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 specimens
second page of 1E specimens
third page of 1E specimens
first page of 2C/2D specimens
second page of 2C/2D specimens
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