15c Gray (475). Mint N.H., radiant color on crisp paper, perfectly centered with wide margins

EXTREMELY FINE GEM. A REMARKABLE MINT NEVER-HINGED EXAMPLE OF THE 1916 15-CENT PERF 10 UNWATERMARKED ISSUE, SCOTT 475, GRADED SUPERB 98 BY P.S.E. — THIS IS THE HIGHEST AWARDED.

According to Johl (p. 289), the only difference between this issue and the one before it is the absence of a watermark. It is difficult to see a watermark on the 15c stamp, so it was generally assumed that no change had taken place with this denomination, and was therefore overlooked by collectors. It was current for a brief six months before the perf 11 issue was released.

With 1999 P.F. and 2009 P.S.E. certificates (Superb 98). This is the highest grade awarded and only six others share it.

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