Great Britain 1840 1d black Plate 1b (watermark inverted), SG2wi.
A very fine used good to large four margin example lettered "SA", neatly cancelled by a complete red Maltese Cross.
Scarce watermark variety on the penny black hardly ever seen in this quality.
GB Specialised Catalogue No: AS5l.
Accompanied with a 2011 Royal Philatelic Society (RPS) Certificate of Authenticity.
SG Catalogue Value: £1,800.