The 5P1E is the earliest printing of this stamp, shown below left. Shown below right is a 5P1E from a middle to late printing, from later printings taking place between the late 1930s and the early 1940s.

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The 5P1E has watermark 1. The early printing, as shown below left, is printed on thick, cream paper that has a grid-like pattern similar to that of the later unwatermarked grid paper (NGR). The middle to late 5P1E printing, shown below right, also has watermark 1, and is printed on a lighter cream paper without the grid-like consistency of the 5P1E1 paper.

To the left is a scan of the gum on a 5P1E. Since the 5P1E is printed on cream paper, it is difficult to tell if the watermark adds any coloration in addition to that of the paper.