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Manah's post just says that between 1837 and 1901, they used "their Majesties" at some point. If the razor was made between 1840 and 1861 then Victoria would have been married and that would explain...

At the time the razor was made there could have been either a king or queen as monarch, and I'd guess that the title "Their Majesties" refers to both monarch and spouse at the time.