FEDERATION
![Lot 9516](https://auktion.reinhardfischerauktionen.de/media/cache/lot_main/51/519267.jpg)
Lot 9516
Opening bid
120
€
15 Pfg posthorn, variety: watermark 4Z, in perfect condition mint never hinged, margin piece, unsigned, copy of a certificate (for block of four) Schlegel BPP: "the quality is perfect. ", Michel 500.- (without valuation of the side margin)
For lots of the clearance sale we accept underbids up to 30% starting price - if there is no higher bid!