One Cent Benjamin Franklin With I.r. Stamp

I found a book of stamps when I was a kid and I found this stamp it that stood out from the rest. I know they have cancellation stamps and I couldn't find out anything about the I.R. marking. Any help letting me know if it is rare or not would be much appreciated.

Welcome Davvvid to the forum. Your stamp is an Internal Revenue stamp issued by the US government for use on documents. Before issuing stamps specifically designed for the internal revenue, they overprinted I.R. on postal stamps to convert them to this usage. Not necessarily valuable, though it would be helpful if you could upload an image of your stamp for us to see.
thanks

edit- well, let me rephrase that. Meaning I got it wrong.
I think the stamp you are speaking of, and again it would help to have a picture, is the 1898 issue, where postal stamps were overprinted.
There were previous revenue stamp issued before this, but that's what I get for shooting off my 'mouth' before checking the catalogue.
My bad.

When the Spanish-American War started, several taxes were reintroduced. This necessitated a new issue of revenue stamps called the Battleships, among others. However, when the new taxes began on July 1, 1898, there were insufficient quantities of the new stamps available, so the government took stocks of the than current one cent and two cent stamps and overprinted them I.R. for revenue use to fill the gap.

Thanks for your help guys. I will try to scan and put it on when I get a chance.

There is also a one cent stamp with a smaller IR overprint as well.

and I believe the periods are round also correct?