Better "Q" as mentioned above: i.imgur.com/Np9U4IN.jpg
All the lowercase letters are in the monogram as well.
Mis-highlighted the Q. Pretty sure Q is rotated 90° anticlockwise in the left half.
I think you are right. Not only that. The highlighted Q is mirrored. Totally wrong. The little s-line is part of the Q.
GifBin