The first stamps of Bermuda were produced by Hamilton Postmaster William B. Perot in 1848. They are known as the Perot provisionals and have Perot’s signature in the middle of the stamp. They also have Hamilton across the top and Bermuda across the bottom. He removed the date and day from his own hand stamp and replaced it with “one penny” and “W.B. Perot”. Only 11 pieces of this stamp have been found. Most of them are owned by European royalty, including Queen Elizabeth II. In 1981, the value of such a stamp was US$ 115 000. In 2015 one of two known covers to feature the stamp was put up for auction and was then estimated between US $ 100 000 and 200 000. The record for a Perot provisional stands at $210 000 paid in 1980.