You can still see part of the top of the 'G'. So I'm thinking the die was over polished and removed those initials. You are right about not being a Struck Through Grease issue.
On quite a few of my 1970 and 1969 LMC's I have the over-polished die affecting the initials, Abe in the memorial (sometimes he isn't even there or only half of him) and also a levitating roof. They are pretty cool looking.
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