Watermark are created during the manufacture of the paper. There is also a chemical watermark that is very much like a true watermark that can be done on a special printing press. A phantom is light ink maybe 5% density that can be done with a printing press and is a very cheap and noticeable substitute for a watermark. Most people talking about watermarks don't know the difference so use discretion when considering testimony. The lady that spoke of difference of paper and watermark was on to something for sure IMO as a printer fag.