Hello. The watermarks also appear inverted, there is also another one with the smaller printing frame. These are the 5 standard varieties; Michel numbers. Regards.
Michel 45AZ, essentially is an error, whereas 76AIZ was intentional. The former resulted from feeding the printing sheets inverted into the printing press. The latter was printed for use in booklets. 76DII is a photogravure issue whereas the others were typography issues. The size is a good help for sorting out the photogravure stamp.
Many values with the e watermark were issued from booklets and exist with upright and inverted watermarks. The 5d printed in photogravure also does, but this is a slightly different stamp from that issued in sheets. All values with the Se watermark exist with inverted watermarks. Most, however, were due to incorrectly feeding the sheets into the printing press. Only the lowest values were printed for booklets with upright and inverted watermarks. Of course a few of the coil stamps occur with inverted watermark intentionally.
The ones not issued in booklets or coils are the treasures as they are rare, especially with the Se watermark. It is great if you have those.
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