Washington Head
Denomination in Numerals
"2 CENTS"
Compound Perforations

Scott 540
Fantail Variety

Type Check - If your stamp is perforated 11 x 10, you must determine if it is Type II or Type III .  Don't waste a lot of time on this, it most certainly is type III, the type II is very, very rare. The example shown is a bottom margin copy, commonly known as a "fantail", a popular variety of this stamp.

Caution

Scott 423B and 423E are candidates for fakery, since they are relatively easy to manufacture from the imperforate Scott 409 or by reperforating two sides of a 425. However, they are so rare that a fake would hardly escape detection. In the 2004 sale mentioned below, typical prices realized for the 423B were in the $5K to $10K range. The 423E is perhaps the rarest U.S. stamp, with only one copy known. There is perhaps less debate over this stamp than the other unique U.S. stamp, the 24¢ Continental, which is assumed to be a Continental by virtue of its ribbing. As far as your editor knows, there is no dispute over the 423E. Compare this uniqueness with the 1¢ Z-Grill of which two copies are known, one of which was recently traded for the invert Jenny plate block which sold in a recent Siegel auction for nearly $3 million with buyer's premium. The Chesapeake Collection of U.S. 1914 Compound Perforations, June 12, 2004, Robert A. Siegel Auction Galleries Sale 877 is an important reference auction catalog and includes a large collection of these 1914 compound perf stamps, as well as an illustrated census of each. Note that the 1914 compound perforations were "elevated" by Scott from error status to major number status in 2003, meaning that they are now considered regular production stamps, albeit exceptionally rare, and not error stamps. One can only guess how much the perf 10x12 two cent Scott 423E will bring once it is fully realized that  no U.S. collection can be considered complete without its presence.

Scott 539 is also very rare, especially in used condition, of which only 8 copies and a block of four are known. The toughest fakes are made from Scott 491 and 454, by adding fake perfs to the top and bottom. Scott 491 is a rare stamp in its own right and does not make a good candidate for such tomfoolery. Scott 454 was printed on single-line watermarked paper and is also a poor candidate, but it is possible to find a stamp with a very weak watermark that may pass detection. It is also possible to make a fake from the Type III stamp of this issue, Scott 540, by removing the extra line in the ribbons (see Type II or Type III ). Other fakes are possible, none very likely to fool anyone with a perf gauge and a watermark tray. It is probably worth noting that some fakes were made by adding perforations to the perf 10 Type II coil stamp, the 487, but since this was a vertical coil, the resulting stamp is perforated 10x11, a stamp which simply does not exist! If you should run across a two cent stamp perforated 10x11, that is 10 at top and bottom and 11 at the sides, you can rest assured the stamp is a fake. At this point it is probably needless to say, the Type II rotary Scott 539 should not be bought or sold without certification. 

Scott 540 may be faked, but the only type III rotary stamp that can be used to manufacture the 540 is the 492 coil stamp. If perforations are added to the top and bottom edges, the stamp will be too small and at best will make a poor copy of 540, worth less than the stamp from which it was made. If the stamp is perforated 11x10, is rotary (and almost certainly type III), you can rest assured it is Scott 540.

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