Inverted watermarks are listed in Gibbons, but only partially in Scott. For the first issue of George V (single cypher watermark), most are worth substantially more than a regular copy. For the block cypher, values are about the same. Don't confuse them with the sideways watermark, which indicates printing as a coil, and in a few cases, as a booklet pane; those are listed in Scott.
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Posted 03/09/2013 07:23 am
