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FINE. A RARE ORIGINAL-GUM EXAMPLE OF THIS MAJOR 20TH CENTURY RARITY. PROBABLY FEWER THAN 20 OF THE 1923 ONE-CENT ROTARY PERF 11, SCOTT 544, EXIST IN ANY UNUSED STATE.
A small quantity of 1c Rotary Press sheet stamps was perforated 11 at the end of 1922, using remainder sheets from the earlier experimental printings that were normally perforated in 10 gauge or 10/11 compound gauge. Its existence as a Perf 11 variety was discovered in 1936, and the stamp received its Scott Catalogue listing in 1938.
With copy of 1974 P.F. certificate. (Image)