This is quite a famous error. The original (1935) version of the stamp has the rope not joined to the sail, as in your stamp. Gibbons refers to it as Type I. Type II appeared in 1937, with the rope joined to the sail. Unfortunately, the Type II (rope joined) is the good one: it's £6 used, against 40p for the Type 1.
Found some information about the stamp in Stanley Gibbons Commonwealth & British Empire 1840-1970 catalogue.
There are two types of this stamps, where type I the rope is not joined to the sail, valued at £0,40. Type II is joined to the sail, and is valued at £5. You could also check the perf, normally it should be 12x13, but if it is 13x12 it has a quite high catalogue value.
Not an area I collect though, so someone is bound to know more about the stamp than I do.
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