You are right Casey, inverted and reversed, the A is on its position.
SG defines watermarks as seen from the front. This reads AGE from right to left from the back, hence, from left to right from the front.
I think fairdinkumstamps points out that the marginal watermark was inverted in the bottom margin.
Would make it a displaced (downward) printing on a normal watermark? I.e., is the bottom marginal watermark mirrored or rotated from the top one?