1903 US $5 Marshall (Scott #313)

The $5 John Marshall stamp, cataloged as Scott #313, is the crown jewel of the 1902-03 Series. Printed in dark green on double-line watermarked paper with perforation 12, this high-denomination stamp honored the fourth Chief Justice of the United States and remains one of the most desirable classic American stamps. With Scott catalog values starting around $2,100 for a very fine unused hinged example, it commands serious attention from collectors and investors alike.

The Man on the Stamp

John Marshall served as Chief Justice of the Supreme Court from 1801 to 1835, the longest tenure in that office. His rulings in landmark cases like Marbury v. Madison and McCulloch v. Maryland established the principle of judicial review and shaped the relationship between federal and state power. By the time the Post Office Department selected him for the highest denomination in the 1902-03 Series, Marshall had been dead for nearly seventy years, but his legacy as the architect of American constitutional law was firmly established.

The portrait used on the stamp is a formal engraving based on the well-known Henry Inman painting of Marshall. The Bureau of Engraving and Printing executed the design in dark green, a color choice that gives the stamp a dignified, almost somber appearance appropriate to its high face value.

The 1902-03 Series in Context

The Series of 1902-03 (Scott #300-313) replaced the earlier 1894-95 Bureau Issues and would remain in use until the Washington-Franklin series began replacing them in 1908. The set runs from the 1-cent Benjamin Franklin through the $5 Marshall, with each denomination featuring a different president or statesman.

The $5 Marshall was the highest face value in regular US postage at the time. To put that denomination in perspective, $5 in 1903 had the purchasing power of roughly $175 today. These stamps were not used on ordinary letters. They appeared primarily on heavy parcel post packages, registered mail with high declared values, and large commercial mailings. Because of their high cost, relatively few were purchased by collectors at face value, and far fewer survived in mint condition.

Technical Specifications

• Scott Number: 313

• Denomination: $5.00

• Color: Dark green

• Paper: Double-line watermark "USPS" (Scott watermark 191)

• Perforation: 12

• Printing Method: Flat plate intaglio

• Printer: Bureau of Engraving and Printing

• Issue Date: 1903

• Design Subject: John Marshall, 4th Chief Justice

Authentication: Spotting Fakes and Problem Stamps

The $5 Marshall's substantial value has made it a target for several types of fraud. Here is what to watch for:

Altered Stamps

The most common threat is not outright forgery but alteration of genuine stamps. Unscrupulous sellers may:

• Add fake perforations to wide-margin imperforate proof copies to simulate the issued stamp

• Remove cancellations chemically to convert a used stamp into one that appears unused

• Regum stamps by applying new gum to make them appear never-hinged

• Repair thins and tears with paper fills that are invisible to the naked eye

Watermark Verification

Every genuine Scott #313 should show the double-line "USPS" watermark (watermark 191). Check this with watermark fluid or a watermark detector. The watermark letters should be clearly readable. Stamps without the correct watermark are either forgeries or have been misidentified.

Color and Impression

Genuine copies exhibit a deep, rich dark green color with clear, sharp impression details. The fine lines of Marshall's portrait should be distinct under magnification. Faded copies may have been chemically treated. Compare against known reference copies or high-quality illustrations in the Scott Specialized Catalogue.

Expert Certificates

For a stamp in this value range, never buy without a recent expertization certificate from a recognized authority such as the Philatelic Foundation (PF) or Professional Stamp Experts (PSE). The cost of a certificate ($30-50) is trivial compared to the stamp's value and provides essential peace of mind.

Condition Grades and Market Values

Condition is everything with the Scott #313. The difference between a fine and a superb example can be thousands of dollars. Here is a breakdown of current market values:

Grade	Description	Unused, OG Hinged	Unused, Never Hinged	Used
Superb (98)	Perfectly centered, jumbo margins	$8,000 - $12,000	$18,000 - $25,000+	$3,000 - $5,000
Extremely Fine (95)	Near-perfect centering	$4,500 - $7,000	$10,000 - $15,000	$1,500 - $2,500
Very Fine (85)	Well-centered, even margins	$2,000 - $3,000	$5,500 - $8,000	$700 - $1,200
Fine-Very Fine (75)	Slightly off-center	$1,200 - $1,800	$3,000 - $4,500	$400 - $700
Fine (70)	Noticeably off-center	$700 - $1,000	$1,800 - $2,500	$250 - $400
Very Good (60)	Heavily off-center, design may touch perfs	$400 - $600	$900 - $1,400	$100 - $200

These values reflect the strong demand noted at recent major auctions. At a 2020 Kelleher sale, a very fine unused hinged copy realized over $2,600, well above the then-current Scott catalog value of $2,100. The market for this stamp has remained robust.

