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A complete shot in the dark: G M could stand for Gulielmus Maria, the Latin names for William and Mary as on their coin legends. The difficulty is that Mary had been dead 7 years by 1701. 

Posted
2 minutes ago, Stamp said:

Hi peckris, thanks for your answer. 

So, stamped by the mint ? But would it not be more common.

No, not a mint stamp. Maybe some Customs and Excise thing, or a company's initials? I don't really know. Never seen it before.

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