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It might be letters for "IOO" - Inspecting Ordnance Officer. In the context of Examined, that could well be the meaning. It might be prior to the issue of unique identification codes to ammunition technicians. Apparently the trade title "Ammunition Examiner" was done away with in favour of "Ammunition Technician" in 1954, although places such as CAD Longtown had the civilian equivalent of ATs until at least the 1980s and those were allocated numbers. What is the rest of the stencil on the box? Presumably on the back of the box?
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