Bramblefind, I gotta say "Thank you very much, ma'am" for providing proof that the emblem is what I said... a letter, not a Lyre.
Apparently, King Oscar II's monogram letter is a "Old-Swedish Script" letter O. I continue to be amazed at the many versions of "antique" European lettering, with various countries having their own version of writing the Alphabet. (For example, some Confederate buttons use a German Text letter.)