Quote:
Was there a reason for two color cancellation ?
The red marking is not a cancel
per se. It was an additional marking incidentally/accidentally struck on the stamp.
My best guess is that the red marking is a US "PAID ALL" marking indicating the postage amount was checked and was paid in full. Shown on this partial cover (not mine):

I would say there is no premium nor penalty for this additional marking on a loose stamp.