Just read the earlier comment about "Stg Sil" versus "Silver". I would think that "silver" could indicate "fine silver" and that "sterling" contains more copper and is therefore more resistant to wear.
At the back of my mind is the idea that at one stage fine silver was cheaper as it didn't have copper in it.
These are commercial punches I would think and would have been in use within any large badgemaker's/ jeweller's. The older stamps often feature raised letters as opposed to these incuse stamps.
Still a nice, well-made item!
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