The stamp is a type III with questionable perforations. The bottom margin perforations look bad and the right and left margins are not wide enough. It is likely that the stamp was a 492 type III perf 10 rotary coil reperforated 11 on all four sides.
Before condemning the stamp, the perforations should be examined in person by a qualified expert. PSAG will be at StampShow in August and CHICAGOPEX in November. The stamp can be sent in for expertizing to APS, PF, PSE or PSAG or to Bill Weiss for a quick lower cost evaluation. Even if the stamp comes back as a 546, it is unlikely to end up with a clean cert.
Check where the cancellation crosses the perf holes. If you can magnify, then if the inside of the perf hole contains black ink if may not have been re-perfed on that side? However it could be touched up as well. A sloppy faker will just re-punch the perfs. The perfs look so ugly they may be ok? Like crfphoto said - Cert to be sure. Just something else to look at.
Just for the heck of it I measured one of my 546's. Measurement from the bottom of the perf holes width and height of the stamp. What I came up with was about 20 1/2mm Width and just under 23 3/4mm Height. See how yours compares. Does look a bit tight in the picture. I would think if you are way off that does not bode well? Once again just something to look at - may be worth nothing.
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