KGV Perfins.

I may be wrong but I thought when perfins are done to strips the position of perfins on the stamps are normally on the same positions. Notice these two connected stamps which the perfins read as M&S and M are in different positions on both the stamps.It is to an extent the perfins have been punched to the edge and one to the center of the in between perforations. The M in the center of the right stamp also looks like double punched.All feedbacks and inputs appreciated.Thanks.

Many companies and businesses did their own perfins so "inconsistencies" could arise depending on the operator

There were a number of different makes and models of machines for making the perfins. Like precancels, the devices perforated varying numbers of stamps at the same time. Repositioning a pane without careful alignment will create the wandering effect. Some perfins even fall off the stamp with less than a full insignia present.