Eiger,
with respect, you should always offer full descriptors, when seeking ID.
Here, we are missing the Perf guage?
It is, as Bobby explained, Crown over "NSW"
however, there are two types 1 with 1mm gap, the other 2mm gap,
The perf guaging may offer a solution.
(see fig 17 and fig 19 in that watermark sheet I posted)
Quote:
Maybe it's the th from south. That would make a very large stamp of New South Wales though.
It is, the double lined letters on the dandy roll, go the entire frame of the print / pane, so only partially hits each margin stamp.