A previously unknown Malta King George V 10 shilling stamp is expected to appear at a UK auction in the new year.
The mint condition 1922 stamp features a reversed watermark of a crown and "CC", coupled with a "Self-Government" overprint.
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It has been given a valuation of £1,000 ($1,601) ahead of a likely auction date of February 6, 2013.
Colin Such, the auction house's director, explains that while the same stamp, without the overprint, is known with the reversed watermark, this is the first recorded example of the overprinted "Self-Government" to come to light in conjunction with the watermark reversed.
"This means at least one sheet of 60 existed at the time of the overprint," states Such, adding: "How many more have survived unnoticed in stamp collections?"
The news will have collectors of the former British Commonwealth country's stamp history keenly perusing their own assortment.
If you find another of these rarities we would love to hear about it here at Paul Fraser Collectibles.
You can view our own superb Commonwealth rarity for sale here.
We will bring you full results of the expected sale in February.