EXTREMELY FINE. A SUPERB EXAMPLE OF THE 1912 50-CENT FRANKLIN ON DOUBLE-LINE WATERMARKED PAPER.
According to Johl (Vol. 1, page 203), Scott 422 was issued more than two years prior to the release of Scott 421. A supply of the double-line watermark paper was still on hand, and was used to fill the need for higher denomination stamps.
With 1998 P.F. and 2005 P.S.E. certificates (XF 90; SMQ $1,600.00), worthy of 95 points