pistol bears the famous "ELG Oval" which is the mark of the Liege proof house
Do a Google search on Italian proof marks.
It would be near imposable to know by serial# alone, if there is any other markings on the gun at all it could help. proof marks, letters, numbers.
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Are there no other markings anywhere on the pistol? Check out the link below for various European proof marks. Might be Belgian if the lion is above the PV.https://store.bluebookinc.com/Info/PDF/Firearm/Proofmarks.pdf
Someone in Europe.
I think what you are seeing is in actuality PN which is a proof mark and stands for polvo negro or black powder. It is most likely a pietta or san Marco made gun.
Pieper was a Belgian gun maker, so it was most likely made in Belgium. Look for the Belgian black powder proof marks.
I suspect that your Winchester may have been used in Canada...hence the British proof marks? I suspect that your Winchester may have been used in Canada...hence the British proof marks?
Inspector marks, assy marks, proof marks
There should be two letters stamped on the barrel near the proof marks, EB XM YT or such. I can date it by those, since they are not dated by ser #.
There is a Belgian proof mark for smokeless powder that resembles what you're describing. You usually see proof marks on the barrel flats (breech end of the barrels on the bottom side). Another common Belgian proof mark is the letters ELG inside an oval.
The Elg is a Belgian proof mark, meaning it was made and proof tested in Belgium. Most likely in the late 1800's or early 1900's.