When I saw it the first time (in the auction catalogue), I was immediately sceptic about it. The whole style looked not good to me. The arms and the surrounding dots are handmade. If the city of Nuremberg used such a mark, it would surely have been stamped with a punch. If it is an original fragment, all four holes or at least 3 should retain the original rings, not broken, and the rivetting intact.
Best
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