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In my opinion these are not Russian Hallmarks, if it was a Russian from the period of 1911 it would not have the 1911 date, it would have a kokoshnik mark, I have never seen the date 1911 on Russian Silver, also the subject matter and enamel work does not look like a Russian piece at all
Hi,
It is a mermaid, very common in many cultures (even in Far East).
The name in Russian is Русалка, but these are definitively not Russian silver marks.
It appears in coat of arms of many towns (most notable being Warsaw).
This image is very stylized and looks modern. Letters are misleading; are they Cyrillic HRM or Latin XPM ?
In a word, modern production but it lacks every known contemporary silver mark.
Regards