The cover (below) of the original 1971 Waddington/Letraset Character Panorama is followed immediately by the 1976 reissue — GK232/2 — which Letraset produced after they had 'reclaimed' the Panorama title from Waddington's.
Letraset took the cover artwork & simply eliminated any references to John Waddington Ltd.
You can see for yourself the few differences, which are enumerated fully in the Jungle Book Panorama feature.
We're showing this used background so that you can see that the 1971 transfers are identical to the 1976 GK232/2 sheet; however, see below…
Here's a detail to illustrate the translucency of the transfers. Letraset were still experimenting with techniques & materials; this unusual effect occurs on other 1971 Panoramas. We haven't tried applying the reprinted transfers, but since the problem was no doubt due to the choice of inks used at the time, I'm sure it would have been fixed!
Letraset printed Rotary Gravure transfers on sheets which were, when uncut, of the size known as Crown: 15" x 20" (381mm x 508mm).
Here's the GK232/2 sheet. You can see that the cut sheet is divided into two of the eight panes which would make up a whole uncut sheet. This would make it very easy for Letraset to repurpose these Panorama sheets as Fun Doodles (one pane per pack) or similar…
…But in fact there's a more complicated situation (what a surprise)! It turns out that the WADDINGTON/Letraset Disney Panorama is, in fact, Waddington's equivalent to Comano's "Mickey et ses Amis" Mako Calco / Mako Calcorama sheets:
You'll note that the sheets are marked "©1969 Walt Disney Productions". The first two were re-used for the 1971 version of the Panorama, although as with the Babar Panorama it's all too likely that some copies would have received the first pair of sheets, & others the second pair.
You probably can't make it out, but Letraset's serial number for these sheets is "PR75", which suggests 1970 as the publication date for the Mako products. This is entirely compatible with a 1971 production date for the Waddington's Panorama.
This is corroborated by the Disney Panorama first appearing in the Waddington's trade catalogue for 1971.
(N.B.: sheet No.3 is in fact from the even later Calcorama reprint, but the transfers are identical.)
The Comano 1972 catalogue lists nine Calcoramas, four of which (shown here) have Panorama connections. "Mickey et ses Amis" is at the bottom of this scan. The three-foot wide background is only slightly similar to the much smaller WADDINGTON/Letraset Disney Panorama background.
