I repurposed some manila stock pages to serve as organizers for my stamp mounts. They are to long to fit in the pockets horizontally, so I insert them vertically, and staple the inner package across the page to keep them from flopping.
This image shows the watermark in white, and is almost as bad as the previous image.
Attempted different scanning techniques, to bring out the watermark. This image gave a black watermark that was not much help.
Finally, scanned through a brown glass filter and with the image processed by RetroReveal, it is clear to see that this is c.