Hi Rob. I did a little more research, and stumbled upon another Australian website that had some excellent examples of the various stages of the Pantaloon Flaw. It is located toward the end of this longer thread (by Poster PhilipAdams):https://www.stampboards.com/viewtop...f=10&t=22147
In my opinion, I have something close to the second state of the Pantaloon flaw as evidenced by:
"(a) The joined lines are more extensive and prominent (A).
(b) The short vertical line has developed into a small flaw (A).
(c) Signs of a flaw on the solder's pantaloon are just discernible (A).
(d) Flaw on soldier's arm is more developed (B)."
I think the key is that the lines at the base of the tree are joined. Your sample shows the same effect, but an obviously larger color flaw on the pantaloon. What I don't see from your picture is the Flaw on the soldier's arm, which should be quite easy to see. Note that on all other copies of this stamp that I own, none have the joined lines.
Here is the same picture with arrows pointing to the Joined Lines at the base of the tree.
What do you think?