I translated one of the kovshi I have (identical to the pair sold at Jacksons last year). Found some Old Church Russian exemplars, and worked forward in time (is Old Church Russian the same as Slavonic, then?) The 'E' was written as a stylized boat -- like a little kovsh, itself.
Knowing about the centennial ceremonies, and the grand attention to historical Muscovite heroes (and some mythology) in the ceremonies for the regiment, the translation fits. It's a synopsis (or rather the logline - in film terms) of Bishop George assisting Kind David of Georgia with recruiting the military might of the Kypchaks in the 12th century. In fact, when I pronounce it (badly, of course) it reads like a palindrome.
The other kovsh, I'm having more difficulty with. Keep coming up with 'Kansas City" and nothing else. Maybe it's a prediction: "Kansas City wins pennant in 2005." Guess I have to keep cracking at this Old Russian . . . Certainly can't count on these kovshi to help me wager on future sports events ;-o)
I don't think these kovshi were engraved with Proverbs, or drinking rhymes, given the ceremony where these were used was supposed to be very solemn. I sure would like to know what the two sold at Jacksons and the other "Kansas City' kovsh have inscribed on them. What I really would like to see is the huge punchbowl and other 20+ other kovshi from my grandfather's set!