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Looks like "in" to me.
But I didn't just guess.
I searched for the same type of Bicentennial logos and patches
and many had "in (location)".
The spot just doesn't make sense for a logo or other symbol.
Its completely off balance artistically in my opinion.
And...
"americas bicentennial celebration"
and
"american bicentennial celebration
were both used on bicent patches.
So, it could be either...I just thought it looked like an "s".
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