June 10, 2009

A Valuable Find

A book by Benjamin Franklin sells for more than half a million dollars

By Joyce C. Tang

For years, a dusty copy of Benjamin Franklin's Poor Richard almanac sat on the shelves of a historical society in Berwick, Pennsylvania. A few months ago, members of the group decided to find out whether the almanac was real. Not only was it authentic, the members discovered, it was also incredibly valuable. On Tuesday, an anonymous bidder paid $556,500 for the almanac, which was printed in 1773. The sale took place at Sotheby's, a New York City auction house.

Library of Congress/AP A page from the Poor Richard almanac.

Franklin and His Almanac

The Poor Richard almanac was a yearly publication of statistics and amusing information. Benjamin Franklin wrote the book each year from 1732 to 1758. Franklin was one of the nation's Founding Fathers. He signed and helped write the Declaration of Independence. Franklin was also an inventor. He is perhaps most famous for inventing the lightning rod. Lightning rods are placed on top of buildings to protect them from storm damage. Franklin came up with the idea after being struck by lightning while flying a kite during a storm. Today, Franklin's picture can be found on the $100 bill.

Franklin's almanacs were sold as pamphlets during Colonial times. People looked to them for weather forecasts and useful household tips. Franklin also included puzzles and helpful sayings in his almanacs, such as "A penny saved is a penny earned" and "Early to bed and early to rise makes a man healthy, wealthy, and wise." The almanac was a popular resource. Thousands of copies were sold each year.

Franklin used a pseudonym, or fake name, when writing the almanacs. He called himself Richard Saunders. The name was taken from an English almanac of 1654. The name Poor Richard was inspired by another British almanac, Poor Robin.

Herbert Orth/Time Life Pictures/Getty images The Poor Richard almanac was written by Benjamin Franklin from 1732 to 1758.

Pay Day for Poor Richard

The almanac sold at auction was one of only three known remaining copies, making it a rare find. At first, the historical society was told that the almanac was worth between $7,000 and $10,000. But the Library Company of Philadelphia, which Franklin founded, examined the book, and they determined that it was real. The estimated value rose to between $100,000 to $150,000. By looking carefully at the original binding, ink, and printing, experts could tell that the copy was indeed authentic. "It had the right look," said Selby Kiffer, an authority on American historical documents.

This was the second highest price ever paid for a book. In 1990, George Washington's copy of the Federalist Papers sold for $1.4 million.

Thomas McLaughlin is the president of the historical society that owned the almanac. He said it would be "a massive understatement" to say he was surprised by the almanac's final price.

McLaughlin said the group would use some of the money to renovate, or fix up, Berwick's 1860s-era city hall.

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