I believe this is MNRleft to right. The top of the left upper point on the M should not be the same height as the N, as it looks like its part of the N somehow. The left letter should be slightly smaller than the middle one, thus the M should be no higher than the R as you have it drawn.
Another thing that I don't really like is the extra flourish at the middle lower apex of the M. This looks like part of the letter to me, not a flourish, and therefore harder to read. maybe if it was only the thickness of one line, rather than several it would be OK, not sure about that though.
if i were doing this one, first- i'd allow a bit more breathing room. too close to the border. 2nd. the m & r would be somewhat shorter. assuming n to be the initial of the last name, i'd leave it in the center. some would call me on this, but that's just a preference of mine.
I was asking a fellow member about Monograms and through that conversation I started looking for nice fonts or Monogram programs. I couldn't find a program but found some nice fonts and thought I would pass them on, some of you may already no this site. There is a list on the top to choose what font style you like.
I attached a picture of a monogram I made with one of the fonts probably not a style you would use.
As a general rule of practicality for interlocked script monograms on a disc or circular surface, the initial of the family name should stand in the middle, larger in proportion, and the first and middle names' initial on left and right, smaller but similar in size. That way the letter of least importance (middle name initial) won't be overwhelmingly larger than the others of more importance. Before doing that, informe the client in advance that this is the proper order of the layout.