6 May 1840: the launch of the Penny Black stamp

Britain's postal system underwent radical reform on this day in 1840, with the Universal Penny Post and the Penny Black stamp.

In the first half of the 19th century, the postal service was something of a mess. It was expensive and confusing, and was widely seen as corrupt.

Postage was paid by the recipient, with the amount to be paid dependent on many things, including distance travelled and the number of sheets of paper the letter contained. Many people, including Members of Parliament, had the right to send and receive letters without payment.

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Ben Judge

Ben studied modern languages at London University's Queen Mary College. After dabbling unhappily in local government finance for a while, he went to work for The Scotsman newspaper in Edinburgh. The launch of the paper's website, scotsman.com, in the early years of the dotcom craze, saw Ben move online to manage the Business and Motors channels before becoming deputy editor with responsibility for all aspects of online production for The Scotsman, Scotland on Sunday and the Edinburgh Evening News websites, along with the papers' Edinburgh Festivals website.

Ben joined MoneyWeek as website editor in 2008, just as the Great Financial Crisis was brewing. He has written extensively for the website and magazine, with a particular emphasis on alternative finance and fintech, including blockchain and bitcoin. 

As an early adopter of bitcoin, Ben bought when the price was under $200, but went on to spend it all on foolish fripperies.