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I have #357 which is 3rd from the left on the 1st pic a 1 penny red, then I turned it over in the 3rd pic and you can see the watermark... it dosen't match the water mark for #357 which should be 103. It is watermarked with 111.
OK, since you are now switching over to the SG catalog, we will work with those numbers instead of the Scott numbers. However, you are repeating the same mistake in your ID process.
Please consider the fact that your stamp is NOT #357 in the Stanley Gibbons catalog because it is not watermarked 103. If it is not watermarked 103, then it is NOT from the first 1914 issue.
You are making the same mistake of insisting the stamp should be from the first 1914 issue, and then puzzling over why it is watermarked 111 instead of 103. The fact that it is watermarked 111 and has a lined background within the oval means it is from the 1924 issue, not the 1914 issue. Therefore, based on the pages shown by Horamkhet, your stamp is #419.
Any of those stamps watermarked 111 must be coming from either the 1924 issue (#418-429) or the 1934 issue (#439-449)
Hope that helps.
By the way, if the watermark on the 2d orange is sideways, then you did make a good find. Unfortunately, I cannot see the watermark at all in your picture of the backside.

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