Rare British stamp 'Plate 77 Penny Red' sells for over $700,000

Cairo, Mar 11: A rare Plate 77 Penny Red stamp, one of five used examples known to philatelists, bought by an unnamed British collector for 495,000 pounds sterling (over $707,000), the Guardian reported on Thursday.

According to the newspaper, Plate 77 Penny Reds, which date from 1863, became Britain's second most valuable stamp.

The sale was arranged by London-based dealers Stanley Gibbons, which said the Plate 77 Penny Red is one of only five used examples known to the world of philately -- another of which is held in the British Museum.

Another Plate 77 Penny Red sold in 2012 for 550,000 pounds sterling, making it Britian's most expensive stamp.

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