It's called an albino. The envelope was behind another when the color ink was embossed so the impression is there, but sans color. They are interesting, but not necessarily that rare. Actually to see an used one with the Hold for Postage handstamp is nice. It does have a small modest premium over a regular envelope, $5-$10 perhaps, but there are condition issues which can lower it.
Why the Hold For Postage? Because it's an Albino? I would think the original postage would have been covered when the envelope was purchased even though it has no color.
The albino impression was probably missed at first. Since there is no sign of postage due having been paid or a stamp applied, presumably it was pointed out to someone.
Wouldn't you in effect be paying the postage twice on the envelope though since you paid the postage already when you bought the envelope? I assume it would have been a larger lot/box since the defect was missed and it was sold to someone.
Often, a clerk will give it the crayon treatment (as in the blue envelope below, spelling "OK") when either they recognize an albino, or the sender alerts them that the envelope is valid.
Some senders try to head off the crayon (top one).
Orders from the Post Master General to local postmasters were to accept the albinos as legitimate issues, not as postage due, unless the albino underpaid.
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