It Appears That The Number "N16" Was Used For Two Different US Newspaper Stamps. Why?

I have what I think is an N16 US newspaper stamp, unused with no gum. Denomination is 50 cents. I just got a set of 2008 Scott's catalogs, and there are two listings for N16. One is for a 25-cent stamp and other is a 50-cent stamp. Am I reading something wrong? Did the number get changed in the 12 years since this catalog get printed?

According to my catalog, the value of this stamp is $525 with no gum. I did not find any examples of recent sales of this stamp on E-Bay or Hipstamps. What is its current catalog value? Just asking out of curiosity, because I'd guess with a CV of $525, I might be able to get $100-150 for it, and at that price, I'd prefer just to keep it.

N16 is the design type. The catalog number starts with a PR. Likely a PR119, catalog value $8.50 with no gum.

N16 is the stamp design classification. Design numbers are not unique. The N16 design is used for 4 different stamps with catalogue numbers PR106, PR107, PR118 & PR119. It is the catalogue (PR) number that is usually unique. Since your stamp's denomination is 50 cents, you have either PR107 (no watermark) or PR119 (double-line watermark).
Added: I see that eyeonwall was also answering your question while I was typing mine. In my 2021 catalogue, the catalogue values for no gum stamps are $875 (PR107) and $8.50 (PR119). As eyeonwall pointed out, your stamp is most likely PR119. But it would be worthwhile to check the watermark ... double-line watermarks are usually fairly easy to see.
Added: I gather from your question that you are probably unfamiliar with Scott catalogue practices. I would guess that the $525 in your catalogue is, like my $875, italicized. Whenever Scott deems that they have insufficient data to ensure that their value is reasonably accurate, they print said value in italics, thereby alerting the catalogue user that the value may be suspect. You will also see that the values for PR119 are not italicized. Values in italics are usually for stamps that, at best, are sold infrequently.

Thanks very much! I'll check my stamp. I'm getting back into the hobby after a break of several years. I'm sure there's a fair bit I've forgotten.