This story begins with the issue of the 1933 Newburgh Peace commemorative, Scott #727 U.S. Postmaster General James A. Farley removed a bunch of first run sheets of #727 from the printing presses before they were gummed or perforated, and autographed them. He gave these stamps to President Franklin Roosevelt, Interior Secretary Harold Ickes, the President's secretary Louis Howe, various Post Office Department officials, and each of his children. Farley continued this practice with other new stamp issues.
These ungummed and imperforate stamps were not available to the public. Farley was creating precious philatelic rarities and distributing them to his bosses, friends, and relatives. Needless to say, the philatelic community was outraged.
Interesting fact---the Post Office came up with a solution. They re-issued the sheets that Farley created in large enough quantities to satisfy the public demands.
Below is a few of the stamps involved in "Farley's Follies".
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