cover 18Kr. orange-red fine with good margins on underpaid 1868 (18 July) envelope from Munich to Baltimore, U.S.A. via New York, cancelled by open cogwheel "325" and showing boxed origin d.s., "Unzureichang /Frankirt" h.s. and various manuscript rate and tax markings adjacent, with transit c.d.s. on reverse. A very rare and attractive single franking. Signed Pfenninger. M13b; D.M. 14,000. Photo