Is this an artist proof?

Hi,

I bought this etching several years ago for the frame. The etching is in rough shape so I was going to try to learn some basic restoration skills. When I researched the artwork and blindstamp, I found that this may be an old artist proof. I don't know if it has any value but I would like to find out if it is an original or a reprint.
I found some Printsellers Association information but cannot find out who "RY" might be.
The painting was done by Allan Stewart (1865–1951) a Scottish painter and the etching was done by Charles Oliver Murray (1842–1923) a Scottish engraver.


Any clues or information will be greatly appreciated.
Thanks!

 

Small interruption, but how cute is this? KSWs first post!
https://www.antiquers.com/threads/help-with-vintage-print-blind-stamp-id-please.30792/
Regarding the same blind stamp of the Printsellers Association

 

https://books.google.com/books?id=nbxFOR8ujlYC&pg=PA149&lpg=PA149&dq=printsellers+association+blindstamp&source=bl&ots=11lg17FTq8&sig=ACfU3U30DzQt-sw5baemBMcXS2Ncm_y-Wg&hl=en&sa=X&ved=2ahUKEwjr9YGWxOvoAhVRQq0KHZ-cDS0Q6AEwEHoECAwQKQ#v=onepage&q=printsellers association blindstamp&f=false
It talks about the use of the blindstamp from 1838 for a specific set of proofs made before the main edition of a plate...but it appears it got a little muddy after that.
However, it says there were 3 letters inside the circle that stood for a code to identify the edition of the plate...so maybe figuring out when they started using 2 letters? I am still trying to figure out when the stamp went from Printsellers to FATG stamp...it just says the machine used for "the stamp" was from 1847-1973...but the Fine Arts Trade Guild was not formally established until 1910...so it seems that the PA stamped works would be dated prior to 1910? That is Mollylogic, anyway.
https://en.wikipedia.org/wiki/Fine_Art_Trade_Guild

In summary, I believe your print/etching may be an original proof

 

For totally different reasons, I believe this to be an original proof and additionally - one of the artist's actual working copies.

It would surely appear the artist used this one to decide what portions to remove from the etching, or to rework, before his next print pulled.

If you are able to find another print, you may be able to see the differences between the two, if the artist made the changes marked.

 

That paper has really yellowed and you can see staining that follows in a line down the image through the areas where the "corrections" have been made. My guess is that the yellowing became apparent early on and someone tried to minimize its appearance. Over time, the paper continued to yellow but the material used for the corrections did not.

 

Exactly. thank you.