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A reproduction of the original store in Haverhill, Ma, looks like the name was R. H. Macy Dry Goods.
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I did look at the Macy's history, didn't find any evidence that the company used R. M. & co , need to investigate further,thinking a very long shot, my opinion of course.

Seems like if Macy's did...

Looks very Sheffield to me, 1850 give or take a few, my opinion.... seems like a retailer, eventually somebody will come up with something.