I was told once, that the letter that is most dominant is the first in order of the name or phrase. Also, the first letter seen on top of others is the first letter of the name. The overlap that is most important is in the upper left hand section. I think there are rules to reading a monogram. The V overlaps the C first. So in this case it would be a VC. I show some examples here. As soon as I thought I had it figured out, my last chip has what I thought should be a DV but, it reads Vicomte Dinard right on the back of the chip. It keeps me guessing.