1903 2d KEVII with 'STATE OF' in upper tablet & a blank tablet at the base, proof in brown-olive on ungummed unwatermarked thin card as ACSC E3B, Cat $3500. Rare & superb! Ex the Morgan Collection: sold for £1920. Most of the Vaughan essays have obvious defects including tears, thins and surface abrasions. This is among the finest we have seen. [The ACSC concludes with "All the Vaughan essays are very rare, with only one to three examples of each recorded" and notes that a high proportion of them are held in institutional collections]

Grade A+ A1 (Image1)

Estimate AU$2,000