The stamp is a rotary press horizontal coil, either a type I 493 or 456, probably the former. A 456 would have a vertical (sideways to the design) watermark. The watermark on flat plate coils would be horizontal, aligned with the design.
The rotary press stroke perforators used at the time were known to produce misaligned perforations. Fairly dramatic examples are not difficult to find. The attached image is a type III unwatermarked 488 line pair.
Clark
