This is a New Zealand 3p Huia (Sacred Birds) stamp with a double-lined NEW ZEALAND watermark. A partial N and D are seen.
The stamp is perf. 11, so according to Scott, it must be unwatermarked (Scott 89, 1899) or watermarked "N Z" and Star Close Together (Scott 112, 1902). I suspect I'm seeing a marginal watermark not meant to appear on the stamp itself.
So, my question is, which stamp do I have? I'm going to create a custom album page and want to get the facts straight.
As always, responses will be greatly appreciated.