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The only perf 11 I see is on the upper right stamp.
Scott C445 (the common one) and C471A (the rare one) are both perf 14 only, so where does perf 11 come from?
Further, C471A only exists mint, originally a find of 2 sheets of 50 with no more reported since. No used are known. I would be suspicious of this being a purposefully issued stamp. As evidenced by the auction prices achieved, collectors seem to regard this to be more in the modern EFO category. As for the Hipstamp listing, good luck to a buyer of that.
Watermarks of this period can be hard to see because of the variety of papers possible, particularly with definitives/regular issues. To learn how they look, try some commemoratives of the time period first. There will be two very similar ones, MEX-MEX with eagle in circle (MEX intersects the circle on two sides. Scott watermark 300) and MEX with eagle in circle (MEX only appears once with each circle and does not intersect it. Scott watermark 350). The commemoratives will have one or the other watermark. And yes, if you don't have enough of the entire watermark visible on a specific stamp, these can be hard to tell apart.