IBFS - this is a fairly common cancel for the $1 (to use $1 back then it had to either be heavy or pay for an expensive service like registered). They are often heavier and obscure the design more, so as registered cancels go this isn't a bad one.
ok, Kevin... I'll bite... here's your stamp flipped vertically with the cancel a little more emphasized... dual ovals very prominent... no comparison to the other stamp...
I Brake For Stamps, the vast majority of used Scott 342's have either a (1) double oval registry cancel, (2) a double oval parcel type cancel, or (3) a Philadelphia PA precancel. There are of course others, but these three are by far the most common.
This one appears to be a double oval registry cancel (with "RE" of the "REG" showing in the center.) It's a very common marking for the period, especially on higher denomination stamps like this.
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