Kevo_DFX said:printing plate?
Creskol - I see all the things you see, but interpret them differently. I think that is a stone pick with rope wrapped loosely around it. I doesn't look anchorish to me at all.
I see your letter also. Depending on orientation it is an H or an I.
Edit - OK - I missed the hook part at the bottom. Definitely an anchor.
Also, that letter is an H and the first letter of a word. If you flip the picture and orient it right, can see what it would look like printed.



H is the same in reverse and thats the only letter I can see.DirtDigler said:I will make an observation, considering that it might be a printer's slug. The 'HMS' should appear in reverse rather than in correct form. Unless it was used in offset printing, which prints onto a rubber blanket and then offsets it onto paper.
I believe it is, at least, nautical. Great find! I love the ones that remain a mystery.

creskol said:Just for fun check these two ebay auctions out, paying close attention to the background design on the second one:
http://cgi.ebay.com/Vtg-Boat-Ship-A...302?pt=LH_DefaultDomain_0&hash=item1e648a5176
http://cgi.ebay.com/Ancient-Order-U...595?pt=LH_DefaultDomain_0&hash=item5adb19a50b