Hong Kong, 1863-71 watermark crown CC perf. 12 ½ 4c. slate horizontal pair, variety watermark inverted, showing unpunched out perforation chads at top and sides and between the two stamps, boldly cancelled “S1” in blue, rich deep colour and well centred, couple short perforations at right mentioned for accuracy, very fine and extremely rare, probably unique, pair. S.G. 9fw, Z773a var. Estimate 70,000 - 90,000
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