Silver, I am getting an American vibe even though I bought this from a Scottish dealer. I can see that the oval frame was machine-made, with pin hardware attached. Then a jeweler would have made the monogram / name part to order, using a very thin jeweler's saw (I can see the saw marks!!!) and attached that to the frame. Then the front was engraved with the patterns by hand, each letter with a different pattern and shading. Really nice work c. 1870. 1.5" x 1 1.25".