New Zealand 1902-07 4d blue and ochre-brown, perforations 14, watermark 43, variety watermark reversed, neatly cancelled by bold part Christchurch circular date stamp, SG322x.
A fine used example of this attractive stamp depicting Lake Taupo and Mount Ruapehu. Scarce with the watermark reversed variety.
The Stanley Gibbons catalogue value is £100.
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