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It is #0000001 though! Always a silver lining.
Heh. You got it right off the bat. After I bought it at COMPEX on Friday I showed it to several different dealers, and two of the dealers didn't even notice the serial number and wondered why I would have bought the stamp, since 20th century revenues really are not my thing. Estimates as to its value are ALL over the map, as no one had seen a #1 on the reds before. It's probably an item with very narrow market appeal, at least as far as premium. For example, there's a subspecialty amongst currency collectors that collect #1s, low numbers, mirror (palindrome) serial numbers, etc.
There are 444 total years and denominations within the "reds". There can be at most one #1 per denomination, so there are at most 444 #1s across all the reds in existence... who knows how many are extant. I've never seen one before.
As far as rarity, a #000001 is no more rare than any other number combination, same as with a currency serial number. It just has to do with the aesthetics or "importance" of being the first.