Need help identifying countermark on Alexander

this coin is very desirable, however, i cannot imagine it would grade MS or AU.

 

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I'm not normally inclined to disagree with Doug, but it is not at all necessary to "destroy" or even degrade in any way a coin one is intending to use as a pendant. I had a jeweler create a non-damaging pendant frame to make a pretty (and common) Demetrius II tet into a wearable HS graduation present for my genius-level middle daughter a couple decades ago.
One thing you might want to consider however is the reason she never wears it. At 16+ g. plus the weight of the frame, it's simply too heavy for most people to wear comfortably for any length of time. At least the coin is still in the same decent VF+ condition it was in originally. I did, however, find myself wishing I had gone with an Alexander drachm or something more along those lines - it would have made a far more wearable pendant.

 

If the mounting does not degrade the coin, wearing it will. If not worn, what is the purpose of having it mounted? If a $100 coin is used in a $1000 mounting, it ceases to be a coin and will not be restored to coin status until the mounting breaks and becomes scrap. Assuming it is not lost, how much the coin is degraded in the process is impossible to predict. Coins used in jewelry should be expendable and common, not a fine example of something (the countermark) that will not be appreciated in its life as jewelry.