It looks like Scott #127 of The Netherlands. It was issued to commemorate the 25th anniversary of the reign of Queen Wilhelmina in 1923. Face value is ten cents.
She actually became Queen on her father, King William III's death in 1890, when she was 10 years old; but for her first 8 years, her mother was her Regent. She became Queen on her own when she turned 18 in 1898. She reigned until 1948, when she abdicated due to failing health.
Wow... thank you so much .. does the watermark raise it’s value any.. it says royal ???