Centering: Why It Matters So Much

The 1902-03 Series was printed on flat plates, and the spacing between stamp images was tight. As a result, well-centered copies are genuinely scarce. Most surviving examples show some degree of centering shift, with the design positioned closer to one side than the other.

A stamp graded as Very Fine shows reasonably balanced margins all around, with the design clearly separated from the perforations on all sides. Anything graded Extremely Fine or higher is a serious rarity in this issue and commands a significant premium.

When evaluating centering, examine all four margins. Even a stamp with wide margins on three sides can be downgraded if one margin is tight. The PSE and PF both provide numerical grades that quantify centering, and these grades are now standard in the marketplace.

Gum Condition

For unused copies, gum condition dramatically affects value. The hierarchy runs:

1. Never Hinged (NH): Original gum with no hinge marks or disturbance. For Scott #313, a true never-hinged copy is rare and carries a massive premium over hinged copies.
2. Lightly Hinged (LH): Original gum with a small, light hinge remnant or mark. This is the most common condition for unused copies.
3. Heavily Hinged (HH): Significant hinge remnant or disturbed gum. Values drop considerably.
4. No Gum: Stamps that have had their gum completely removed, often to hide faults. Valued well below hinged copies.
5. Regummed: Stamps with replacement gum applied to simulate original gum. These should be priced as no-gum copies.

Be especially cautious about claims of never-hinged status for this stamp. Before the 1920s, collectors routinely hinged their stamps into albums, and truly never-hinged copies from 1903 are exceptional. If a never-hinged claim seems too good to be true, it probably is. Expert certification is essential.

Cancellation Types on Used Copies

Used copies of the $5 Marshall are more affordable and widely collected. The type of cancellation affects both value and desirability:

• Light circular date stamp (CDS): The most desirable cancellation type. A light, legible CDS that does not obscure the portrait can actually enhance the stamp's appeal. Premium over standard used prices.

• Registry markings: These stamps were commonly used on registered mail, and purple or black registry handstamps are typical.

• Heavy pen cancellations: These reduce value significantly, as they obscure the design.

• Precancel: Scarce on this denomination and collectible in their own right.

What to Look for When Buying

1. Always get a certificate. This cannot be emphasized enough. At $700 minimum for even a low-grade genuine copy, the cost of expertization is negligible.

2. Examine the watermark. Use watermark fluid or a digital watermark detector. The double-line USPS watermark should be clearly present.

3. Evaluate centering carefully. Under good lighting, examine all four margins. Use a perforation gauge to verify perf 12.

4. Check for faults. Examine the stamp front and back for thins (hold up to light), tears, creases, stains, and pinholes. Even small faults significantly reduce value.

5. Assess gum condition on unused copies. Use oblique lighting to look for hinge marks, gum disturbance, or regumming. Never-hinged claims require expert verification.

6. Buy from established dealers. Members of the American Stamp Dealers Association (ASDA) or American Philatelic Society (APS) dealer members are generally reliable.

7. Consider graded examples. PSE-graded stamps in sealed holders provide certainty about condition and are increasingly preferred in the market.

Investment Potential

The Scott #313 has shown steady appreciation over the past several decades. As the highest denomination in a popular classic series, it benefits from consistent collector demand. High-grade examples (VF or better, especially never-hinged) have appreciated faster than lower-grade copies, reflecting the market's increasing emphasis on quality.

That said, stamps should be collected primarily for enjoyment. The $5 Marshall is a beautiful stamp with deep historical significance, and it makes a satisfying centerpiece for any collection of early 20th-century American postal issues.

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