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The letters in order are MFSRE. I'm guessing the last two letters stand for Royal Engineers (RE). I found today that Bomb and Mine (B & M) clearance personnel were issued a medal for their work and many of those were RE and RN. I'm wondering whether the M stands for Mediterranean, as there was a B & M Mediterranean clasp to the medal. I believe the work continued into the 1950s at least. Sorry it's not a full answer but a best guess. Hopefully someone else can be more definitive.
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