Romania. 1906. The 25th Anniversary of the Kingdom of Romania. 25 B. Blue-Black. Perf 12. Mi 182. Cancelled. S123

Romania 1906 — Mi182 — 25 Bani Blue/Black — 25 Years of the Kingdom

Recess-printed; Perf L12 (catalogue specification, not independently measured).

Used, with black postal cancellation and extensive multiple punched-hole patterns across the stamp, including the portrait and margins.

Nature of perforations undetermined: possible private perfin or security punch cancellation. No attribution to a specific organisation established.

Reverse with light age toning and old mounting traces. Overall condition impaired by extensive punching.

MICHEL CV: €15 MH / €4 Used.

Estimated FMV: €0.50–2 (unattributed). Working value: €1.

Decision: REFERENCE CANDIDATE — identification pending. Not investment grade.