The 5 Pesos printed on white paper and with the first watermark had a very long printing run: from 1951 to approximately 1956. There are two major types, and one of the types has clean and coarse printings. Below are the two major printings. The stamp below left is a golden yellow with a medium blue frame. The stamp below right has a deep blue frame with a distinctive contrast between the dark blue and the light grrenish yellow.

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The 5P1L below is similar to the golden yellow printing. I call this printing a coarse version.

Below is a back scan showing the watermark as well as the white, even look of this paper.

1L gum looks a lighter yellow than the 1E gum, yet we must account for the difference in paper coloration.

Below is a selection of used specimens.