Description:

2d Grey, Watermark Inverted, a very fine example of this major watermark error, of which "ten used examples are recorded" (BW: Note 1) and none mint. Very lightly cancelled and the finest of the few examples we have seen. An important rarity of the Second Watermark series. BW:6a - $30,000.

Compares very favourably with the Arthur Gray example (Lot 335 in that catalogue, with violet oval parcel cancel and perforation added at lower right) which brought US$20,000 + commission, February 2007. The defective example in the Kevin Nelson collection (actually 3rd wmk, incorrectly described there) reappeared in the Hugh Morgan collection (again, incorrectly described as 2nd wmk) but was withdrawn before sale.