While browsing 1996 100 errors I came across this one.
https://www.ebay.com/itm/1996-100-F...AOSwTuJYoRGrThis is the first time I have ever seen a watermark on the wrong side of the note that was face up.
The 1996 100 are known for having the inverted watermark but this one is face up.
I would normally doubt that it is real but it has been graded.