Comment by cyeaman SUBS:
Yes, that's a rare label indeed. Evidently it was applied to just the first pressings of cat # 3001-3016 for about one week in January 1901, before the label was changed to Victor Monarch Record. I've seen only a small few of these come up for sale and they have all commanded astronomical sums.
Comment by Mike Gann:
I'm not going to create another sub-label for this entry but apparently this variation wasn't in use for very long.