1.5” w/Bastian paper first used in 1907. Given the magnificent color of this we feel it is much closer to 1907 issue than 1920 when this back paper design was discontinued. Text reads “A Merry Christmas/Headquartered At Cohen Brothers.” Santa in mittens and fur trimmed deep red outfit spreads his arm to welcome the crowd of people approaching store by carriage, auto and on foot. There is a faint 1/8" age mark at 12 o’clock very edge, but button is otherwise totally clean and glossy. The sole example known to us. Exc.