1850-51 (1 July) "Cotton reel" 4c. black on pale yellow pelure paper, cut round, initialled "WHL", a used example neatly cancelled by a virtually complete Demerara cds, slightly washed colour as often seen and some ty[pical creasing (inevitable with this very thin and unsuitable paper) still a sound example of this classic rarity and superior quality to the DuPont (2014) example which had smaller margins and a tear, though realised €96,000. Cert B.P.A (2016).
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