New Zealand 1935-36 3s chocolate and yellow-brown, SG569ay watermark 43, perforations 13½x14, variety watermark inverted and reversed from the experimental 'wet' printing.
A lightly used example, which is a little off-centre (as often seen), otherwise fine quality example in all other respects.
A scarce watermark variety with only 3,000 printed and rarer used than mint.
The Stanley Gibbons catalogue value is £475.
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