Perhaps the cypher is a "GN"
I found this information:
The "GN" royal cypher for Naples most likely refers to the Kingdom of Naples under Joachim Murat (as King of Naples from 1808-1815), where "G" stood for Gioacchino (Joachim) and "N" for Napoli, appearing on military insignia like the 1st Regiment "Re" and "Regina" units, representing the Napoleonic era's influence and the Bourbon dynasty's later rule. It's a monogram combining the ruler's initial with the kingdom's name, common in royal insignia, especially when Naples was a Napoleonic client state
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