This proports to be the 1935 Silver Jubilee Morocco Agencies 2 1/2d over print of 25c blue, SG-152, SC-70. However the 25C overprint is missing. I haven't been able to locate a reference for it, is this an error?
Morocco was a Spanish Protectorate until the French interfered and made most of it their protectorate. The British had established post offices in the country. Initially, they were administered by the Gibraltar Post Office. The GPO in London took over and started overprinting British stamps with Spanish currency. Later, they also overprinted in French currency for use in the French Protectorate.
The port town of Tangier was an international zone. And at some time, the most frequently used stamps were overprinted Tangier with the face value not being changed. Also, stamps like yours were overprinted "MOROCCO AGENCIES" only for use at the British post offices and in Tangier. Mail that entered the post at those offices remained under control of the GPO and, therefore, did not require a local currency overprint.
The 1935 Silver Jubilee stamps exist with all four overprints.
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