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Hi,
The ARG (in Italian) stands for Argentato = Silver plated with pure silver, therefore 1000.It`s rather common in Italy and I have never seen solid silver with this mark.On the other hand, you can have it tested with electronic tester available nowadays.Acid testing needs filing to reach base metal and would damage the piece.
The owner had his (or her) initials engraved and unless there is a reliable provenance initials are impossible to identify.
Regards