Need help to ID mark on 1904 Danish pocket watch

[upoceo]

I have a century old silver Danish pocket watch with a seal on the back of a shield containing two inscribed letters. Sorry for the poor photo but can anyone identify the maker of this mark?

[dognose]

Hi,

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Trev.

[upoceo]

Thanks. I will try again...

[dognose]

That is more likely to be the engraved initials of a former owner of the watch, rather than a maker's mark.

Trev.