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It's part of a longer Latin motto that appears on all coins of the British Commonwealth / Empire, and refers to the monarch's title as "Defender of the Faith".

The motto is heavily abbreviated, with some words spelled out a bit more if the coin's design permits. For example, "f d" is sometimes expanded to "fid def".

The entire translation is roughly:

[Insert monarch's name here], "By the Grace of God, King (Queen) of All Britain, Defender of the Faith". Before 1948 the motto also included "et Ind. Imp.", meaning "and emperor/empress of India"

Anyway, it's obvious why they abbreviated!

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