Please help me identify which version this is.

Please help i.d. there are a few different versions and I can't tell which it is and if it's worth anything. It's on a 1910 postmarked envelope. Should I leave it all intact or cut out the stamp

 

Whats a perfirated 12?
And How do i tell if its a single or double watermark?
Sorry for all the questions but even on the website it does not explain what these statements mean. Here is the entire envelope

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Ok goggled each thing to look for

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It will not easily be possible to check the watermark on an
envelope.But it does not matter much,because 332 and 375
are massware and therefore virtually worthless.
The stamp is badly centered with a poor cancellation.It is that
type of stamp collectors would like to replace by a better one
as soon as possible,if they have it in their collection.
On cover it woukld be slightly more interesting,if the cover is
in a fine condition,which the shown one is not.

 

Just had a look again at the cancel: if it is Nov.21,1910 the
stamp should not be 375,because that stamp was issued
on Nov.23,1910.

 

So by elimination this is a 332?

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Yes.