Australia KGV 1923, 2d Red, Single Watermark, Variety 16R9, First State, (Shade break left of Left Value Shield) in Fine Used condition with no faults. Centered low and right with a circular datestamp cancellation, (MAITLAND, NSW, August 1923) clear of the variety. This unit develops a flaw in the top frame at left in the Second State of the variety. BW96(16)p.
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