You are looking at a Scott #578 stamp. Made in 1923, this stamp has perforations measuring 11x10 (Rotary Press Printing). This Franklin 1 cent postage is in Very Fine condition with No Gum and has been Hinged.
In used condition this stamps catalog value is at $215.00
Some History:
Due to poor centering and other minor defects, a number of coil stamp sheets had been set aside as “waste” to be destroyed. Some of them had been perforated vertically or horizontally, while others had not been perforated at all. According to Bureau Director James Wilmeth, they had been “laid aside as mutilated because they cannot be made into coils on account of some defect.” Although these stamps were unsuitable for coils, they could be issued satisfactorily as sheet stamps.
In an effort to save money, which was still in short supply after the war, the Bureau decided to release these stamps in sheets. Numerous sheets of the 1¢ Green, 2¢ Carmine Rose, and 3¢ Violet had already been perforated top 10 vertically. They were then perforated 11 horizontally and issued with 11x10 perforations.
We are pricing this stamp 60% under its suggested Catalog Value!!
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Product code: Old US Stamp, 1923 Used Scott 578 top Perf. 11x10, Very Fine, H, Franklin 1 Cent Stamp, CV 215.00