Now, it's finally done.
At first when I made these kind of inital - pendants, I drew and created the letters myself; then let them choose, adjusted them and so on. Now I take stencils from websites such as dafont.com. They have a very big variety of fonts, in bolds, italics... and it's also much easier to print them out in different sizes.
I glue the cutout on my silver plate and simply saw around it. A lot of filing needs to be done afterwards and to finish it off I solder a little ring invisible onto the back of the initial.