Sterling bracelet mark

[luthie-t]

Any idea on maker or even country of this item?
It is a sterling bracelet I just bought.



I increased contrast to show the mark better.

[Traintime]

The squiggly water marks at the base might indicate a maker located in a port city or a country using this commonly in other marks. I'm thinking Denmark or Norway? Cities could be Copenhagen, German North Sea, maybe British coastal.