James Madison, the fourth president of the United States, is the subject of the 2-dollar stamp. The design was created for the 1894 First Bureau Issue.
The bright blue stamp can be difficult to find unused and well-centered in the unwatermarked printings. The distinctive dark blue sub-shade of the watermarked printings is very attractive. Only about 10,000 of the unwatermarked and 31,000 of the watermarked printings were ever issued.
There are known examples 'on cover', but non-philatelic uses are extraordinarily rare. Used stamps are relatively easy to find. Heavy overseas mail was the most common usage. It is also likely that the 2-dollar stamp was used more frequently for internal Post Office Department accounting than for common postal use.