Stamps from the 1923 rotary waste issue, which includes some of America's rarest examples, will highlight part three of the Natalee Grace Collection of Used US stamps on September 20.

This stamp is matched by just one other example

Between 1919 and 1923 waste stamps were salvaged from discontinued high-capacity rotary presses to be issued for public use. The stamps from the rotary waste issue are well-printed, but were removed from production as they did not conform to regular standards, having different dimensions to the regular flat-plate which is caused by the curvature of the cylinder from which they are printed.

The examples at auction are known as the Perf 11 variety, due to the 11-gauge flat-plate perforator that was used to cut the rotary sheets into panes.

The 1c green (Scott 596) is waste from a vertical rotary printing, which makes it wider than the flat-plate varity. It stands as one of the finest of the thirteen recorded examples and is also one of five to be issued without a pre-cancel. Featuring a light machine cancel and boasting a deep shade of green, it is remarkably well-centred with good perforations.

Matched by just one other well-centred example without a pre-cancel, the rarity will sell with a $175,000 estimate.  

The section will also feature another 1c green from the Perf 11 rotary issue (Scott 594), which is waste from a horizontal printing - making it taller than the above "wide" stamp. Less rare than its vertically printed counterpart, the stamp will sell for $10,500 in extremely fine condition.

The auction will be preceded by part two of the Natalee Grace collection on September 19, following a successful first sale back in June.

Paul Fraser Collectibles' own collection also contains some incredible rarities.