essay Letter sheet essay, a double-sheet folded as an entire and the address panel affixed with a penny pink stationery die cut-out and inscribed in manuscript alongside "Look through this and observe how it is watermarked in the process of making", when held to the light a beautiful diamond-shaped watermark is revealed with panels showing "V" and "R" in the top-left and top-right corners respectively (repeated in lower corner panels), the word "POSTAGE" at top centre, "STAMP" at bottom centre and a crown between them in the middle of the address panel, the side panels with geometric zig-zag designs; short ink filing note at right (presumably in Francis Baring's hand) and some slight creasing. A fascinating item and emminently suitable for display as the watermark is fully and clearly readable when placed on a black background. Photo