1892 QUEEN VICTORIA

1/2p Gray on White laid paper with watermark of 1869 issue. Printed in sheets of 8 (4 x 2) with the bottom half  aligned with respect to the top four.

SPECIMEN Top half of sheet, border on top and watermark in normal position.

1893, MARCH 11: ALBURY to MELBOURNE Bottom half of sheet, no border and “ONE PENNY” in normal position.

Bottom half of sheet. Reversed watermarked, without border. Bottom half of sheet. Watermark inverted and reversed. Border at bottom.