From these better-lit, front & back pics it's obvious the 'initials' I thought I saw are, in fact, an even-barred cross. I have spent some time looking for an artist's mark anywhere on the piece...without success. I'm about done with the thing, for awhile anyway. I'll accept the observation that it's MCM...though I really want to believe it is older. In the event I can add something pertinent to this thread, I certainly will. Thank you, all, for helpful comments!
I've been known to be wrong too !!!! you've just proved the value...the worth...of good clear photo's.... she's also licking her lips ...!
I agree that it looks MCM but, as stated earlier, the inspiration is medieval. Two other women who come to my mind are the Empress Theodora (c500-548), and the Empress Matilda (Maud) (1102-1167). Matilda was English, and this doesn't strike me as English.