AUSTRALIA - KGV - Single Watermark 4d Carmine-Rose Colour Trial on thick ungummed, unwatermarked paper, initialled E in red on reverse, BW #111PP(1)F, fine, Cat $20,000. Dealer Phoenix Auctions Auction Starting Price: 11500.00 AUD (via Philasearch.com: Phoenix 25th Auction - George V Period Auction - item 9381-A25-1591)
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