Davies "TH SAUNDERS" watermark 
SG. 138c  -  CP. A2t (Y)   -  Scott. 48

  The 2d Vermillion SG.138c, CP. A2t, Scott 48 var printed by Davies between 1873 on the No watermark paper. This stamp has the 12.5 perforation.  This stamp has a Portion of the block-letter watermark “TH SAUNDERS”, It shows the letter “A” of SAUNDERS and portions of the side letters. This stamp has the (16A very Worn) Perkins Bacon
Obliterator of Canterbury.