Michel catalog warns collectors
in bold print that catalog values for otherwise faultless Baden stamps of this and following imperforate issues are valued for examples with "
one or two margins cut close to the design" condition. (That is approximately the condition of the first stamp shown in this thread.)
If all four margins are clear of the design, catalog value increases by 100% (x2).
Thus, Baden Michel 4a used is valued in Michel at €200 (in Scott, $150) but this applies to an otherwise faultless stamp with 1 or 2 margins very close (almost touching) the design. If the same stamp has 4 clear margins, its catalog value is €400. If a margin touches the design on one side, its value is €100, etc. Rare postmarks add to the value, sometimes substantially, while very heavy or unreadable ones reduce value at least in half.
If one or two margins cut into design, value drops dramatically to 50%, to 25%, and further, depending on how many "touches" there are, and how deep they are. For me, any inperforate stamp that is cut into design is no more than a space filler waiting for replacement.
In imperforate (not rouletted) issues of Thurn and Taxis four clear margins can increase catalog value up to 400%.
In Swiss and French classic imperforate stamps, and especially in imperforate Italian States, this difference is even larger. For example, a Toscana stamp with only 2 clear margins can be had on
ebay for a few bucks, whereas the same stamp with 4 clear margins would cost you a few hundred or more than a thousand dollars.