U436 With Wmk 32 "S" Broken?

Not sure if I am describing this correctly.
but bottom part of "S" in WMK is curled up.

From UPSS:
"Considerable variation in the size and shape in any given watermark can be noted since they were, until recently only bent wires soldered onto a brass mesh cylinder (the dandy roll). Some envelopes paper was produced with bent wires of a watermark being defective and only a portion of the watermark was impressed on the paper. These variations, while collectible, are minor production differences and are not listed..."

As said, doesn't mean it's not interesting or collectable. I would mount a picture of it with the envelope to hi-light the variety.
pat

Pat has provided a very good description/explanation. BTW that is watermark 29, not 32, according to both Scott and UPSS catalogs.

thanks Pat and bill! yes my mistake.