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While it does look like a remnant of a P is next to ACA, projecting the full size of this half mark would mean ALPACA would not be properly centered around the base...it would be offset to the right a bit. Had it fit properly, then the top word might have been Blanca...both Metal Blanco & Metal Blanca were found in early 1900's US documents related to the Philipines. But Blanca Alpaca does not seem to show as in useage at all. I think we may be back at scratching our heads here.