2 different position of the watermark variety: vertical and much rarest horizontal one (1:15 ratio). Watermarked varieties are not catalogued and not listed in any known to us catalogues. CTO never hinged, original gum. No major defects, very fresh, please see all scans for details (images are parts of description, please examine high resolution scans provided for perforation, centering, discoloration, stains, etc).