Initials of the first owner? It's a dedication plate, you should be able to order a blank plate (I've read $300 for a new one).
Yes it is a silver plate it is an option . i have it in my 360 but with no name on it and that s better pure silver as silver price is up maybe it s 600 usd now ....
Funny how in the OP's photo, Ferrari didn't bother to put a period (.) after the final initial on the plate - the letter "S." The "K" and the "M" get the punctuation though!