Abstract: A continuous multi-station intaglio printing system enables use of a continuous web of letterhead paper or business card stock to which various indicia of single of multiple colors may be engraved in precise registration and subsequently severed or die cut into individual sheets of letterhead paper or business cards of regular or irregular shape. Each engraving station includes a hydraulic press to perform the engraving operation by means of an engraving die. The engraving die is removably mounted to a support using aligned pins and openings to effect precise registration of the engraving die. Registration of the engraving die, as well as a cutting die, may be precisely obtained with respect to the indicia on the engraved web material using a photo optic sensor for detecting a registration mark on the web material. Precision multi-colored engraving, as well as precision die cutting of the web material may be obtained in a multi-station intaglio printing system.