NSK, in the catalog "SIN BIENIO" is printed from bottom to top, and in this thread - is the opposite. Does it have any significance, like the place of issuing or type of usage?
I looks like stamps that had a validity of two consecutive years (bienio) were overprinted 'sin bienio' to make them permanently valid. Such overprinting must have occurred on individual stamps or sheets (probably the latter). Feeding a sheet upside down will result in such variation and is easily done.
Contacting the source of the document might be an option to get more information.
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