malcolm197 17 Sep 2018 02:03:07am | re: GREAT BRITAIN INVERTED WATERMARK
Old stamps were often printed on hand-fed individual sheets rather than the continuous reel-fed printing of today. It was quite common for one or more preprinted sheet(s) to be stacked the wrong way round in the pile, hence finding its way through the printing process with the watermark inverted
This is not to be confused with (later) deliberately inverted watermarks for coils or booklets.
Malcolm
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