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This is a South African fundraising label (also known as a charity or cinderella stamp) from the South African War Market, held in Johannesburg from 12th to 17th December 1917, during World War I.
It represents a contribution of 1 penny (1d) to the Governor General's Fund, a wartime relief fund and It features a red and blue color scheme with an allegorical figure of Victory or Britannia holding a shield that reads "The Governor Generals Fund". The initials "WM" stand for War Market.
These types of labels were used to raise funds for war-related causes and were not valid for postage but were often affixed to mail or sold at events to show support.
This is a collectible item in the world of Cinderella philately, and particularly interesting to collectors focused on South African history, WWI ephemera, or charity labels.