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Is it still a legal postage stamp?
Non-Euro stamps lost their validity in 2002, so it, certainly IS not a valid stamp.
The private perforation, however, did not invalidate the stamps
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Who had the right to perforate?
These stamps were printed by the FMNT in Madrid, after an order was issued that printing of postage and fiscal stamps, only could be done by the FNMT. They perforated the stamps.
However, imperforate sheets found their way onto the market. Someone decided to perforate those sheets. This did not invalidate them. There are enough examples of privately perforated 1 céntimo stamps. These were not perforated when issued.