Australia - 1917 £1 Chestnut and Blue

1917 (June) Third watermark, £1 chestnut and blue with watermark inverted, a marginal
example from the foot of a sheet showing “JBC” monogram, unused with large part original
gum, fresh and bright appearance, well-centred, very fine. BW 52Ba/zb; S.G. 44a
Estimate £50,000-60,000

Note: The JBC monogram on the Third watermark £1 is among the rarest of all the major
monogram pieces. Only three examples are recorded, all mint singles, one of which is in the
Royal Collection. All these examples have the monogram trimmed at base to a greater of
lesser extent.