A penny black is a very old postage stamp from the United Kingdom. It was the world's first postage stamp, and it was used to send mail from one place to another.
Some grown-up people are interested in learning more about penny blacks and how they were used. They look at old letters and envelopes to see if there are any penny blacks on them. They also study the history of penny blacks and the people who made them.
These grown-up people call what they do a "research project." It's like doing a really big puzzle that helps them understand more about penny blacks and their importance in history.