I had considered that as well since there is a small red speck of thread to the left of the V but it just seemed strange nothing else on the face of the board was damaged but the I. I also was unable to find that cypher with a V under it which is why I initially thought it was just a crooked II.No doubt a nice M15 strap. Look closely, is there any chance that could be a IV that some critter has munched on the left side of the Roman numeral and it's actually an IV? Worth a close look. IV is Grenadier Regt. Nr. 2. Kraus Band I has every Infanterie cypher made on the M15, there is no crown-FWR-V that I can find.