Gibraltar. 1938. Registered and Insured envelope addressed to Sweden bearing SG 123, 1 1/2d carmine, SG 124, 2d grey, SG 125, 3d light blue and SG 126, 6d carmine and violet tied by oval Registered/ Gibraltar/ 2' date stamp with red 'V/ Gibraltar' label on face and endorsed 'Insured for two Pounds' with Plymouth transit on reverse. Scarce item with the red Gibraltar V label.