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Issues of 1939, 1940, and 1941

The second group of issues is printed on cream paper with the first watermark, and shows minor design and color variations. The 5c Moreno is printed typographed in the first paper (cream and with the first watermark). Below left is the 1935 Moreno, and below right is the 1939 and later Moreno typographed printing.
Below is a cover showing usage to Egypt with Egyptian censorship paper in English and Arabic. Notice that the 5c Moreno is the typographed variety, and that the 15c Small Cow is now printed in light blue.
The 12c is issued with a change in color, from Brown to Red, and many of the values are printed with poor perforations that I refer to as comb perforations.
Even the high value plates receive wear, as shown below.
A new value is introduced: the 2 1/2 centavos, and receives limited postal use.
The 3c San Martin, originally issued in Green, is now issued in Gray
Below is a pre-censorship cover to Switzerland from 1940. It was posted with two singles and a vertical pair of the 1P1E, as well as a contemporaneous 35c commemorative.
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