50 Centesimi with black typography overprint "German occupation in Zara", all fours different Propaganda fields, the overprint on Michel number 20.4 comes from the fields 13-14 and is left in type IV and right in type I with the overprint flaw V "at the bottom open D in German", the remaining values have overprint type I, mint never hinged original gum, sound, signed E Ludin, expertise Robert Brunel VP (2025) "the condition is perfect", Michel 900.- plus