To print the following, right click on the picture and select "Print". This is the "normal" orientation as viewed from the front of the stamp. Rotate the printout as necessary to achieve the correct layout, see "the eight possible orientations". Placing a cutout the size of the stamp in question on the template will provide an excellent clue as to the possibilities for watermark placement on any given stamp. Often only small parts of several watermarks appear on an individual stamp. 

Important note: A Report of the Commissioner of Internal Revenue to the Bureau of Engraving and Printing, stated that the USIR watermarks were to be placed in such a manner that each stamp would have at least part of one or more letters visible and that each square inch of the paper the stamps were to be printed on would contain one letter. We are of the opinion that this is the case for the single-line watermarks as well. Thus the horizontal spacing from the middle of one letter to the next should be approximately one inch, and the vertical spacing from the bottom of one letter to the bottom of the next should also be approximately one inch. Examination of a large block of single-line watermarked stamps seems to bear this out and we have no reason to reject this theory. If the reader has any reference that either supports or refutes this contention, we invite their input.