Sassone gives catalogue values of 40 Euros for inverted watermarks on this 1908 issue for 25c, 40c and 50c values (Scott 100, 104, 105, Sassone 83-85).
I get the notion that Italy had some issues with Quality control during the watermark stage. After going threw some of the stamps I noticed It seemed more rare to find ones matching the example #277 In the 2010 Scott's Country's of the world G-I
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