guessing it picked up the lettering that exists on the edge of the sheet .. if you flip it 180 degrees, so that the CC is on top, then perhaps what you see are parts of the letters .. one of which is definitely an S
If there is value in it, it would require the full letters of the marginal watermark, not the partial letters. Otherwise, it does not add much value. Still, it is a nice variety to have.
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