It does look like tughra (in my opinion it is of too cruel and rough quality to be a Sultan tughra). You're right, tughras usually stamped on silver fittings, not on blades. Blades can have chiselled or engraved tughras, but not stamped, so I think it is unusual to have stamped tughra on the blade. Of course, it can be a makers mark (It is propably Turkish or Egyptian). Another option is that someone just used tughra stamp/tool on the blade. I actually have a stamp of Sultan Mahmud II, and can stamp anything with it, not that I'd do such a thing:-)
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