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Why so much postage on this 1955 cover?

Is this really the correct rate for airmail in 1955??

Recently we picked this beauty up from eBay and at first glance, you might think ‘you’re mad, look at the state of it’ but we didn’t buy it for its aesthetics.

The key to this cover is why there is $1.40 of postage on this cover when standard air mail barely costs that much today. It is in a standard sized envelope and there is no indication that it was attached to a larger parcel of any kind, but whatever the reason we find it quite appealing. It’s now going in the collection as a curio and an unsolved riddle, unless you know better….?
PS – We also like the fact that the queen only looks one way, apart from the bottom right hand corner when she faces left!

Jonathan:
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