Normally speaking, initials on gun- and or holsterparts decreases the value. But since you know it is your father who brought the gun back, and carved his initials in the grips, I wouldn't be too worried. It is always nice to have some sort of provenance with a gun.
Initially I was not too amuzed when I saw material that had GI 'property markings' on them, but lately I feel that it is just part of the history and it doesn't bother me that much.
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