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The 50-dirham note B505 has at least two watermark varieties, both with the king making eye contact, but with a full versus thin face, confirmed on signature 12 and 13 notes, respectively.
The 100-dirham note B506 has at least three different watermarks, all having been seen on notes with signature 12. One where the king is making eye contact, and two in profile, with full and thin faces.
Finally, the 200-dirham B507 has at least three different watermarks: two in profile and one with eye contact. The eye contact and thin profile have both been doucmented on signature 12 notes, whereas the full (black eye) profile and eye contact have been documented on signature 13 notes, so this is not a case where the watermark corresponds to the change in signatures.
Perhaps these watermark changes correspond to different printers? Any additional info would be appreciated.
Courtesy of Lucien Beaudouin and Bill Stubkjaer.