The State of New York Stock Transfer Tax stamp
(dial-up / slower bandwidth version)

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Different Styles of Stamped and Punched cancellations
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New watermarked paper was used beginning in 1916 with the repeating phrase "State of New York Stock Transfer Tax Stamp" which can be either forwards, reverse, or inverted.

The watermark begins at a different spot on each line, but the entire pattern repeats every five lines.
digitally enhanced photo of watermark: "State of New York Stock Transfer Tax Stamp"

The entire length of the full phrase is about 19.5 cm (or 7.7 inches) in a font which is about 6mm (or .25 inch) tall.
another enhanced photo of the NYSTT watermark: "State of New York Stock Transfer Tax Stamp"

1916 - new design - overprint of numeral of value in checkered pattern of 5 - (perf. 12x11)
oliveolive brownorange yellowolive yellowclose-up of the original 1916 design of the "1" Dollar - wide top serif and shade lines that don't fade at the baseorange redrose carminepale red orangelight tandeep red with green overprint close-up of the original 1916 design of the "2" Dollar - shallow tip in elbow corner and base top shade line not interrupted by curve greyorange browndeep violet browngreyish purple