EXTREMELY FINE GEM. THIS SUPERB USED EXAMPLE OF THE 50-CENT PERF 10 FRANKLIN ISSUE ON UNWATERMARKED PAPER HAS BEEN GRADED SUPERB 98 JUMBO BY P.S.E. -- THE HIGHEST GRADED AND ONLY EXAMPLE AT THIS GRADE.
The 50c on unwatermarked paper with 10-gauge perforations was available in post-office stocks for a very brief period in 1917, because it was released shortly before the introduction of the new Perf 11 series. Its predecessors -- the 50c Perf 12 on single and double-line watermarked paper (Scott 421 and 422), and the Perf 10 on single-line watermarked paper (Scott 440) -- were available for much longer periods of time.
With 1995 P.F. and 2005 P.S.E. certificates (Superb 98 Jumbo; unpriced in SMQ above the grade of 98, SMQ $1,600.00 as 98). This is the highest grade awarded to a used Scott 477, with none equal. There is not even an unused Scott 477 graded 98J or higher in the P.S.E. Population Report