Question: I have a letter dated Aug. 3, 1844. It is a sheet of paper that was folded and addressed. There is no stamp, just a signature and some initials written above the signature. Could it be that the postmaster canceled the letter by his initials? Does it have any value?
Answer: You have what is known philatelically as a stampless cover. Before the use of adhesive postage stamps became widespread in the United States in the 1850s, stampless covers were the customary way to send letters.
A person of the pre-stamp period merely wrote a letter on a sheet of stationery purchased from a local stationer's shop, then folded it, often sealing the edge with wax, and writing the destination on the blank side of the sheet. Then a handwritten or ink-stamped postal marking was applied with notations usually showing the town of origin and the rate of postage in cents.
The fact that the letter is old doesn't mean much. Most stampless covers of the 1840s sell for a few dollars each, especially if from large towns such as New York or Philadelphia. If the town is less known, or if inside the cover is an exotic written message, such as war information, gold-rush tales or whaling descriptions, then a stampless cover can be of value. Likewise, it is of some worth if written by a famous person.