Please be sure to check the third photo before purchasing. The adhesive on the back has discolored due to aging. Price in the Japanese Stamp Catalog: 35,000 yen This item does not have a watermark. To clarify this, I have added photos taken under LED lighting, showing both the presence and absence of a watermark. The item for sale is on the left. Please examine the photos carefully and make your purchase only if you are satisfied.