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EXTREMELY FINE. A GORGEOUS MINT NEVER-HINGED EXAMPLE OF THE 1912 50-CENT FRANKLIN ON DOUBLE-LINE WATERMARKED PAPER.
According to Johl (Vol. 1, page 203), Scott 422 was issued more than two years prior to the release of Scott 421. A supply of the double-line watermark paper was still on hand, and was used to fill the need for higher denomination stamps.
With 1981 and 1993 P.F. certificates, the former a copy for block of four (Image)