Might have found either a new variant or an mule

N#39509

Ive gotten in some german bulk a coin thats in all ways identical save that it says SM instead of LM on the obverse 

please excuse the Rough pictures

Can anyone confirm is this type exists or if this is new?

No, not new, varieties exist. NGC page as an image with SM

https://www.ngccoin.com/price-guide/world/german-states-saxe-gotha-altenburg-3-pfennig-km-305-1761-cuid-1147871-duid-1382551

King

No, not new, varieties exist. NGC page as an image with SM

 

https://www.ngccoin.com/price-guide/world/german-states-saxe-gotha-altenburg-3-pfennig-km-305-1761-cuid-1147871-duid-1382551

 

Same KM or an vareity? 

Terrazone

King

No, not new, varieties exist. NGC page as an image with SM

 

https://www.ngccoin.com/price-guide/world/german-states-saxe-gotha-altenburg-3-pfennig-km-305-1761-cuid-1147871-duid-1382551

 

Same KM or an vareity? 

I don’t understand what you mean.

Km 305 is your coin, 3 pfennig from 1761 Saxe-Gotha-Altenburg, your coin and the image on NGC page have SM, on Numista it has LM (try searching internet to find other samples) of the coin. Your question was; is it new, or does it already exist?

The answer is; no it is not new, it exists (this SM or LM) is probably what is meant on the NGC page where they say „varieties exist“.