Looks like NATURAL.I can't make it out but it looks like there is writing below "Derby".
Here is your pic with a little enhancement. You can definitely see a "N" below and to the left if you zoom in a bit.
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Try examining the area with a loupe or magnifying glass.
Natural Grain. The font seems to match a couple Comoy's I saw at Pipedia.Looks like NATURAL.
I also have this same Derby pipe, but the shank cracked the first time I took it apart for pre-cleaning as soon as I got it. ?This one is a Derby Natural Grain billiard. Any ideas who made it and perhaps when it was made?
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The Derby-England pipe logo is the closest I have seen, although the font for "Made in England" isn't quite the same as mine or even the "Derby" on that same pipe. That may well be the one.My best guess would be a Derby line Oldenkott... or the sub brand.
And have look at the Derby -England entry above the Derby Oldenkott sub brand entry.
Oldenkott -- Pipes : Logos & Markings
pipephil.eu
Looks like it will make a half way decent "beater" pipe...Apparently "DERBY" was a somewhat popular stamping, as it would seem a number of manufacturers stamped their pipes with that.The Derby-England pipe logo is the closest I have seen, although the font for "Made in England" isn't quite the same as mine or even the "Derby" on that same pipe. That may well be the one.
Any ideas about who made this pipe?This is a West End Morecambe 115. Any ideas who made it and when?
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No stinger. I thought about Charatan for the same reason, but in later years, Comoy's did the same thing.Does either have stinger? Or a unique stem in any way?
I also attribute, maybe to much, the "Made In London" over "ENGLAND" as a probably Charatan made.