The "Australian Commonwealth Specialists' Catalogue" (ACSC) states that 3 copies are reported to have existed of this error. 

One of those three stamps is in the Royal Collection in London.  It is therefore not available to collectors.

The other two examples were noted in philatelic literature in the 1930s and 1940s but they have not been recorded or sighted since.

It is understood this example may be one of those two stamps.  After this time span, the survival of the third copy is doubted by some specialists.

The superb $7.15 Million Arthur Gray “Kangaroos” collection did not posses this stamp.

The way out of date 2004 ACSC "Kangaroos" volume lists it as BW 18a at $A25,000.  As recently as 1992 it was catalogued there at just $A85.

An even more desirable watermark error is the 1918 5/- Kangaroo (SG 42ba) with sideways watermark.  Only one copy is recorded so far. 

That stamp was sold in the Arthur Gray sale in 2007, for $A118,000 at the time.  It is not very attractive, and has been heavily “cleaned” and treated in the past.

In 1992 the ACSC catalogue price for this stamp was just $A1,500. Today SG lists it at £55,000 used.

I was in the Auction room, and a large New York auction house bought it for a client, so cost to him clearly was greater than $A118,000. 

Around the turn of the century a lot of the Australian “States” issued Postal Stationery with views of city and rural scenes, and typical local features etc.

The early “Australian Commonwealth” issues did the same, and the Kangaroo and KGV  “View” Lettercards series is enormous.

They cover all kinds of scenes and industries, with tourist and even Military photo views, as WW1 was raging.

Many will not realise, but right now this month we are celebrating the 100 year Centenary of Australia’s first unified stamp design.

Which was NOT the 1d Kangaroo as most think, but the KGV 1d postcard shown nearby.

Contemporary reports say this postcard had an issue date of April 7, 1911, and it certainly was our first uniform Australian postal issue.

The one shown wrongly stated: “Address Only To Be Written On This Side” – a rule which the UPU had years back dispensed with, so it was quickly reprinted.

Cost of these today is still low -  I use this photo courtesy the Premier Postal Auctions April 24 sale – estimate only $60.

Indeed we had a range of 'Commonwealth Of Australia' inscribed postal Stationery in 1911 depicting the new King – KGV, in an attractive series.  Lettercards and postcards abounded.

The 1911 postcards in fact were in a vast collectible array, featuring various Royals, border changes, and many colour variations of each, and are termed the “Coronation” series. 

They were on sale in all states (unlike the earlier 1d card) and a complete collection of these in 5 years will be worth treble today's price I feel. 

However such an collection would be near impossible to assemble.  I see one example now and again, of one view, in one colour - maybe mint, maybe used.  

I asked Gary Watson, Australia's leading dealer expert on postal Stationery if he had even handled a full set, and he said he had not.  Nor had he ever seen or heard of one being offered.  

Watson feels a “complete” set of this 1911 KGV “Coronation” postcard series would number about 100 different postcards.

To his knowledge only one person, a well known Melbourne collector, would own a complete - or even near complete set.

Back to this story.  South Australia issued 1d Pictorial View postcards in 1908, and one of the scarcer views depicts a prize BULL.

A good client of mine in Tasmania started buying up all sorts of goodies this week off me. I said to him: “you must have won lotto down there!”

He replied: “well the next best thing – someone just bought a 1d postcard off me for $2,825”

Sure enough, on ebay this card shown nearby sold to a SA collector for that sum, with a keen under-bidder from China of all places.

The caption on the photo says “Champion Shorthorn” – which my expert rural knowledge tells me is some kind of BULL!

Anyway, one very happy client, as he paid only $50 for it quite recently. And one happy Glen, as it funded some nice items from my stock - so “WIN-WIN” all round. 

This SA postcard was of course issued in the post 1901 “Commonwealth” period as noted on face of card, and is keenly sought.

Much Commonwealth Stationery is attractive and readily obtainable, at what seem like silly low prices - like the WW1 troop envelope shown nearby, which are only about $50 each mint.

A new edition of the ACSC covering such Postal Stationery has been completed for quite some time. John Sinfield told me a year back it was pretty much completed editorially. 

When it is finally published, it will give all this area a huge shot in the arm. 

Many nice looking pieces from this 100 year old era are still selling for a fraction of what they will be in 5 years time, even if only 50 new collectors globally join the scene when the catalogue appears. 

I recently priced up a lovely 1916 4d KGV Registered envelope, printed on the old Thomas De La Rue English made envelope stock, with linen reinforcing inside.

The front in orange, reverse in red.  Far better than usual condition, with lovely cds, and great “eye-appeal” yet no-one will pay $100 for it today.  The PO annual album costs that!

Gary Watson priced this one used in the ASC in 1987 at $A75.  Real value today, 24 years later, should clearly be many $100s as they are uncommon.

The same ASC has the Roo £2 Large "OS" at $A5,000 mint and $A3,500 used .. auction prices for both today are TEN times those numbers - as a valid example.

People often ask me for an area to start collecting that offers a real challenge, and also much possible upside. This field is a good answer.

Whilst all the “MUH KANGAROO” lemmings are running around spending their money on clever regums in many cases, that they will lose their shirt on one day - you can be quietly amassing Stationery!

My strong views on folks with far more money than sense, lining the pockets of regummers have not changed in 30 years, and are outlined rather forcefully here - tinyurl.com/regums

I have probably saved savvy collectors millions of dollars by urging them to buy only MLH or used stamps pre War over that time.  Worth a read.

The Media event of 2011 will be the April 29th Wedding of Prince William of Wales, and Kate Middleton.  

William might possibly be the next Monarch, as Charles/Camilla are not a popular option with anyone it seems.  

NZ issued a large Deluxe Pack with stamp set, mini sheet and FDC for $20 - and some goose used the WRONG birthdate on it – May and not June.

Instant panic, and NZPO immediately withdrew any on sale at Post Shops.  Shades of the "Kapa Kaka" withdrawn NZ stamp issue – a set worth $A13,500 today - tinyurl.com/HapaHk

A lot of folks globally with all major Royal Events, sign up for "everything issued" with their dealer.  If that means buying two NZ Deluxe Packs, they want BOTH - cost irrelevant.  

My hunch is these folks alone will more than vacuum up near all packs out there for sale.  Add to that the number that collect NZ in some depth, and there is a clear supply/demand collision about to occur.

I got a few packs from a NZ contact, and they have been selling solidly at $A165 each - well before the Wedding media blitz.

Did you hear about the 1d Red KGV that was discovered in Poll NSW, that glows GREEN under the Yellow Quartz Lamp – and in moonlight?

It was reported the ink used was a curious batch from Belfast Ireland, supplied under the WW1 ink supply Emergency, that was entirely responsible for the vast range of 1d red KGV head shades.

Printing ink was normally supplied from Germany via agents, and many very strange variants were used as stop-gaps during the War when that supply source ceased. 

A University chemist who is a keen KGV collector advanced the theory that Copper Acetoarsenite was likely added to a small batch of the red ink mix from Ireland, for reasons unknown.

Most commonly known as "Paris Green" this aniline compound was used as a fade free paint by many leading artists including Van Gogh, Cezanne and Monet.

Until this new discovery the most expensive 1d red shades were the Salmon Eosin Pink group. Over 1000 copies are recorded, yet they still get quite mad prices at Auctions.

The “Poll Fair OS” was discussed extensively on stampboards from April 1, and for those interested, and have a sense of humour -  that discussion is here - tinyurl.com/1dGreen

A special cake was commissioned, with the stamp printed onto the edible icing, that was served at the busy stampboards meeting at “EXPO 2011” in Sydney.