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Printings 12s6d

Script watermark

July 1932 (1,521 1/3 sheets)

Specimen A (common) B (rare)

Head: bluish grey paler and duller than A
bluish tint (diagnostic)
Frame: paler and duller than A
Yellowish-Orange
Paper: coated, usually pitted uncoated
Watermark: invisible or barely visible

'

January 1934 August 1934 May 1935
{512 sheets) (488 sheets) (525 sheets)

Head: blue grey {diagnostic) grey light grey
more blue/intense than July 32
Frame: much deeper than just slightly duller than pale
Yellow-Orange Yellow-Orange Yellow-Orange
Paper: coated, usually pitted coated, usually pitted coated, usually pitted
Watermark: invisible or barely visible invisible or barely visible invisible or barely visible