This stamp is much more complicated than I imagined. Now that I have looked at a reasonable number of these, I find the following printings:
Medium color, first watermark, 1E3, flat paper, from 1942, vertical watermark in both directions


Medium color, second watermark diffuse, 2D, white flat paper, from 1943?, horizontal watermark


Another one on thicker paper, poorly perfed


Vivid colors, second watermark-straigh rays, 2C, white rough paper, 1949, horizontal


Vivid colors, second watermark-straigh rays, 2C, white rough paper, 1949, vertical


Dark colors, first watermark on the first late paper, 1L1, from 1951, vertical in both directions


Dark colors, first watermark on the first late paper, 1L1, from 1951, vertical in both directions, worn printing


Light colors, looks like straight rays, but is first watermark on the first late paper, 1L1, from 1951, vertical in both directions


Here are links to additional specimens-I doubt I got all the varieties.
first page of 1E specimenssecond page of 1E specimensthird page of 1E specimensfirst page of 2C/2D specimenssecond page of 2C/2D specimens