1925 10k dark blue, perf. 14 3/4x14 1/4, well centered with wide margins all around, n.h. and post office fresh, v.f., with 2013 Victor Liapine certificate. A mint, never hinged condition rarity from the Soviet Union, considerably under-catalogued. Only a few exist (a similar example last sold in our 2012 sale for $18,500 plus commission) cat. $10000 (Cat No. J16a) (Image)

Cat. $10000, Est.$15,000