$5,000 Documentary Second Issue revenue stamp trial color proof
The $5,000 revenue essay is technically a proof of an un-issued value. The Office of the Commissioner of Internal Revenue approved the $5,000 revenue stamp's design on June 24, 1872. Its colors were to be red orange, dark green, and black. However, since there was no call for the $5,000 denomination, no stamps were printed from the die. A combined total of twenty-six proofs and trial color proofs exist, eleven of which reside at the Smithsonian National Postal Museum.
Prior to 1871, the largest denomination revenue stamp was $200. This presented a problem for the very largest commercial transactions, generally railroad mortgages. In 1871, a $500 stamp was issued. The $500 value apparently satisfied the needs of commerce because only 204 copies of the stamp were issued before the majority of Civil War-era documentary taxes were repealed.
Joseph Carpenter, proprietor of the private company holding the printing contract, wrote to the Treasury Department, "I send you the $5,000 stamp approved in the colors in which it is to be printed in case we have an order for this stamp - a very improbable contingency." The $5,000 stamp would have paid the tax on a $5,000,000 mortgage, an enormous sum of money in the 1870s.
This is only copy of the essay printed using a color combination of dark blue, dull red and black. The essay is mounted on card.
Kingsley, T.C., 1993. The Legendary Persian Rug: And The Other High-Value Civil War Revenue Stamps. Pacific Palisades: Castenholz & Sons.
Toppan, G.L., H.E. Deats and A. Holland. 1899. An Historical Reference List of the Revenue Stamps of the United States. Boston: Boston Philatelic Society. Reprinted as The Boston Revenue Book. Lawrence, MA: Quarterman Publications, 1979.