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EXTREMELY FINE. AN INCREDIBLY RARE MASTER DIE TRIAL COLOR PROOF OF THE $500.00 "LARGE PERSIAN RUG". THIS IS THE ONLY EXAMPLE AVAILABLE TO COLLECTORS.
According to The Legendary Persian Rug by Thomas C. Kingsley, this single-color impression was made to insure that registration of the three colors were in perfect alignment. Due to the intricate nature of the design, registration was very important (unlike some other bi- or tri-color stamps where there is a margin for error). One other example is known. It is part of the Clarence Eagle Collection, which is part of the Smithsonian's National Postal Museum.
Ex Joyce and Kingsley. (Image)