Mystery Bracelet: Can Anyone Identify the Mark?

I found this bracelet on the “junk” side of the display case in a local charity shop. I liked the design and I always like a good mystery, so I bought it. It has been a challenge so far and I am hoping that some of my more knowledgeable friends here on CW can point me in the right direction.

I am, of course, only guessing but I think the bracelet is rather old. What I mean by that, I think it is not recent vintage. It also looks hand –made to me. When one looks closely, one can see where the individual pieces are soldered together.

I am not sure what the material is. It could be silver. It cleaned up like it was but I cannot test it myself.

The mark is unusual: letters N and O with an umlaut. There is also a second mark but it is very difficult to make out what is. Sometimes it looks almost like the head of a woman.

The O with an umlaut could point to a variety of countries: the first one that comes to my mind, of course, is German but are also Swedish, Icelandic, Finnish, Hungarian, Turkish, and others.

I am hoping the style of the closure could be a clue, too.

Thanks for looking:)