I do NOT have an HLC back to compare closely... But rather than an inverted "W" appearing as an "M" on the HLC back, MIGHT we be seeing the central diagonal bar of the "W" on the the HLC back??? (It seems to line up well with the "n" in When directly below it.)
Take a look at the PB back that I marked up... I think that represents what I am talking about for the HLC reverse, in case my description isn't clear...
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