The circular die series was in use from watermark 19 (1915 contract) until watermark 43 (1949 contract). However, I believe only the three 1915 watermarks need be considered for your envelope, as "war paper" seems to be gone by the 1919 watermarks (counter examples will now hit my inbox bulk rate). With that large size envelope, there should be other examples of the watermark, but the one you provided looks like the top right (W20).
