I agree, EXCEL. The crown on top of the oval with the ELG in it means the gun was made in or after 1893 (before that the proof did not have the crown).
The name Excel has been used by a number of different arms makers. In the U.S. the name was used both by Crescent and Iver Johnson ( neither one made that gun ) However that name with in itself is not going to tell you any thing. These guns were made by by the tens of thousands ( perhaps 100's of thousands ) for for sale with in Europe and in the U S. Many times they were not made by a single maker but rather by a Co-Op. There were dozens of small gun shops in Belgium during this era, none of them large enough to manufacture a very large order by them self. Hence one shop would make the frame, another the barrel and cylinder and yet another would put it all together. Many times there were no marks for an individual maker. In fact it is unusual to find one that is marked with an unidentifiable maker. The caliber looks large, I would guess 12MM. The maker of most of the Belgium will forever remain a mystery. It is just a large Belgium made revolver, odds are that is the only identification you are going to find. Sorry about that.
That is the type of revolver called the "Montenegrin" revolver. Supposedly, the King of the small Balkan country of Montenegro decreed that all his male subjects had to arm themselves with large caliber revolvers of the type made by Gasser in Austria. (Need I say that the King reportedly had an "arrangement" with the company?)
In any event, other companies, mainly in Belgium, got into the act and turned out large caliber revolvers of that type for sale in Montenegro and elsewhere. As might be expected, there was a lot of variety, but guns nearly identical to yours are shown in the Adolf Frank catalog of 1911, selling for about 14 marks, which would have been about $3.50 at the time (a Colt Bisley sold for 118 marks or about $29.50).
Current value is around $75, maybe $100 as a novelty. The actual caliber is probably 11.75mm. Ammunition is not available and experimenting with reworked rounds is not (IMHO) advisable. Parts are also not available.
HTH
Jim
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