Hmm, aren't those three characters? Not sure (and I have, ahem, been wrong before), but I see something like "JAV" there ... Christian
The wife agrees it's JAV. Case closed.......... [Edit to add] She mapped it out for me much the same as Christian did. Frankly, these types of things give me a headache and many times I walk away with the wrong persons luggage........
I'm going to go with IAV. I think if it was a "J", the lower loop would actually be a loop rather than a curl. Check this link: http://www.embroideryfontshop.com/monogram/engraved_monogrampop.gif and compare the "I" and the "J". I just realized, I have too much time on my hands. Have fun