1st Watermark
#47
Issued 25/3/13 Grey & Pink. Varying towards black and rose-pink Single printing 251,400
Only a handful of monograms exist. All have the shaved bottom margin.
5,000 sets of 10/-, £1 and £2 were placed on sale as of December 1913. Only 2,169 sets were sold. The remainder being destroyed in 1921