($54,675) at Chartwell Auction in 1978.

The record for a Perot provisional stands at $210,000, paid at Robert A Siegel for another cover in 1980.

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