North Borneo LABUAN QV SG.32x 10c Sepia (1886) WMK REVERSED Mint MM c£45 XBLUE22

Note WATERMARK REVERSED & HEAVILY DISPLACED showing parts of FOUR watermark units. Well-centred. Original gum. Some toned perfs otherwise Fine for an item of this type & period. Please look at all the scans to help form your own opinion.