Illustrated below is the 5 Shilling (grey and yellow) stamp issued between 1915 and 1928 for Australia. In 1913 the newly federated states of Australia began to issue stamps that were valid for use throughout the whole of Australia. Previous to 1913 individual states issued their own stamps. The 5 Shilling is part of a larger set with values from Two Pence (grey) to 2 Pounds (black and rose). Many of the early issues had the same colour and value as subsequent issues and the only way to distinguish different issues is by the watermark. This example has the Narrow Crown over "A" of the 1915 issue (the first issue had a similar watermark, however the crown is broader) This is called by Australian stamp collectors the 3rd watermark. The watermark is illustrated below the stamp face illustration.
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