Suspect Scott #411, Used Single (3/13/16).
The Experts Book says that this issue is often faked and can be made by adding perforations to the left and right edges of a trimmed imperforate #409 or adding perforations to the left and right edges of the imperforate vertical coil #409V. There is no fully perforated gauge 8 ½ stock from which this coil can be made from so if the perforations prove to be genuine then the suspect is genuine. Catalogue value is $15.00.
The watermark is most likely hidden under the large thin in the upper left corner.
The width of the suspect is 21.5mm wide at the top and bottom.
The perforations also match reasonably well with genuine gauge 8 ½ perforations though the top perf are very short.
The top perfs do not show signs of being genuine mainly due to being so short but the bottom perfs do show all the signs of being genuine. The cancel goes to the edge on all four sides.
Conclusion: in my opinion the perforations are genuine therefore the suspect is a genuine Used Scott #411 with a large thin spot in the upper left corner as seen from the back.
Reference material used:
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