President Reagan is not going to like all those anticontra photo murals going on display in 25 Metro stations today, especially since the artist won his right to buy space displaying his work in a U.S. Court of Appeals decision written in 1984 by Judge Robert Bork, the president's nominee to the Supreme Court. Metro officials back then had refused to sell advertising space to artist Michael Lebron for his photomontage titled "Tired of the Jelly Bean Republic?," which depicted Reagan and administration officials laughing at poor people and racial minorities. Metro officials refused to display the work -- a composite of photographs -- saying it was "deceptive."

The Court of Appeals ruled that Lebron's right of free speech had been violated, and the conservative Bork, who today faces the beginning of the Senate Judiciary Committee's hearings on his nomination, wrote that the censorship was unwarranted. He and Antonin Scalia, then a fellow appellate judge and now a Supreme Court justice, were prepared to reverse Metro on even broader grounds: that Metro couldn't impose prior restraint on a political message even if that message was false. Now comes Lebron with new posters in Metro stops, and many of Bork's Senate supporters might find the reproductions of drawings by Nicaraguan children unsettling in their harsh criticism of U.S. foreign policy. In bold type on each poster are the words: "We say we're against terrorism. In Nicaragua we're supporting it." The posters will be on display through Oct. 15.

Out and About

The upside-down stamp business seems to have received a boost from last week's big-bucks sale of the upside-down candlestick sheet. Yesterday a block of four 30-year-old Iranian stamps from a sheet of 100 bearing an upside-down portrait of the late shah of Iran was sold in New York for $200,000. That is well above the previous top price of $15,000 for one of the stamps. John Kauffman, a Washington dealer who purchased the strip of 100 shah misprints for $500,000 some months ago and then resold them, said they were discovered in an Iranian post office. He would not say who sold the strip to him, explaining that the individual has relatives in Iran and the government there doesn't like anyone taking anything of value from the country ...

Clement E. Conger, former curator of the White House and curator of the Diplomatic Reception Rooms of the State Department, was presented with the Decorative Arts Trust award of excellence Friday on the east lawn of Mount Vernon. Twenty-five years ago Conger initiated the program of furnishing the State Department reception rooms with gifts and loans of important American decorative pieces. The historical elegance of the formal rooms is seen as a testament to his work ...

Royal Watch: Queen Elizabeth's son-in-law, Capt. Mark Phillips, was ordered yesterday to appear in court to answer charges of driving in his Rover last July in excess of 100 mph. In a letter to the court, Phillips admitted to the violation, which occurred on a highway on which the maximum speed is 70. Phillips could lose his license because magistrates in England routinely disqualify people who drive faster than 100. He was fined $160 two years ago for careless driving ...

Actress Farrah Fawcett has given signals that it is just possible she and actor Ryan O'Neal, her longtime live-in lover, might get married. The couple have a 2 1/2-year-old son and hope to have other children. In an interview in McCall's magazine, Fawcett said, "Marriage is sounding better to me," adding, "We're at a place in our lives where we don't have to do it for our parents; we don't have to do it for any reason except that we want to" ...