March 23, 1947
Mayon Volcano - Definitive
20-Centavos Reddish-Brown

Engraved by the American Bank Note Company, USA
Printed in Sheets of 400, Separated into Four Post Office Panes of 100 Subjects (10 x 10)
Plate Number: 1-20313
Printed on Unwatermarked Paper
Perforation: 12
Quantity: 33,000,000 (Less 4,800,000 Overprinted / Surcharged)
1^st Printing - 7,000,000. 2^nd Printing - 6,000,000
3^rd Printing - 10,000,000. 4^th Printing - 10,000,000

Bottom Two Rows of Horizontal Perforations Shifted Downward & Slanted
Causing 'Jumbo Stamps' on the Top Row

508b

Vertical Perforations Shifted Left 2½mm
Cutting Through Right Frame, Giving Appearance of Imperforated Between

508c
(From the Collection of Dr Ngo)

Vertical Perforations Shifted and Slanted
Cutting Through the Centre of the Stamp

508d
(From the Collection of Dr Ngo)

Accordion
Vertical White Flaw - Varying Positions
Caused by Pre-Printing Paper Creases

508e
(From the Collection of Dr Ngo)