(i) Top left serif of the "N" of "FRANCO" is broken away
from the letter.
(ii) There is no top left serif to the "E" of "POST ALE."
(iii) The inner frame line immediately to the left of the "S"
of "SCUDO" is complete instead of being broken.
My analysis is the following:
(i) In the genuine the serif is broken away.
(ii) The top left serif is sometimes very faint in the genuine.
(iii) The frame is complete in the genuine but can be found broken in the corner also.
I will add also in floortraders stamp:
(iii) The down stroke of the 1 has that particular slight curve at the start.In the Sperati its just a down stroke.
(iiii) The upper portion of the R in (franco) is not bulged out as in the Sperati.
(iiiii) The letters and printing is neat