This German stamp depicts Kaiser Wilhelm II giving a speech in 1896 to mark the 25th anniversary of the German Empire.
The definitive stamp was first issued in 1900 and remained in use in several printings, on unwatermarked and differently watermarked papers, until the end of the First World War. Because of its high denomination, it was printed in sheets of 20. During the First World War, however, one sheet was fed into the press in the wrong orientation, leaving the frame and central image inverted relative to one another. The error went unnoticed and the stamps entered circulation, turning this variety into one of the most valuable rarities of German philately.
Württembergisches Auktionshaus described a particularly fine example of the Kaiser Wilhelm II inverted-centre error as one of the most valuable stamps in German philately; it sold at auction in October 2015 for approximately $40,200. Another example with fresh colours was offered by Felzmann in March 2016 and sold for $60,790.
Source: https://www.si.edu/