It appears to be spilled red ink as the last "a" is also cut off on the left edge and there's a lighter small spot to the right of the last "a" extending into the margin. An EFO.
Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Stamp Community assumes no liability for errors. Copyright 2005 - 2026 Stamp Community Family - All rights reserved worldwide. Use of any images or content on this website without prior written permission of Stamp Community or the original lender is strictly prohibited. Privacy Policy / Terms of UseAdvertise Here