I think I'm with Eric on the letters; AR.
I can't explain the vertical line in the second letter, but it seems to more of a part of the R. Whereas the second vertical line in the first letter just doesn't look to be part of a J, at least to me.
I guess another way to go about this, and what I've been doing a little bit, is to forget the initials, and just compare the carving and other engraving details to know Kuntz and Herman and John Rupp rifles, and look for similarities, like little floop-de-dos, the way leaves or scrolls are cut, etc. Just like you would do to try to attribute an unsigned gun to a probable maker.
As Eric also points out, the guys usually signed there name (initials) the way they learned or copied from another source. And from what I've seen, for the most part, they signed it the same way from gun to gun. That's my reason for looking for an initialed Herman signature.
This gun has been around for a long time, and according to what Louie Parker wrote, seems to have been a Herman since 1960s. Maybe it is, maybe it isn't, but it's fun speculating!
John