5/05/2012 Great Britain
The 1½d brown stamps of the 1912-24 Watermark Royal Cypher issue are a rich area for specialist attention. The SG Specialised catalogue lists 16 different distinct shades, a range of watermark varieties (including a totally missing watermark), coil joins, various Specimen & Cancelled overprints and a host of constant plate flaws; the most famous being the broken bottom arm of the 'E' of 'PENCE', thus creating the sought- after 'PENCF' error.
The 'PENCF' error is the best known of the King George V definitive plate flaws and occurs at Row 15/12 on two plates only; these can be distinguished by a thin rule line in the right hand sheet margin (plate 12) and a thicker rule line for the other plate (plate 29). The printer subsequently repaired the error on 18 March 1921, resulting in the even scarcer 'PENCE repaired' variety, which is often overlooked by collectors and is actually worth more than its famous predecessor!