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Argentina 1935-51 5 Pesos 1E Issue

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.
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.
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