I agree with where I think Dan is headed, the uneven application. The area around the E of overprint ZONE is interesting, like something has drawn the heavier ink to the overprint. Don
There's no gum on the back, no staining either. There's no sign of coating on unlinked area. All inked areas are affected, it's just heavier at the top. Weird. What makes me think this is something done after is that it affects both the intaglio as well as the overprint. Don - I'll show you in person. It reminds me of thermography - the fused plastic ink you used to see on business cards.
First, it's a Panama stamp underneath the CZ overprint. It is a product of American Bank Note Co.
I would say it's just thickened ink. Varnish ink or those that some people consider varnish ink should be visible all over the design, even in the lighter/thinner shading lines. Maybe it's just the scan but I don't see that.
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