John Mathews (Editor of Private Perfins of Australia) classifies it as IOA.2, VC (very common), Insurance Office of Australia, 37 Queen St. Melbourne, VIC.
It was used on Australian stamps and NSW duty/revenue/customs/other stamps from 1919-1962.
https://www.fairdinkumstamps.com Fair Dinkum Stamps - Specialising in stamps from early Australia and the colonies, Australian philatelic literature, catalogues, stockbooks and accessories.
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