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Hmmmm. You might want to check your coin.
Here's a Leo I bought a few weeks ago, that has a rather clear and complete obverse. You might want to compare the shapes and locations of the letters (DNL on left; E O on right) The reverse is the Verina type, not your monogram.
Um, are you referring to my coin, or the coin in the OP?
The coin I posted the pictures of clearly originally had a longer obverse legend (though only DN LEO is visible, on the left of the portrait).
And yes, I'm about 99% sure it's a monogram. Almost just like in your picture (not sure of some minor details).
The coin I referred to with the full DNL-EO legend is neither a monogram nor a Verina, but a
Tesorillo 164 (emperor with cross and captive).
Sadly there's a weird incrustation straight through the portrait (almost as if an ancient hole had entirely patinated over). And it's definitely not your obverse die (the O is too far up).
[EDIT: I wondered if the incrustation might have been a piece of an ancient nail, so I decided to check, and sure enough, a small neodymium magnet did successfully stick to the coin. Is that conclusive, or is there another explanation?]
I do have a Verina with DNL-EO obverse, but very little of the legend is visible on it (pretty much just the L and the bottom of the N).
I don't think it's your die either, the bottom of the L looks like it's pointing the wrong way. But it's definitely a lot more similar.
As for the OP's coin, again, it appears to have a longer legend (the visible letters on the obverse look like PF). And I do see where it could be a monogram (though I'm much less sure than with my coin).