Marshall-Inseln
1905 Yacht Issue Watermarked Proofs
In approximately 1905, proof printings of the 1901 Yacht Issues were printed on paper with a lozenge watermark. The 3-Pfennig and 5-Mark proofs can be difficult to distinguish from the subsequent 1916/1919 issues on the same watermarked paper, differing only slightly in color.
1905 Yacht Issue Watermarked Proofs
In approximately 1905, proof printings of the 1901 Yacht Issues were printed on paper with a lozenge watermark. The 3-Pfennig and 5-Mark proofs can be difficult to distinguish from the subsequent 1916/1919 issues on the same watermarked paper, differing only slightly in color.