OK ,I see it now. Found this picture:
http://luger.gunboards.com/uploaded/...%20Stempel.jpg
The Y is taller than the other letters with the base of the Y sweeping to the left. The base of the Y is not visible. Must be a poor stamping.
This inspection stamping you all speak about must have completely worn off. Were the inspection stamps ink or pressed into the leather?
If they were pressed in they must have completely missed this one....maybe it was quitting time...