Not only does the color and stock of the paper itself make a strong first impression with a formal letter, but so does the letterhead used. Colorful lines, designed symbols, branding or just an attractively presented name at the top of the page, or along the borders of the page, creates an immediate feeling or formality for the reader. This will be yet another added cost but will go even farther in the realm of formality off the bat and be worth the expense, if that's something the letter reader cares about.
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