I am often puzzled by the grading of bi-colored stamps like this. The grade is clearly based on the centering of the frame with little regard to the centering of the vignette within the frame - which is shifted to the left. In my mind, this stamp is not a "gem 100" due to its lack of the intended color registration - which detracts considerably.
I wished the OP would chime in and explain. John Becker noticed the centering of the vignette and the more one looks at this stamp the more shakier this PSE certificate seems. They certainly don't advertise in their favor with this grading job!
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