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Rare British Guiana stamp sets record at New York auction

18 June 2014 Last updated at 07:01 BST

An exceedingly rare 19th Century postage stamp from a British colony in South America has sold for a record $9.5m (£5.6m) at auction in New York.

It took only two minutes for the British Guiana one-cent magenta stamp to be sold to an anonymous bidder.

Mariko Oi reports.