Gibraltar. 1938. Registered and Insured envelope addressed to Sweden bearing SG 121, 1/2d green SG 122, 1d yellow-brown, SG 123, 1 1/2d carmine, SG 124, 2d grey 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 three Pounds' with Plymouth transit. Scarce item with the red Gibraltar V label.