::::: At first glance I was thinking Italy too, but the more I looked at the face the more I thought it looked like an Ancient Greek coin (Rhodes) and the 2-letters that is probably the Maker's Mark look like Greek lettering to me, so it is possible that we are looking for a silversmith from Greece. :::::
::::: The face bears a strong resemblance to this Ancient Greek coin (Rhodes). ::::::
::::: The 2 letters (upside down in the pic?) seem like they could be letters from the Greek alphabet, script perhaps. :::::