This is one of Hemingray's earliest Hemingray-embossed styles. Note the crude, hand-engraved embossing. It's interesting to note that some of these have also been found with a blot out underneath Hemingray, which some have speculated to be "S.B.T.&T.CO." based on blotout spacing. Yet, no specimens have ever been found with the embossing intact. Perhaps they ended up using CD 112 instead?
3 3/8" H x 2 3/8" W
Rarity Scale (1-10):
 Flared Skirt Variant
This is the  flared skirt variant. Note the more bell-shaped curve from the lower wire ridge to the base of the skirt. This variant was assigned its own listing beginning in the 2015 price guide.