Ca. 1916-1924 5c Mail Boat Local Stamp, Unwatermarked, Perforated 11.7, a mint never hinged (hinged in margins only) complete pane of four with sheet margins all around, very fine. Literature lists a 1916 first printing unwatermarked perf. 12½, and a 1924 second printing perf. 11½. A scarce item from what is now part of Kiribati, and the first we have handled. See our postal history section for some rare covers franked with these. (Image)

Estimate $ 200