We are endebted to Franco Mariani of Museo della Carta e della Filigrana, Fabriano for the information provided about this image and a number of others in this gallery. He describes this image as – Raffaello,Madonna col Bambino e San Giovanni (Madonna with Child and St John) The watermark is very similar to Raffaello’s painting in The National Gallery, London. (See next image)
From Jon Sheldon. Information Franco Mariani