A New Zealand postage stamp has sold for $260,000 - the highest amount ever paid.

The stamp dates back to 1903, featuring a misprinted picture of an upside-down Lake Taupō.

A US buyer purchased it at a Mowbray Collectables auction. The last time it sold was in 1998, when it went to New Zealand Post for $125,000.

It originally cost four pence.

The stamp was last publicly displayed in 2005 at the Museum of New Zealand Te Papa Tongarewa's 'Stamped: Celebrating New Zealand's postal history' exhibition.

"The stamp was used in 1904 on a letter sent from Picton, Mowbray Collectibles said on its website. "It first surfaced in London in 1930, selling the following year at auction for just £61.

"It then vanished into a private French collection for half a century, only re-emerging in New Zealand in 1982, when it was displayed at the Palmpex exhibition."

Lot 801 Mint Penny Black example. Photo /  Mowbray Collectibles

Also sold were many of the world’s first postage stamps, the Great Britain Penny Blacks of 1840, including 302 examples which sold at $27,000.

The coin, medal and banknote auction on September 19 saw sales of $761,000, including medals from the New Zealand Wars.

One medal to Joseph Lacey, a sailor on the ship, HMS Hazard, which evacuated settlers from Kororareka (Russell) after the British flagpole was famously felled four times by Hone Heke, sold for $8000.

Lot 2 Coins and Medals: New Zealand Wars Medal 1845-46 to Joseph Lacey. Photo /Mowbray Collectibles

Two New Zealand war medals linked to the Battle of Gate Pā, a significant battle in Tauranga in 1864, were also sold at the national auction.

One medal was awarded to E. Drew of the 40th regiment, who fought in the Battle of Gate Pā, and sold for $1400 on a $1300 estimate.

The second medal was awarded to Charles Long of the 3rd Waikato Militia, who was also present at Gate Pā.
It sold for $1650 on a $1400 estimate.

Mowbray’s Collectables managing director, David Galt, said with a buyer’s premium added, the total price was $1970 and $1670 all up for the two medals.

“There was a lot of interest in these medals.”

Mowbray Collectibles founder John Mowbray said naturally they were delighted with these record results.

"While there is much talk of tough economic conditions, we did not see that in the New Zealand stamp, medal and coin markets this weekend. With both New Zealand and overseas buying strong, these are great results for both buyers and sellers.”

Mowbray said the Ministry of Culture and Heritage agreed the upside-down Lake Taupō stamp could leave the country, if sold offshore.

RNZ