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This monogram was engraved from a lettering style used in the Masterplate pantograph system.
The letters are engraved in reverse on 1/2" thick steel then it (the die) is die stamped on this vintage, onion skin paper (about 9#) then hand folded in our bindery, here.
Yesterday evening I realized how much the strokes remind me of Magnolia tree branches, we have several such trees in our yard.