I was going through some Wash Franks, trying to validate their identification. While discovering how many were misidentified by myself as a novice or by whoever sold them to me, I found three possible perf 10 coils (could be altered from sheet stamps) with vertically-reading watermarks. Each has an "S" watermark (what I believe is the 5c blue's WM is partially cut off at the bottom margin, and has a partial "P" at the top margin). Sorry about the WM quality on the scan. The 2c and 4c were more obvious in person.
I thought that vertically-reading watermark letters indicated it came from a booklet stamp, but all three of these have large upper margins--larger than I have yet to see on a booklet stamp. Anyone able to tell me what I'm missing??? Can sheet Wash-Frank stamps have vertical WMs, too? Thanks!

