As itīs hard to distinguish watermarks I mix both Michael definitives 1940 - 45 here (even those that are evident like 3.50L)

45perferror.jpg (22188 bytes)1940err-pantis-a.jpg (13709 bytes)1940err-pantis-b.jpg (12998 bytes)4345var-a.jpg (25241 bytes)43errperf.jpg (22545 bytes)
micflawsbvc.jpg (27031 bytes)
micflawsdfvb.jpg (40921 bytes)

See also:    Paper folds