1892 RE-VALUED ISSUE

Unissued 1p Gray on White laid paper revalued in black to 1/2p.  Watermark the same as the 1869 issue.

From top half of sheet,  watermark in normal position, border on top of wrapper.

From bottom half of sheet. No border  and watermark in normal position. From top half of sheet, without border and “ONE PENNY” inverted.

1907, JULY 1: SYDNEY to NEW YORK From bottom half of sheet with reversed watermark,  added 1/2p green Victoria and SHIP MAIL ROOM / SYDNEY ties.