This is clearly watermarked paper. It's obviously not silk or pink, so it can only be either old or watermarked. Old paper is thin and hard and would never have all these extra perf discs. Watermarked paper is very thick and soft, and often has them.
The information at the top of the above post comes from a reference work colloquially known as the Boston Book, which though 116 year old, is hardly antiquated. Although not perfect, it has much valuable information and is frequently used by revenue collectors today. Like several of the companies that produced Private Die revenues, John Henry was a wholesaler as well as a retailer, and was one of the larger and more well known medical wholesalers around.
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