Nested Easter Egg "ХВ". ХВ is the acronym for Христос Воскрес (Christ is Risen). Egg shaped nesting dolls from Argentina were produced in very small quantities, and are thus scarcer than regular dolls. This one appears to border on rare. Made from the indigenous wood of the region. 6 nest, 3" in height down to tiny.
This nesting doll has an unusual history. An enterprising group of Russians, displaced by World War II, settled in Argentina after the war. One family, keepers of the flame at the time, created a modest workshop and began making a limited number of handicrafts, including matryoshkas consisting of 4, 5, 6, 7 and 8 pieces. These sets were like miniature jewels, made from indigenous birch-like wood and nicely decorated and painted. As quickly as these dolls came to the marketplace, they disappeared.
Refer to Collector's Guide to Nesting Dolls by Michele Lefkovitz, pg 150, 153-54.