That is part of the stamp sheets paper makers watermark.Your stamp is a margin copy.It has more value this way. Otherwise there is no WMK on these stamps.
I noticed that in the bottom right corner is the top part of the number 1 watermarks crown. Given your comment that it is normally unwatermarked, I need a sanity check, is this scott 38 unwmk. or scott 45 with the 1a watermark; but with the paper manufacturers WM also?
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