M#3P25F.1e. 25 Cents. Third Issue. PMG About Uncirculated 55 Net. Previously Mounted, Stains. Proof-Back Engraving Only. Listed as unique in Milt Friedbergs Encyclopedia and quite possibly so since your cataloger cannot recall having seen another. PMG comments "Previously Mounted, stains." It is printed directly on India paper and shows the back engraving only. Quite possibly dismounted from Bristol board. An incredibly rare and great Fractional esoteric item.
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