Lot
501 
New Zealand, Postal-Fiscal, 1931, 25s greenish blue, Cowan paper, Single NZ & Star watermark, o.g., never hinged (small tone band on gum), bright color, well centered, Very Fine and choice. SG No. F159 £700 ($1,000). Scott No. AR60 $550 for hinged.
Realized: $170