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The genuine stamps should have 88 large pearls in the circle, all of the same size.
The above forgery has only 66 irregular small pearls in the circle. The background behind the circle is composed of straight lines, instead of wavy lines. This forgery is the second forgery described in Album Weeds. It was made by Spiro. I have seen a whole sheet (5x3) of the 40 l red values and another sheet with 25 stamps (5x5) of the 5 l green value.
Album Weeds describes another forgery with 75 pearls in the circle, which must be the next forgeries (also made by Spiro?):
The first forgery (30 l) doesn't have any horizontal dots in the background outside the circle. Other forgeries:
(look at the strange '60' in this forgery)
(Forgeries, the pearls are not uniformly done)
Some other primitive forgeries (many details are wrong upon closer inspection of these forgeries):
Some more sophisticated forgeries:
(I've been told that these are Fournier forgeries, I have no further information)
The 40 l Fournier forgery has the cancel 'PAEOI 1 NOEM 75 *', this cancel was often used by Fournier on these forgeries. Other cancels were also used: 'PGOSTOLION 3 IOGL. 77 (110)', see 'The Fournier Album of Philatelic Forgeries'. Possibly other cancels were also used.
A die-proof forgery of the 20 l value made by Oneglia:
(Oneglia 'die proof' forgery)
Other Oneglia forgeries:
The above are Oneglia (Panelli) engraved forgeries. The 1861 'Paris' 1L, 2L, 5L, 10L, 20L, 40L & 80L values, then the 10L with figure on reverse. Finally the 1876-77 30L & 60L (2, both papers)
values (images obtained from a Sandafayre auction).