Cloth Seal, Dye Seal, Dyer's One-Part, Tubular Seal

Cloth Seal, Dyer's Seal, Tubular, Image by Derfel Found by Peter Olivant.
Found on the Thames foreshore, 24mm.

Griffin rampant on base, ...(?WI)N (downwards) DYER* (upwards) around // (?1)2

If this is a one-part dyer's seal then it is the only one known to be of the tubular 'pipe' construction. It may possibly be a capacity seal.