There is a repair to the bowl that goes around/across the drop, but the drop itself seems to be original in form to the making of the piece - it is somewhat similar to some French and similar pieces, though the monogram doesn't come across as French to me. I don't think this is a Channel Islands piece - there is a lot of Channel Islands silver, and nothing like this, or any other examples with this mark. I am guessing either English provincial (perhaps Caribbean) or Continental, e.g. there was a fair amount of Danish small-town silver toward the end of the 18th Century that emulated English forms.
It is also still possible this is American, but just from a smaller maker and more rural area with local styles that developed, but the monogram doesn't strike me as right. Obviously there are certain forms and types of engraving in certain regions (e.g., PA Germanic styles, early 19th Century Maine) that are unique to those times and places.
My only real hope is that someone else has a piece with this mark in their unknowns bin, and we can compare notes to see if the monogram style, heel, etc. are consistent or vary.