The finest known example of the 1865 Vancouver Island 5c Rose will star in Spink Shreves' auction of The Fordwater Collection of Canada and BNA Colonies on June 27 in New York.

Vancouver Island began issuing its own stamps in 1865

The imperforate stamp is a key rarity of Vancouver Island and this example is considered one of the finest extant, warranting an estimated value of $40,000.

The stamp has its origins in 1860, when British Columbia and Vancouver Island jointly issued stamps valid in both colonies. Denominated at 2 ½d, the stamp was printed by De La Rue in a rose colour depicting Queen Victoria in profile.

In 1862, Vancouver Island then changed to decimal currency, selling the unified stamp at 5c. This resulted in the stamp being sold in both 5c and 2 ½d, before Vancouver Island issued its own 5c and 10c stamps in September 1865, of which the item at auction is one of the finest examples.

The example at auction shows clear margins all around with a rich colour and detailed impression. Retaining its full original gum, it is regarded as the second finest mint example in existence.

It is accompanied by a 1979 BPA certificate.

Also starring in the sale is an example of the one shilling red violet from New Brunswick's first issue, which arrived in 1851. In the unusual diamond shape and in good condition, it will sell with a $30,000 estimate.

Paul Fraser Collectibles is currently offering the greatest Canadian rarity, The Black Empress. A unique example of the 1851 12d Black, Charles Shreve said of this example:

"I've been in the business my whole life, four decades and I've never seen a stamp of that rarity or that age, a classic stamp, in that perfect a condition."