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It's the small multiple crown over A watermark.
Totally agree itma.
Have seen a huge amount of these watermarks. To try and make this watermark anything else shows a total lack of experience when dealing with this watermark.
It is also the watermark I have made most of my mistakes on when I was learning about this particular watermark.You just do not get partial watermark errors as presented here. Simple as that.
But when it comes to watermark confusion try 1st, 2nd & 3rd single watermarks in the Australia Map & Kangaroo issues and then there is the colonies issues.If you are having trouble with KGV watermarks you truly are on an adventure of discovery.
Always Happy Stamping.