The first watermark (for the 1855 issue) is made up of loops. There are two settings. In the first setting the loops from one row do not meet those of the one below it. There is one row per sheet (10 percent of stamps printed) with loops from top and bottom rows in alignment. Both strips shown below have both types.

The second watermark was used on the 1856 issue.

The 1857 to 1863 printings are unwatermarked.