New York N.Y., 5c Black, "A C M." Initials (9X1b var). Position 3, letters not connected and with period after "M" only, huge margins to clear including wide top sheet margin, tied by blue manuscript "X" and red "New-York 5cts. 29 Aug." (1845) integral-rate circular datestamp on folded cover to Philadelphia, red "PAID" arc handstamp at left, sheet margin a bit uneven, small wrinkle at top right, Very Fine and unusual initials variety, with 1991 P.F. certificate

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