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Any idea what the two letters stand for?
There are actually
five letters on the stamp. The letter in the upper right corner (easier to see on some of the other stamps in the issue) is the first letter of the Armenian spelling of "ruble". The four letters under the hammer and sickle are H.S.X.H., the initials for Hayastani Soc'ialistakan Xorhrdayin Hanrapetut'iwn, an early version of the name of the Armenian Soviet Socialist Republic, with "Hayastani" (of Armenia) instead of later "Haykakan" (Armenian) and the words for "Soviet" and "Socialist" reversed.